Shocking Numbers

[FloridaPhil]

[quote=pokerpokerpoker]Feds, I don't know - tax lady handles all that.[/quote]The Feds allow you to offset your W2G wins with loses up to the amount of your winnings.  Pretty easy to document.  You keep a log of the dates, where you played, cash in & out, players with you, machine numbers Etc.   Except for one crazy year, I have been able to offset all my VP wins on my federal tax return.  The log is used in case your are audited.  As an alternative you could always ask for a printout from your local casino.  I seriously doubt many players would pay much federal income tax on their VP winnings if they documented everything as required.State tax laws vary.  I once paid $900 in Mississippi taxes on a single day with no way to recover the money even though I don't live or work in Mississippi.  I quit playing in Mississippi soon after that.

[ko king]

[quote=pokerpokerpoker]Feds, I don't know - tax lady handles all that.The Feds allow you to offset your W2G wins with loses up to the amount of your winnings.  Pretty easy to document.  You keep a log of the dates, where you played, cash in & out, players with you, machine numbers Etc.   Except for one crazy year, I have been able to offset all my VP wins on my federal tax return.  The log is used in case your are audited.  As an alternative you could always ask for a printout from your local casino.  I seriously doubt many players would pay much federal income tax on their VP winnings if they documented everything as required.State tax laws vary.  I once paid $900 in Mississippi taxes on a single day with no way to recover the money even though I don't live or work in Mississippi.  I quit playing in Mississippi soon after that.

One year I was looking at year end results, I had well over $100K in W2G's. I lost what some may consider a crazy amount for that year but it wouldn't have near as bad if the state hadn't kept 4%.











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[olds442jetaway]

speaking of shocking numbers Phil, if you happen to stumble upon a Multi Strike Ultra Deluxe machine, check out the regular deuces wild option that also has super times pay built in. Any win you get on the top line where you happen to have a five multiplier on that line due to super times play appearing becomes a 40x win. I played this game at Foxwoods last week and had 4 times a win on the top line with a 5x super times play multiplier. One hand was a dud and the other 3 were money back wins but x 40. Imagine hitting quad deuces on the top line for a thousand quarters x 40. Never mind a 4000 Royal times 40. I played this game at Foxwoods for 2 hours near the end of a session and broke even. The problem with iy is your bet itself is very expensive to get the 40x option. I held my own due to the many hands in regular deuces where you just get your money back or a straight which pays 2 for 1. Also the quite numerous quads helped especially when hitting them on the upper lines. I plan to give it another shot soon. Keep the gang informed.