perhaps a dumb question re: taxes

For this question to make things simple, I'm only talking about single-hand 9/6 JoB.

Obviously no matter what denomination you play, 9/6 is 9/6. In other words, the expectation in terms of credits is the same.

But do handpays and having to fill out tax forms make denomations above 25c actually worse in terms of overall return? So is playing 25c JoB actually the best denomination to play?

You should be claiming taxes on all wins, not just w2gs. So no, it doesn't matter which you play.

People talk about losing time due to the hand pays, which is a factor only if you are serious about AP.

Quote: GWAE

You should be claiming taxes on all wins, not just w2gs. So no, it doesn't matter which you play.

I don't agree with this, since every w-2g has to be accounted for when filing taxes, and has an effect. You can get a w-2g to deal with and in reality have just 'broke even' for the day. Yes, you can file the w-2g and make this same adjustment, but if you only want to figure in the raise in the difficulty level for doing your taxes that is worth a lot in my book.

Then there is the AGI

I'll also decide later if GWAE practices what he preaches too LOL

Well when you talk in terms of overall return, winning $1000 on $.25 is much smaller than $4000 on $1. So once you factor in any time/difficulty of -lawfully- filing your taxes, you still may have a higher return playing higher denominations.

If you find a +1% opportunity, and it works for both machines, and you have the bankroll- you should probably play the higher denomination machine.

Quote: odiousgambit

I don't agree with this, since every w-2g has to be accounted for when filing taxes, and has an effect. You can get a w-2g to deal with and in reality have just 'broke even' for the day. Yes, you can file the w-2g and make this same adjustment, but if you only want to figure in the raise in the difficulty level for doing your taxes that is worth a lot in my book.

Then there is the AGI

I'll also decide later if GWAE practices what he preaches too LOL

Hey now, I said should. I will start claiming gambling whenever they make it fair. I actually tried to not file a w2g. That did not work out so well.

Quote: malgorium

For this question to make things simple, I'm only talking about single-hand 9/6 JoB.

Obviously no matter what denomination you play, 9/6 is 9/6. In other words, the expectation in terms of credits is the same.

But do handpays and having to fill out tax forms make denomations above 25c actually worse in terms of overall return? So is playing 25c JoB actually the best denomination to play?

Yes and no.

Yes It's the same return but higher denominations = more coin in = bigger losses on 99.54..

Even a 100% payback machine. if you're just playing on the square, BUT you will lose more money because of taxes.

You can't play a 100% machine on the square, IE. no promos or extras and break even in the long run,if you file taxes correctly.

There will be years you run good on Royals and win for the year. Lets say you are + 4 royals for the year. Now you pay your taxes. Next year you may run bad lose money and are short 4 royals,, but even out for the 2 years. You played perfectly (ya right) achieved your 100% payback. But you gave up taxes on +4 royals the first year.

Quote: GWAE

You should be

should
could
would

Quote: GWAE

claiming taxes on all wins, not just w2gs.

exactly what the IRS wants to hear










but is not at all 100% correct to their "session" win and loss since abouts 2008

and in the works to change even now (the session concept of win and lose no matter the w2g)
funny, no where in any IRS pub (i have looked at) even mentions the session concept
they want ALL your winnings





from the 2015 w2g
"Generally, report all gambling winnings on the “Other income” line of Form 1040. You can deduct gambling losses as an itemized deduction, but you cannot deduct more than your winnings."


"Mom! You let out the mouse again!"


of course, this still does not mention the concept of reporting, from your daily log file, a session win or loss

Quote: GWAE

So no, it doesn't matter which you play.

So yes,
it does and BIG time

IF you do not itemize, you get to pay more to IRS

IF you use the concept of "session" win and lose and still send all w2gs to the IRS,
it is up to them on how they want to tax you and challenge you for your records

it seems right they can do what they want unless someone challenges them

some, not all, are born losers
imo

(born this way)