FCBLComish
FCBLComish
Joined: Apr 11, 2010
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onenickelmiracle
May 15th, 2019 at 2:32:16 PM permalink
Casinos are the only place to my knowledge that an asset has to be taken out of service to satisfy tax reporting rules.

The raise to $5000 is a win/win for the players, and for the casinos.

Guess who loses? The poor slot attendant who will be hand paying less taxable jackpots, hence fewer tips.
Beware, I work for the dark side.... We have cookies
darkoz
darkoz
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May 15th, 2019 at 2:35:15 PM permalink
Quote: FCBLComish

Casinos are the only place to my knowledge that an asset has to be taken out of service to satisfy tax reporting rules.

The raise to $5000 is a win/win for the players, and for the casinos.

Guess who loses? The poor slot attendant who will be hand paying less taxable jackpots, hence fewer tips.



They will survive
RS
RS
Joined: Feb 11, 2014
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May 15th, 2019 at 10:18:27 PM permalink
I'm obviously in favor of raising the W2G threshold to $5k. Hell, they should just get rid of it altogether.

On the other hand, you can be damn sure the government wants their money. I suspect if this does go through, they're going to "make a compromise" and **** us on something else....and chances are, it's going to be worse overall.
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DRich
DRich
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May 16th, 2019 at 7:24:18 AM permalink
Quote: FCBLComish



Guess who loses? The poor slot attendant who will be hand paying less taxable jackpots, hence fewer tips.



Also the IRS, and the general population will be collecting less tax money. 99% of the population will not report their wins under $5000.
Living longer does not always infer +EV
darkoz
darkoz
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LuckyPhow
May 16th, 2019 at 7:59:35 AM permalink
Quote: DRich

Also the IRS, and the general population will be collecting less tax money. 99% of the population will not report their wins under $5000.



You are not taking into account that 99% of the population will give it all back.
Mission146
Mission146
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Forager
May 16th, 2019 at 8:47:36 AM permalink
Quote: darkoz

You are not taking into account that 99% of the population will give it all back.



Exactly. If everyone was inclined to keep accurate win/loss records, I think it's quite conceivable that the IRS would be raking in a lot less on this than they currently do.
Vultures can't be choosers.
AxelWolf
AxelWolf
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May 16th, 2019 at 9:49:48 AM permalink
Quote: AcesAndEights

From CDC Gaming Reports:
https://www.cdcgamingreports.com/nevada-illinois-representatives-want-jackpot-reporting-threshold-raised-to-5000/

They are proposing an increase to $5K. I would hope any change would also index the number to inflation moving forward.

♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
JimRockford
JimRockford
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JoemanMission146odiousgambit
May 16th, 2019 at 9:56:28 AM permalink
Quote: Mission146

Exactly. If everyone was inclined to keep accurate win/loss records, I think it's quite conceivable that the IRS would be raking in a lot less on this than they currently do.


If you take the standard deduction, you can't offset the wins. The number of people who are not in position to itemize was quite large before they doubled the standard deduction. I suspect it's now almost all of us.
"Truth is ever to be found in the simplicity, and not in the multiplicity and confusion of things." - Isaac Newton
Joeman
Joeman
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Mission146odiousgambit
May 16th, 2019 at 10:22:40 AM permalink
Quote: JimRockford

If you take the standard deduction, you can't offset the wins. The number of people who are not in position to itemize was quite large before they doubled the standard deduction. I suspect it's now almost all of us.

^^^Exactly!

I itemized for 2017, but took the standard deduction for 2018. Had to eat the tax burden for my sole W2-G even though my 2018 gambling showed a net loss. At least I don't have a reason to keep records of my gambling, any more! :/
"Dealer has 'rock'... Pay 'paper!'"
Fleaswatter
Fleaswatter
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May 16th, 2019 at 10:46:16 AM permalink
Quote: DRich

This will not happen. Just last year the IRS was trying to lower the threshold.



Quote: AcesAndEights

I'm also pessimistic, but the silver lining is that the gaming industry was able to prevent the threshold from being lowered. As darkoz said above, maybe this research into the pros/cons will sink in.



The legislation both of you are talking about did not include any provision to actually lower the reporting threshold for slot winnings to $600.

In the proposed legislation comments were requested regarding reporting thresholds, including the feasibility of reducing those thresholds to $600 at a future time.

The main thrust of the legislation was concerning the procedures for the reporting of "reportable gambling winnings" .
new motto for the left: I don't know if I received bad information, but I think I suspected there was more than there actually was, (John Brennan Mar 25, 2019)

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