DRich
DRich
Joined: Jul 6, 2012
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March 3rd, 2015 at 4:27:19 PM permalink
http://www.irs.gov/pub/irs-drop/n-15-21.pdf

Please read this and lets comment and formulate a response for the IRS. They are open to input on this matter until June 1st.
At my age, a "Life In Prison" sentence is not much of a deterrent.
GWAE
GWAE
Joined: Sep 20, 2013
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March 3rd, 2015 at 4:41:59 PM permalink
I am not good at reading such long material. My issue with the way it is done is all to do with w2gs. I Think It Is Unfair That I Win 2K And Get A w2g. By the end of the day I lose it all yet I am still paying taxes on the 2K since I take the standard deduction. It also messes up my agi.
Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW
coachbelly
coachbelly
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March 3rd, 2015 at 5:36:56 PM permalink
Quote: GWAE

I 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.
cclub79
cclub79
Joined: Dec 16, 2009
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March 3rd, 2015 at 5:47:36 PM permalink
Quote: coachbelly

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.



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....
Mooseton
Mooseton
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March 3rd, 2015 at 10:33:02 PM permalink
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.
$1700, 18, 19, 1920, 40, 60,... :/ Thx 'Do it again'. I'll try
tongni
tongni
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March 4th, 2015 at 12:40:00 AM permalink
Seems 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.
JackStraw8004
JackStraw8004
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March 4th, 2015 at 6:40:58 PM permalink
Quote: tongni

Seems 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.
dummy
dummy
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March 4th, 2015 at 8:46:10 PM permalink
When Amarillo Slim won the WSOP in 1971 he listed his occupation on his tax return as " professional pool player " ! Ah, those were the days, my friend.
tongni
tongni
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March 5th, 2015 at 7:04:27 PM permalink
Correct, if you hit a taxable jackpot of 1200 every day in 5 different casinos, and your final win was above 1200 in each of the 5 casinos each day, you would have 1500 w2-g's. You probably would be backed off long before that, though.
zoobrew
zoobrew
Joined: Jan 12, 2015
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March 5th, 2015 at 8:19:48 PM permalink
Actually getting many more w2-g's could be a reality in the future.

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."
djatc
djatc
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March 6th, 2015 at 12:39:23 AM permalink
When 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.
"Man Babes" #AxelFabulous
DRich
DRich
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March 6th, 2015 at 7:56:30 AM permalink
Quote: djatc

When 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.
At my age, a "Life In Prison" sentence is not much of a deterrent.
DRich
DRich
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March 6th, 2015 at 10:36:48 AM permalink
Quote: djatc

When was the $1200 W2G limit instated



I believe it was 1977.
At my age, a "Life In Prison" sentence is not much of a deterrent.
djatc
djatc
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March 6th, 2015 at 11:09:09 AM permalink
Quote: DRich

I 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.
"Man Babes" #AxelFabulous
Dalex64
Dalex64
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March 6th, 2015 at 7:31:04 PM permalink
I think that since they want to change it from 1200 to 600 instead of 4000, it indicates that they would rather capture more income than adjust for inflation.
AcesAndEights
AcesAndEights
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March 16th, 2015 at 12:57:57 PM permalink
Glad this was posted here; I had meant to come buy and get y'alls comments on it. I haven't fully digested the issue, but I will likely be leaving a comment for the IRS. I wonder if anyone will read them...
"So drink gamble eat f***, because one day you will be dust." -ontariodealer
HopHoofer
HopHoofer
Joined: Oct 13, 2021
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October 13th, 2021 at 3:54:03 PM permalink
Is this proposal still alive?

Google: "Time for IRS to Increase W2G Slot Reporting Limit"

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