New IRS Safe Harbor for slot players
Please read this and lets comment and formulate a response for the IRS. They are open to input on this matter until June 1st.
Quote: GWAEI Think It Is Unfair That I Win 2K And Get A w2g.
Before table games were approved in PA casinos, they had the Shufflemaster virtual dealer games...Blackjack & 3-Card Poker.
In over 30 years of casino play I had only played table games, never touched a machine...slots or VP.
I began playing the Shufflemaster machines regularly at Mt Airy and Sands. One day at Mt Airy I was on a hot steak, and pressed my bet up to the $500 max bet and was dealt Blackjack. The machine locked up and the attendant came over and requested my ID. I had no idea what was going on, I was about to collect my first machine hand-pay...and W2G for the $1250 I just "won".
I objected when the attendant presented the tax form for me to sign..."I didn't win $1250...I bet $500...I only won $750!"
Didn't matter, I was to be taxed on a $1250 "win".
What a bunch of bullshit that was.
Quote: coachbellyBefore table games were approved in PA casinos, they had the Shufflemaster virtual dealer games...Blackjack & 3-Card Poker.
In over 30 years of casino play I had only played table games, never touched a machine...slots or VP.
I began playing the Shufflemaster machines regularly at Mt Airy and Sands. One day at Mt Airy I was on a hot steak, and pressed my bet up to the $500 max bet and was dealt Blackjack. The machine locked up and the attendant came over and requested my ID. I had no idea what was going on, I was about to collect my first machine hand-pay...and W2G for the $1250 I just "won".
I objected when the attendant presented the tax form for me to sign..."I didn't win $1250...I bet $500...I only won $750!"
Didn't matter, I was to be taxed on a $1250 "win".
What a bunch of bullshit that was.
The same exact thing happened to me with a split and a double. It was only a $250 original bet, that went to $750, and I won even money! I knew I was screwed for this occasion, but I pleaded to talk to someone for the future. Didn't work. So dumb. So I never bet enough to have it happen again. So they were probably the real losers....
Quote:.04 Session of Play. A session of play begins when a patron places the first wager on a particular type of game and ends when the same patron completes his or her last wager on the same type of game before the end of the same calendar day. For purposes of this section, the time is determined by the time zone of the location where the patron places the wager. A session of play is always determined with reference to a calendar day (24-hour period from 12:00 a.m. through 11:59 p.m.) and ends no later than the end of that calendar day.
Ha. It's almost midnight. Everybody stop gambling and count all your money.
#facepalm (always wanted to do one of those here)
I believe they're trying to help but they sure seem like they want accounting for gambling to be as painful as possible. Infinitely painful for card pullers.
Quote: tongniSeems pretty strong. Ideally, the way it should work is that you get your W2-G's, at the end of the gaming day they only issue W2-G's up to your win on your player card, you pick them up the next day or they mail them to you. If you decide not to use your player card sometimes, then you don't get the advantage of the loss, but could potentially see more taxable income. So, you hit 5 handpays for 21k, your total win is 10k, they give you 10k worth of W2-G's.
So if you play in 5 casinos on the Las Vegas Strip per day and gamble 300 days a year you would have to add up 1500 W2-G's.
From Taxable Talk blog by Russ Fox
"However, advances in technology in the nearly four decades since the existing rules were adopted may overcome the compliance concerns that prompted the higher reporting thresholds and may warrant reducing the thresholds for bingo, keno, and slots to $600, consistent with other information reporting thresholds under §6041(a). Accordingly, the IRS and Treasury will continue to monitor the effectiveness of the existing (and proposed) reporting thresholds, and may propose to reduce those thresholds at a future time."
Quote: djatcWhen was the $1200 W2G limit instated, and why hasn't it gone up to account for inflation? I'm sure when the $1200 rule was made it would buy you a decent amount of things as opposed to today where it barely covers rent for some locations.
I really don't think we will see this limit go up in my lifetime. I actually think it is more likely that they will lower it so less people are cheating on their taxes.
Quote: djatcWhen was the $1200 W2G limit instated
I believe it was 1977.
Quote: DRichI believe it was 1977.
According to the inflation calculator $1200 can buy you $4627.86. With that in mind the w2g should be somewhere around $4000, or one dollar royal.
