DRich
DRich
Joined: Jul 6, 2012
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March 6th, 2015 at 8:06:51 AM permalink
IRS suggests dropping casino winnings threshold to $600'''

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Living longer does not always infer +EV
Nostron
Nostron
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March 6th, 2015 at 8:11:26 AM permalink
Need to adjust and raise for inflation - not lower. IRS has more important things they need to be focusing on.
AZDuffman
AZDuffman
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March 6th, 2015 at 8:42:05 AM permalink
Quote: Nostron

Need to adjust and raise for inflation - not lower. IRS has more important things they need to be focusing on.



Feds need to squeeze every last nickel from the system.
Tolerance is the virtue of believing in nothing
bigfoot66
bigfoot66
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March 6th, 2015 at 8:52:48 AM permalink
It is penny wise and pound foolish. They will make much more money from allowing the machines to keep going instead of locking up so that the house can generate more money from the machines for the government to steal.
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DRich
DRich
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March 6th, 2015 at 9:03:45 AM permalink
Quote: bigfoot66

It is penny wise and pound foolish. They will make much more money from allowing the machines to keep going instead of locking up so that the house can generate more money from the machines for the government to steal.



As a gambler I wish they would raise the limit but realistically lowering the limit will force more people to report the winnings they should be claiming now but are not.

If the IRS could have their way they would make it such that you can not play a machine without a players card and that every dollar of coin in and coin out would be reported automatically. Sadly, the technology exists if they ever decide to go in this direction.
Living longer does not always infer +EV
RaleighCraps
RaleighCraps
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March 6th, 2015 at 9:31:06 AM permalink
But this also assumes that everyone winning $600 is ahead, and we all know that is not reality. The person who actually ends up ahead $600 on one machine will just turn around and lose it on 3 other machines. Except now that person is saddled with a W2G.

Most of the money in play at a casino has already been the subject of taxes when it was earned. Individuals are not in business when they are gambling, and thus should not be paying taxes on any money. The casino, on the other hand, is running a business, and therefore should pay taxes on any net revenues.
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DRich
DRich
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March 6th, 2015 at 10:00:43 AM permalink
Quote: RaleighCraps

But this also assumes that everyone winning $600 is ahead, and we all know that is not reality.



No that is absolutely incorrect. A W2G says that you had a win of that amount not that you are ahead that amount. It is up to the taxpayer to show whether it has tax implications to them. People seem to forget that after every single day that you are up one cent gambling you are required to report that. Granted nobody does, but they are definitely supposed to.
Living longer does not always infer +EV
Deucekies
Deucekies
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March 6th, 2015 at 10:11:59 AM permalink
Quote: DRich


If the IRS could have their way they would make it such that you can not play a machine without a players card and that every dollar of coin in and coin out would be reported automatically. Sadly, the technology exists if they ever decide to go in this direction.


How much revenue would be lost by losing unrated players? And how much tax revenue would be lost by doing away with false positive W2Gs (which would be good for us but bad for them)?
Casinos are not your friends, they want your money. But so does Disneyland. And there is no chance in hell that you will go to Disneyland and come back with more money than you went with. - AxelWolf and Mickeycrimm
DRich
DRich
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March 6th, 2015 at 10:19:52 AM permalink
Quote: Deucekies

How much revenue would be lost by losing unrated players? And how much tax revenue would be lost by doing away with false positive W2Gs (which would be good for us but bad for them)?



It would definitely reduce the handle some but the truth is that most players would still gamble. I believe it was Missouri that used to require all players to be tracked because they had a limit of how much you could lose per day. You couldn't play without the card and once you lost the amount mandated by the state you could no longer play that day.
Living longer does not always infer +EV
TheBigPaybak
TheBigPaybak
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March 6th, 2015 at 10:30:09 AM permalink
Quote: DRich

IRS suggests dropping casino winnings threshold to $600'''

Link



This would make higher-limit slot playing almost unplayable and would deter such play. It's hard to imagine the casino lobby would somehow allow this to happen...
Lack of prior planning on your part doesn't constitute an emergency on my part.

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