IRS shift could be bad news for Las Vegas

[wildman49]

So do we drop to penny poker instead of $1.25 bet?http://www.cnbc.com/id/102806037

[FloridaPhil]

What it will mean is that we will have to keep better records. Few if any video poker players make a substantial profit on the game.  What it will do is cause players to actually see what they are spending to play and reevaluate their strategies.  They'll also nab a bunch of weekend players that don't know any better.  What's next is taxing comps.  Black Jack anyone?

[Vman96]

Better records, and for quarter players or even dollar JoB/Bonus players, it doesn't change much. Now a royal will give you a W-2. Dollar DDB players or $5 players will get dinged a lot harder, and records will be much more important.

And FYI, this is still just a proposed change. Although I have a bad feeling it will be changed.

[JWF]

This $600 limit is going to be in place once the casinos in MA come on line. This is currently what happens when you have a lottery win of $600 or more...you have to go to one of the MA lottery regional offices for the payout and they automatically deduct 5% from your winnings.

Another reason why I will not be visiting any MA casinos, even though I live in the state.

[Tedlark]

  JWF you may want to check into that. The Illinois lottery has the same $600.00 threshold in place but Illinois casinos bring out the tax forms only after wins of $1,200.00 are hit on a machine.

[JWF]

  JWF you may want to check into that. The Illinois lottery has the same $600.00 threshold in place but Illinois casinos bring out the tax forms only after wins of $1,200.00 are hit on a machine.

Payments of winnings of $600 or greater from slot machines, keno, and bingo played at licensed casinos are subject to Massachusetts withholding notwithstanding the exemption that would apply from federal withholding in § 3402 of the Code.

[WVRadar]

  JWF you may want to check into that. The Illinois lottery has the same $600.00 threshold in place but Illinois casinos bring out the tax forms only after wins of $1,200.00 are hit on a machine.

This is also the policy in Pennsylvania, West Virginia and Ohio.

[Tedlark]

[QUOTE=Tedlark]
  JWF you may want to check into that. The Illinois lottery has the same $600.00 threshold in place but Illinois casinos bring out the tax forms only after wins of $1,200.00 are hit on a machine.

Payments of winnings of $600 or greater from slot machines, keno, and bingo played at licensed casinos are subject to Massachusetts withholding notwithstanding the exemption that would apply from federal withholding in § 3402 of the Code.[/QUOTE]
    I just read the regulation and, wow. This will REALLY put pressure on people who gamble at MA casinos to accurately report winning (and losses) on their federal forms. Atleast MA residents get to deduct the cost of the bet when they file state returns, lol...

[Lucky Larry]

Won $10K in a "closed" poker game - no G statement.
Bet big on the NBA finals - won - no G statement.

Just saying....

The key is for each of us to contact our Congresspersons and let them know the unfairness of taxing the average working person while letting the wealthiest off....

Doug McMillion - WalMart CEO $12,800/hour = $25.6 M/year

[Tedlark]

  What's even crappier for MA casino gamblers is that the federal reporting threshold of a keno win is $1,500.00.   And Larry's right - a person can buy into a crap game in Las Vegas for 2k and walk away an hour later with 5k, no questions asked. Using the Walmart CEO as an example, people who make that kind of money take advantage of tax loopholes that aren't normally available to the average working person.