rxwine
rxwine
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December 29th, 2024 at 5:58:08 AM permalink
This happened a couple years ago, but was reminded of it with upcoming New Year.

I hit a taxable jackpot at 1:30 AM on Jan 1st. I thought to myself, good will go on next year tax form, But the guy showed up with form that I hit it 31 Dec. explaining that the casino didn't count anything until 7:00 am as the next day.

Should I have said, this is BS, I want it recorded on the date I hit it?
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billryan
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December 29th, 2024 at 6:24:05 AM permalink
I would think the casino has a defined period for earning comps, which would also apply to this.
If the casino counts a comp day as 4 AM-359AM, a prize won after midnight would still be the same gambling day as your 11 PM play.

If you never cashed the ticket, you shouldn't owe taxes so I'd think it becomes taxable when you cash it, not when you earn it. I've no idea how the IRS feels about it.
The older I get, the better I recall things that never happened
SOOPOO
SOOPOO
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December 29th, 2024 at 7:07:47 AM permalink
Quote: rxwine

This happened a couple years ago, but was reminded of it with upcoming New Year.

I hit a taxable jackpot at 1:30 AM on Jan 1st. I thought to myself, good will go on next year tax form, But the guy showed up with form that I hit it 31 Dec. explaining that the casino didn't count anything until 7:00 am as the next day.

Should I have said, this is BS, I want it recorded on the date I hit it?
link to original post



The casino can do what it wants for comps. I don’t think it can subvert US law by changing the year on a taxable payout.
I don’t know what the ruling would be if you won late Dec31, but didn’t formally collect until early Jan 1. Your situation is not ambiguous.
DRich
DRich
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December 29th, 2024 at 9:37:55 AM permalink
Quote: SOOPOO

Quote: rxwine

This happened a couple years ago, but was reminded of it with upcoming New Year.

I hit a taxable jackpot at 1:30 AM on Jan 1st. I thought to myself, good will go on next year tax form, But the guy showed up with form that I hit it 31 Dec. explaining that the casino didn't count anything until 7:00 am as the next day.

Should I have said, this is BS, I want it recorded on the date I hit it?
link to original post



The casino can do what it wants for comps. I don’t think it can subvert US law by changing the year on a taxable payout.
I don’t know what the ruling would be if you won late Dec31, but didn’t formally collect until early Jan 1. Your situation is not ambiguous.
link to original post



One year our casinos didn't have new W2G forms for the new year so we handed out the previous years forms but crossed out the year and changed it to the current year.
At my age, a "Life In Prison" sentence is not much of a deterrent.
rxwine
rxwine
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December 29th, 2024 at 10:38:19 AM permalink
I don’t know how much difference it makes to the IRS, but if they won some enormous amount it might make a difference. You might want to tell your soon-to-be-ex-spouse, you were already divorced because it was the current year as you head down to your divorce attorney’s office the next day.

(I tried to find something relevant to the situation).

Anyway…
Sanitized for Your Protection
AxelWolf
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December 29th, 2024 at 12:07:33 PM permalink
Quote: DRich

Quote: SOOPOO

Quote: rxwine

This happened a couple years ago, but was reminded of it with upcoming New Year.

I hit a taxable jackpot at 1:30 AM on Jan 1st. I thought to myself, good will go on next year tax form, But the guy showed up with form that I hit it 31 Dec. explaining that the casino didn't count anything until 7:00 am as the next day.

Should I have said, this is BS, I want it recorded on the date I hit it?
link to original post



The casino can do what it wants for comps. I don’t think it can subvert US law by changing the year on a taxable payout.
I don’t know what the ruling would be if you won late Dec31, but didn’t formally collect until early Jan 1. Your situation is not ambiguous.
link to original post



One year our casinos didn't have new W2G forms for the new year so we handed out the previous years forms but crossed out the year and changed it to the current year.
link to original post

Larry's Villa sometimes didn't even bother giving W2G's for jackpots.

Oftentimes they would need to open up some bill validators on other machines in-order to pay off jackpots. They didn't use a rout operator and owned their own machines.
♪♪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♪♪
billryan
billryan
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December 29th, 2024 at 12:59:20 PM permalink
A person who works from 11 PM DEC31 to 7 AM Jan 1st will have the entire shift on their 2023 taxes and his next shift will be his first of
2024.
The older I get, the better I recall things that never happened
DRich
DRich
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December 29th, 2024 at 2:53:58 PM permalink
Quote: AxelWolf

Quote: DRich

Quote: SOOPOO

Quote: rxwine

This happened a couple years ago, but was reminded of it with upcoming New Year.

I hit a taxable jackpot at 1:30 AM on Jan 1st. I thought to myself, good will go on next year tax form, But the guy showed up with form that I hit it 31 Dec. explaining that the casino didn't count anything until 7:00 am as the next day.

Should I have said, this is BS, I want it recorded on the date I hit it?
link to original post



The casino can do what it wants for comps. I don’t think it can subvert US law by changing the year on a taxable payout.
I don’t know what the ruling would be if you won late Dec31, but didn’t formally collect until early Jan 1. Your situation is not ambiguous.
link to original post



One year our casinos didn't have new W2G forms for the new year so we handed out the previous years forms but crossed out the year and changed it to the current year.
link to original post

Larry's Villa sometimes didn't even bother giving W2G's for jackpots.

Oftentimes they would need to open up some bill validators on other machines in-order to pay off jackpots. They didn't use a rout operator and owned their own machines.
link to original post



I have known a few bartenders that would regularly forget to fill out a W2G.

Larry's Villa. That is a place I haven't thought of in ten years or so.
At my age, a "Life In Prison" sentence is not much of a deterrent.
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