$1000 Cash or $1000 Free play?
Poll
 | 11 votes (55%) | ||
| | 9 votes (45%) |
20 members have voted
March 21st, 2012 at 10:57:49 AM
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If you won a promotional prize and were offered either $1000 in cash or $1000 in slot free play which would you choose? The $1000 cash will definitely be reported on a 1099M form. I'm not sure if the $1000 free play is reportable.
Mark
Mark
March 21st, 2012 at 11:09:58 AM
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I voted for free play because I love free play offer and know it's real from my experience.
While cash offer would be better, but I've never seen it, so it doesn't count.
While cash offer would be better, but I've never seen it, so it doesn't count.
winning streaks come and go, losing streak never ends.
March 21st, 2012 at 11:19:43 AM
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I would take the freeplay because of the tax implications. Even if I ended up with less than [$1000 - taxes] from the freeplay, I would much rather the generous casino get to keep it than the government use the money to imprison my friends for smoking dope or killing brown people overseas.
Vote for Nobody 2020!
March 21st, 2012 at 12:24:48 PM
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Quote: bigfoot66than the government use the money to imprison my friends for smoking dope or killing brown people overseas.
Smoking dope isn't illegal, possessing it is. Brown people
being killed by the US isn't a sin or even illegal, whats your
problem. Obama doesn't have a problem with it.
"It's not called gambling if the math is on your side."
March 21st, 2012 at 12:42:07 PM
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Freeplay. Has about the same utility as cash to me. If I could be certain there would be no tax implications, though, I would take the cash.
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
March 21st, 2012 at 12:42:07 PM
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Quote: EvenBobSmoking dope isn't illegal, possessing it is. Brown people
being killed by the US isn't a sin or even illegal, whats your
problem. Obama doesn't have a problem with it.
(You have to posses it to smoke it ;)...)
I thought we were just fighting a war, I didn't realize we were targeting "brown people"...
Also, since when did casino's quit paying taxes? You know that they are taxed on their earnings as well...
March 21st, 2012 at 12:43:52 PM
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Quote: marksolbergIf you won a promotional prize and were offered either $1000 in cash or $1000 in slot free play which would you choose? The $1000 cash will definitely be reported on a 1099M form. I'm not sure if the $1000 free play is reportable.
Mark
Why not take the cash? Wouldn't the gain from this "promotion" be reported as gambling income, and only require a W-2G (and itemized deduction of gambling losses at the end of the year to offset)?
Simplicity is the ultimate sophistication - Leonardo da Vinci
March 21st, 2012 at 12:50:07 PM
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Gambling losses can be deducted if the gambling winning were reported via W-2G. However, I doubt you can deduct gambling losses against a 1099-Misc. Of course, I'm not a CPA or tax attorney, but I did stay at a Holiday Inn Express once.
"I don't have a gambling problem. I have a financial problem."
March 21st, 2012 at 12:57:24 PM
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Quote: AyecarumbaWhy not take the cash? Wouldn't the gain from this "promotion" be reported as gambling income, and only require a W-2G (and itemized deduction of gambling losses at the end of the year to offset)?
Let's assume that this was a ticket drawing. In that case it's not a W2G, it's reported on a 1099-MISC to the IRS. If by "gain" you mean the whatever you won by playing $1000 in free play then technically yes, you as the individual taxpayer are suppose to be report it. But we all know that doesn't happen.
Mark
March 21st, 2012 at 1:00:00 PM
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Getting a 1099-M (or W2-G) doesn't bother me.
My concern is if there are any limitations on the free play.
If the free play is "as good as cash", then I'll take it. If not, gimme cash.
My concern is if there are any limitations on the free play.
If the free play is "as good as cash", then I'll take it. If not, gimme cash.
I invented a few casino games. Info:
http://www.DaveMillerGaming.com/ —————————————————————————————————————
Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
March 21st, 2012 at 1:00:18 PM
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The expected value of the cash is about $1,000 minus taxes, right? What's the expected value of free play, assuming even the best VP is an option?
Donald Trump is a fucking criminal
March 21st, 2012 at 1:00:27 PM
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Quote: EvenBobSmoking dope isn't illegal, possessing it is. Brown people
being killed by the US isn't a sin or even illegal, whats your
problem. Obama doesn't have a problem with it.
If you think killing people is OK unless religion or the state prohibits it then we are not likely to agree on ethics or philosphy. I think it is not ok and it really bothers me to be coerced into paying for it. That's ok. Good, smart, people can disagree on things. I try my damndest to avoid paying all taxes as reult. As a Republican though I have little respect for Obama's opinion.
Vote for Nobody 2020!
March 21st, 2012 at 1:18:00 PM
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Quote: Triplell(You have to posses it to smoke it ;)...)
I thought we were just fighting a war, I didn't realize we were targeting "brown people"...
Also, since when did casino's quit paying taxes? You know that they are taxed on their earnings as well...
These are all excellent points. It certainly does not seem intellectually honest to start arguing how smoking dope is not illegal per sey.
At the risk of sounding petty, I don't believe "we" are fighting a war, the politicians and soldiers are. I am neither. This is an important distinction because, to paraphrase Nietzche, the biggest lie is that government is the people. War is just another government program, and they are indeed slaughtering people in the middle east where the majority is brown skinned.
It is also true that casinos are taxed. Very heavily, in fact. However, I cannot control what others do, I merely try to minimize my own payments.
Vote for Nobody 2020!
March 21st, 2012 at 11:13:52 PM
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If I had the choice and it was a casino I will be able to play the free play through (meaning I'm not late for my plane home), I would take free play.
My understanding is that cumulative cash wins in drawings in excess of $600 in a calendar year are reported on form 1099.
Wins given as free play are not.
Whether or not I report it on my tax return, the fewer information returns the better my gambling life.
My understanding is that cumulative cash wins in drawings in excess of $600 in a calendar year are reported on form 1099.
Wins given as free play are not.
Whether or not I report it on my tax return, the fewer information returns the better my gambling life.
