Video Poker Forum

I have posted in detail several times before much of what was contained in the link. Starting in 2018, because of the changes in standard/itemized deduction limitations, my extra cost is about 4,000 a year in Federal tax not counting the 7 percent the State takes off the top on all gross gambling winnings. Total Bummer especially since every year is a loser for me once wins and losses are totaled. We get hit as well by the higher Medicare premiums. If only the money were used wisely by Federal and State Governments instead of being wasted with incompetence.

Jstark wrote: ↑

Sun Dec 20, 2020 9:36 pm

The reality of it is, you are only winning CREDITS on the machine. You're forced to accept cash for these hits.

And just what should we accept, Fruit Loops???

More W2G issues to consider

http://blog.claytontax.com/blog/gamblin ... chas/42726

Tedlark wrote: ↑

Mon Dec 21, 2020 5:09 pm

Jstark wrote: ↑

Sun Dec 20, 2020 9:36 pm

The reality of it is, you are only winning CREDITS on the machine. You're forced to accept cash for these hits.

And just what should we accept, Fruit Loops???

Go to Aria and play their $500 machines. When you end up with a hand of JJ972 and get a only break even but have to pay taxes, tell me how you'll feel. Now bet that same $2500 on a blackjack table, get a 20 vs 20 tie and see what happens. Personally I'd be pissed off being forced into a hand pay and have taxes taken out on push or tie.

Certainly. I’d be upset just on a quarter RF when the meter barely ticked over $1,200, the original scenario. So many examples of bittersweet hits.

Jstark wrote: ↑

Tue Dec 22, 2020 9:05 am

Tedlark wrote: ↑

Mon Dec 21, 2020 5:09 pm

Jstark wrote: ↑

Sun Dec 20, 2020 9:36 pm

The reality of it is, you are only winning CREDITS on the machine. You're forced to accept cash for these hits.

And just what should we accept, Fruit Loops???

Go to Aria and play their $500 machines. When you end up with a hand of JJ972 and get a only break even but have to pay taxes, tell me how you'll feel. Now bet that same $2500 on a blackjack table, get a 20 vs 20 tie and see what happens. Personally I'd be pissed off being forced into a hand pay and have taxes taken out on push or tie.

Your response has quite the common man's perspective.......

seemoreroyals wrote: ↑

Sun Dec 20, 2020 2:02 pm

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.

Here's the article. That would be very nice if they raised it.
https://lasvegassun.com/news/2020/dec/1 ... a-win-win/

Why are gambling winnings considered income anyway? Nine times out of ten it goes right back to the casino.

Tell that to the lawmakers. Should be no different than a stock sale. States should not be able to tax us on gross winnings. If anything, just net at the end of the year. With the technology today, if one plays with a players card, it is a piece of cake for the casino to know exactly to the penny how much went into the machines for the year, how much was won, and how much was lost.

As to the increase from 1200 to 5,000, I think the likelihood of passage is extremely small. Look who will be in power. The tax and spend gang. As far as that goes, we ain’t seen nothin yet. It will all be blamed on Covid. Expect huge increases across the board. Fed, State, and local. One of the first things that will be attacked will be the Federal Tax changes of a couple of years ago. They will attempt to reverse it and go after Capital Gains as well big time. There will be Covid fees of all types attached to everything. Some may call it a Covid fee and some may call it bury it and not call it anything, but it will be there. I have been around too long to trust any politician. Many years ago we had a Governor named Lowell Weiker. He ran on a platform of no income tax for our state. One of the first things he did was institute a State Income Tax. Of course over the years, the percentage has increased. They even tax our Gross gambling winnings with no writeoff ability like we have on the Federal side. I have posted about it many times before.