GWAE
GWAE
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March 6th, 2015 at 1:25:57 PM permalink
I was watching a guy play $10 video poker. Can you imagin playing that if there was a w2g for $600 wins.
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odiousgambit
odiousgambit
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March 6th, 2015 at 1:28:51 PM permalink
My honest opinion - trying to avoid hyperbole - is that IRS management must be greedily reacting to what they grab from gamblers and simply want more. Behind closed doors, they must be telling themselves [or somebody] that this is an irresistible cash cow.

I have always felt it was a ridiculous assumption that gamblers were as a whole a money earning group of people who were avoiding taxes on income.

That there are certain gamblers: poker players, insiders in horse racing, card-counting blackjack players, and the like who do indeed avoid income taxes cannot be doubted. But the idea that the Feds can avoid missing out on that particular tax income by getting into the pockets of daily winners in slot play has been absurd all along.

IMO the tax code having even a yearly winner paying income, without allowing taking losses in years that that occurs, is also highway robbery and bad enough.

I can see this continuing to the point that I just will not continue to be a casino gambler. Can increased efforts to apply the same bad logic to table games be far behind?
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
djatc
djatc
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March 6th, 2015 at 1:36:44 PM permalink
Many pros hate taxables because of heat if you keep hitting a machine over and er for $1200 it gets .the wrong type of attention. Also tipping which eats into +EV unless the play is worth tons of $/hr. Also the handpays which will cut down EV since you'll slow down play to a crawl.

Make the hit amount $600 and now you add more dead time to our hourly, starting with 9/6 jacks which will be a taxable for 4OAK and above on $5, 4 deuces and above on $1, wild royals and above on $5, 4 aces on above on DB, and premium 4OAK and above on DDB, Wild royals and above on jokers, etc.

What would suck is the $100 machines now would lock up on every pay except for a high pair on jacks.

They should stick to a X times bet amount for a "jackpot", such as 600 times or better like table games. How pissed would a high roller get if every winning spin was a taxable if they are playing $100 slots.
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sc15
sc15
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March 6th, 2015 at 1:39:47 PM permalink
Quote: djatc


How pissed would a high roller get if every winning spin was a taxable if they are playing $100 slots.



People who play $100 slots don't care about this kind of stuff because they hire an accountant to deal with it. And you can be certain they deduct their losses.
djatc
djatc
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March 6th, 2015 at 1:46:17 PM permalink
Quote: sc15

People who play $100 slots don't care about this kind of stuff because they hire an accountant to deal with it. And you can be certain they deduct their losses.



I'm not talking about their finances but more of the handpays locking people out from what they want to keep doing if they are playing, to keep playing. I know you can load up the machine next to it, but most people would get upset.
"Man Babes" #AxelFabulous
sc15
sc15
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March 6th, 2015 at 1:47:20 PM permalink
Quote: djatc

I'm not talking about their finances but more of the handpays locking people out from what they want to keep doing if they are playing, to keep playing. I know you can load up the machine next to it, but most people would get upset.



That's why they have an attendant stand behind the machine in the high limit area to record all the hits for W-2Gs, so the game doesn't stop.
GWAE
GWAE
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March 6th, 2015 at 1:55:19 PM permalink
I am usually not one to complain about the government but the tax issue on gambling annoys me to no end. Even as it is right now. When I hit my last royal for 2k I got a w2g. I take standard deductions so I can Nor right it off. For the year that yeah I was -1440 in gambling. The casino got taxed like 56% in PA. Not sure what the amount is but I know it is a lot. Then I paid my 30% taxes on that 2k. So now I pay another 600 in taxes and the casino paid 800 in taxes so the government ends up with with 1400 and the casino ends up with 700. What a sham that is.
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odiousgambit
odiousgambit
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March 6th, 2015 at 2:15:37 PM permalink
Quote: GWAE

I am usually not one to complain about the government but the tax issue on gambling annoys me to no end. Even as it is right now. When I hit my last royal for 2k I got a w2g. I take standard deductions so I can Nor right it off. For the year that yeah I was -1440 in gambling. The casino got taxed like 56% in PA. Not sure what the amount is but I know it is a lot. Then I paid my 30% taxes on that 2k. So now I pay another 600 in taxes and the casino paid 800 in taxes so the government ends up with with 1400 and the casino ends up with 700. What a sham that is.



well, as a homeowner now, by next year, tax year 2015, let's hope you are itemizing deductions.

I've actually lowered my mortgage payment so much after moving that it's touch and go with me.

If the IRS gets this through I can't see myself playing video poker at all. I do not want a W2-g even if assured I can take itemized deductions.
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
GWAE
GWAE
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March 6th, 2015 at 2:24:10 PM permalink
I doubt it. the standard for 4 people is like 13k. Our house payment including taxes is only $709. We are only paying about 3k a year in interest.
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sc15
sc15
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March 6th, 2015 at 2:30:36 PM permalink
Quote: GWAE

I am usually not one to complain about the government but the tax issue on gambling annoys me to no end. Even as it is right now. When I hit my last royal for 2k I got a w2g. I take standard deductions so I can Nor right it off. For the year that yeah I was -1440 in gambling. The casino got taxed like 56% in PA. Not sure what the amount is but I know it is a lot. Then I paid my 30% taxes on that 2k. So now I pay another 600 in taxes and the casino paid 800 in taxes so the government ends up with with 1400 and the casino ends up with 700. What a sham that is.



Yet it probably wouldn't bother you if the payback was changed so that you'd lose another 600 in EV instead of 600 in taxes.

What difference does it make? You're going to lose either way, just consider it as part of the cost of playing a machine.

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