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MDawg
MDawg
Joined: Sep 27, 2018
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July 26th, 2021 at 9:47:48 AM permalink
Quote: AlanMendelson

First of all Mdawg wants all of you to know that when he gets checks from casinos from playing table games that the checks represent actual net winnings.

I've called various Vegas casinos and verified this. The rules for getting checks for table players are different than for slot players.

Has anyone here REALLY been offered a check for a W2G win of less than $10,000??? I know that I havent.


Quote: AlanMendelson


Don't we ALL agree that you should NOT get a W2G just for cashing out your own money without any play?


Why would they allow someone to plop money into a slot machine and convert instantly to check without playing, when they disallow conversion of unplayed table game chips to check?
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
billryan
billryan
Joined: Nov 2, 2009
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July 26th, 2021 at 9:52:51 AM permalink
I watched the third season of Claws this weekend and the crew had stepped up their money laundering from their nail salons to a Indian casino. Their two minute explanation on how to do it sounded like it was written by someone who spent very little time in a casino.
MDawg
MDawg
Joined: Sep 27, 2018
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July 26th, 2021 at 10:49:37 AM permalink
Also, AlanMendelson mentioned somewhere, that a player gets a 1099 for a qualifying Firebet?
How does this work?
Someplace I read it pays 1000:1?

Elsewhere I read this:
"If the shooter makes 4 points it pays 25:1. For 5 points 250:1 and for 6 points 2500:1."

If he hits it, under what circumstances does the bettor get a 1099? Do they stop the game and get the bettorís information and issue him an immediate paper 1099?

At Station Casinos (Palms) they have (or rather, had, at Palms) a variety of Baccarat side bets that pay up to 200:1. I cut a shoe once where these exotics kept coming up and the player at the table had a special limit and was betting them up to $100. (versus the usual $50. limit on the 200:1 shots). He took a single $500. chip to a tower that was ridiculously tall. He was winning up to $20,000. for a $100. wager. Every time he won, they would have to phone somewhere, and verify the win, then pay him. It was taking a long time because on that particular shoe the exotics were coming up a lot. I donít think he was being issued a 1099 every time or any time though, at least I wasn't aware of any paperwork being generated.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
unJon
unJon 
Joined: Jul 1, 2018
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July 26th, 2021 at 10:54:09 AM permalink
The rule is if you win a bet that is at least 300:1 and the win is at least $600. Itís a W2G though, not a 1099. Itís the table game rule that picks up the six-point firebet. Yes the game is stopped and they come out and take everyoneís info that bet on it.

ETA: rule also applies to sportsbook bets and poker room, though think there may be a higher threshold for poker tournaments.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
AlanMendelson
AlanMendelson
Joined: Oct 5, 2011
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July 26th, 2021 at 11:14:28 AM permalink
Quote: unJon

The rule is if you win a bet that is at least 300:1 and the win is at least $600. Itís a W2G though, not a 1099. Itís the table game rule that picks up the six-point firebet. Yes the game is stopped and they come out and take everyoneís info that bet on it.

ETA: rule also applies to sportsbook bets and poker room, though think there may be a higher threshold for poker tournaments.



I received two 1099s when I was at a table and the shooter made all 6 points in the Firebet.

If you received a W2G it doesn't matter. I'm not going to argue... maybe your casino is different.

My 1099s came from the Rio and Harrah's Rincon from card craps.

Both a 1099 and a W2G can be used the same way when you report casino winnings on your tax return.

The key point is the mandatory withholding for larger table game wins.

I had only $5 on the Firebet so I had no mandatory withholding. At Caesars there was a $10 max Firebet and a $10k win would have required a $2500 mandatory withholding. By the way, Caesars once allowed a $25 max Firebet for a table reserved by some high rollers.

I've received a 1099 anytime I won $1200 or more in a poker tournament regardless of the buy in.

I received many 1099s from Hustler Casino in LA from their Thursday night $200 buy in tournament and I usually won in the range of $1800 for finishing in the top 5.
unJon
unJon 
Joined: Jul 1, 2018
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July 26th, 2021 at 11:18:21 AM permalink
Alan you may be right and I may be misremembering on the 1099 vs W2G.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
AlanMendelson
AlanMendelson
Joined: Oct 5, 2011
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July 26th, 2021 at 11:19:42 AM permalink
Quote: unJon

Alan you may be right and I may be misremembering on the 1099 vs W2G.



It really doesn't matter. They're treated the same. But Google the Firebet and you'll see 1099s.
SanchoPanza
SanchoPanza
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September 16th, 2021 at 7:20:26 PM permalink
Quote: darkoz

And yet getting paid by check is what a launderers wet dream would be.

I really don't care if they file CTR and SAR stuff on me. I don't do crime, I don't launder cash, My taxes are filed and paid, I'm fifty-two with zero felony arrests.

I'm just a guy who likes to gamble with cash.

  • link to original post



    Quote: mdawg

    And yet getting paid by check is what a launderers wet dream would be.

    I really don't care if they file CTR and SAR stuff on me. I don't do crime, I don't launder cash, My taxes are filed and paid, I'm fifty-two with zero felony arrests.

    I'm just a guy who likes to gamble with cash.



    Certainly looks like a lot of players around here and elsewhere are going to have to change a lot of key processes in dealing with cash. All that bitching and moaning and not much of a result.
    SanchoPanza
    SanchoPanza
    Joined: May 10, 2010
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    September 16th, 2021 at 7:27:53 PM permalink
    Quote: AlanMendelson

    I received two 1099s when I was at a table and the shooter made all 6 points in the Firebet.

    If you received a W2G it doesn't matter. I'm not going to argue... maybe your casino is different.

    My 1099s came from the Rio and Harrah's Rincon from card craps.

    Both a 1099 and a W2G can be used the same way when you report casino winnings on your tax return.

    The key point is the mandatory withholding for larger table game wins.

    I had only $5 on the Firebet so I had no mandatory withholding. At Caesars there was a $10 max Firebet and a $10k win would have required a $2500 mandatory withholding. By the way, Caesars once allowed a $25 max Firebet for a table reserved by some high rollers.

    I've received a 1099 anytime I won $1200 or more in a poker tournament regardless of the buy in.

    I received many 1099s from Hustler Casino in LA from their Thursday night $200 buy in tournament and I usually won in the range of $1800 for finishing in the top 5.

  • link to original post



    Tax
    Banks escalate fight over IRS reporting in Biden budget plan
    By Brendan Pedersen September 08, 2021, 9:00 p.m. EDT 6 Min Read

    WASHINGTON ó The financial services sector is girding for an extended battle over a legislative proposal requiring banks and other institutions to report customer account data meant to bring in more federal tax dollars.

    The measure is being considered by lawmakers as a source of revenue in the Biden administration's proposed $3.5 trillion budget reconciliation plan. It could result in banks having to report transaction data for any account with at least $600 of inflows or outflows annually.--American Banker 9/8
    ChumpChange
    ChumpChange
    Joined: Jun 15, 2018
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    September 16th, 2021 at 7:31:07 PM permalink
    Is that to help Wells Fargo discover their scam bank accounts?
    I wonder if casino cashier cages have to report $600 annually per player? Seems these stupid rules just won't go away.

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