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Tax Facts
Posted: Sun Dec 20, 2020 11:10 am
by FAA
The Caesars AC JOB progressive hit $1,200 yesterday. Can you imagine hitting it after the threshold? It would be such a mixed blessing. I gave it a halfhearted run. I never considered the tax consequence. I was just already beaten up by the day’s losses, so I did my usual hedging and picked up a few bucks. I know the cardinal rule is max bet. So hard to sustain amid a slaughter.
Re: Tax Facts
Posted: Sun Dec 20, 2020 1:21 pm
by Jstark
Hitting jackpots right on or just over the $1200 threshold seems like a small gut punch.
Re: Tax Facts
Posted: Sun Dec 20, 2020 1:49 pm
by Player422738
This never makes a sense to me why people don't like tax forms. If you are positive for the year, regardless of getting W2G, you MUST file tax on the capital gain. This is the law. If you think you don't have to report tax because you have gotten a tax form, then you are totally wrong!
If you are getting a tax form, you need to itemize your losses so you don't over pay tax. For example, if you get $1200 on tax form, but you lose $2000. You pay $0 tax, but you have to itemize. The gambling loss can deduct the gambling gains on the tax form for the same calendar year.
The only downside of tax forms is you have to manually enter all of them if you are getting lots of tax forms, that's painful and tedious. The gambling industry is way behind and there isn't a way to import your taxes electronically like dealing with stock transactions.
Re: Tax Facts
Posted: Sun Dec 20, 2020 2:02 pm
by seemoreroyals
There is an article in the Las Vegas Sun on Friday discussing W2 threshold being raised from $1200 to $5000. According to AGA they think there is a very good chance it may pass this time. This has been talked about for years so who knows.
Re: Tax Facts
Posted: Sun Dec 20, 2020 5:34 pm
by TripleTriple
It wasn't too long ago I heard rumors of it being lowered to $600...
Re: Tax Facts
Posted: Sun Dec 20, 2020 6:32 pm
by paco13
It is $600 in NY already. Also I deduct my losses for Federal but I still wind up having to pay NYS taxes on winnings.
Re: Tax Facts
Posted: Sun Dec 20, 2020 7:13 pm
by Jstark
hophoofer wrote: ↑Sun Dec 20, 2020 1:49 pm
This never makes a sense to me why people don't like tax forms. If you are positive for the year, regardless of getting W2G, you
MUST file tax on the capital gain. This is the law. If you think you don't have to report tax because you have gotten a tax form, then you are totally wrong!
If you are getting a tax form, you need to itemize your losses so you don't over pay tax. For example, if you get $1200 on tax form, but you lose $2000. You pay $0 tax, but you have to itemize. The gambling loss can deduct the gambling gains on the tax form for the same calendar year.
The only downside of tax forms is you have to manually enter all of them if you are getting lots of tax forms, that's painful and tedious. The gambling industry is way behind and there isn't a way to import your taxes electronically like dealing with stock transactions.
No problem with the taxes part. But I'd prefer the jackpot hit be under or much bigger than the $1200. Plus the more you have the interact with floor staff, the worse. I don't want them knowing my business.
Re: Tax Facts
Posted: Sun Dec 20, 2020 8:18 pm
by Waiting4RF
Some people can not itemize due to the tax reform. There are other problems too you can read about here:
https://www.lhd.com/the-edge/if-you-are ... d-to-know/
Re: Tax Facts
Posted: Sun Dec 20, 2020 9:21 pm
by OTABILL
8 years ago my wife and I hit a $1202.75 progressive royal flush on a cruise ship in the middle of the Pacific Ocean. We were given a W2G even though the ship was foreign registered and we were in International waters.
Re: Tax Facts
Posted: Sun Dec 20, 2020 9:36 pm
by Jstark
The reality of it is, you are only winning CREDITS on the machine. You're forced to accept cash for these hits.