Taxes

[clwn2]

  It's called the Southern California Gaming Guide. It's a big ol' newspaper type of magazine with articles in regards to all Socal. casinos excluding the card clubs although sometimes they do write articles on tournaments they have at the card clubs. Comes out 1st of the month at Albertsons, Ralphs, 7-11,CVS in the freebie rack by the Pennysaver. I'm shocked you haven't taken advantage of this free publication?
 
Thanks for the info Ed

[jm002546]

Thanks for all the good posts.  Don't get me wrong, I am an honest person who believes in filing an honest tax return and paying my taxes every year. It just galls me that Sams got his hands out for the small wins too.  I have never hit a jackpot for over $1199 and never had a W2G.  This is pretty much due to the fact that I am a quarter player and have had no luck with the higher progressives. 
 
I know that you are supposed to submit your total winnings(minus losses) each year in order to pay taxes on them.  I just cannot belive that most players are actually doing so with jackpots that fall under the radar.
 
Liked the last posts by the way...   The entire thing chaps my rear because if you get lucky for just 1 year and hit big you pay all the tax.  ALL the other years when you are a net loser...tough.  Plus many people like me do  not itemize deductions so we can not even offset with other losses.  And consider a guy who walks into a casino with $1 in his pocket, plugs it in and hits for $1200.  W2 time and he wins 1200 right? No, he only won 1199.  The IRS assumes you spin the wheels for free!

[shadowman]

Yes, it is a big ripoff. I lose a substantial amount of my medical deductions every year as well. So, even itemizing doesn't help completely.

[MikeA]

Yes, it is a big ripoff. I lose a substantial amount of my medical deductions every year as well. So, even itemizing doesn't help completely.I've found the perfect solution....just don't win!  Joking of course, but it does factor into the denominations I play.  It's hard to get on the radar when you play for nickels <LOL> 

[EDC1977]

  You mean when you get tired of losing at the $5 machines? 

[shadowman]

I've found the perfect solution....just don't win! 
 
It's not the winning that hurts, it's the W2Gs. Even if I lost money for the year I still have to claim the W2Gs as part of my AGI. The medical deductions are limited by the AGI.
 
Of course, if I didn't get any W2Gs then I would REALLY lose bigtime. I know, I could always cut back on denom or just gamble less .... naahhh.

[clwn2]

, ,

[cddenver]

Of course, if I didn't get any W2Gs then I would REALLY lose bigtime. I know, I could always cut back on denom or just gamble less .... naahhh.
 
Removing cash comps from your play has a big impact on the bottom line, too (at least in my case). 

[shadowman]

Yesterday I hit my first w2g of the year.  I was playing a quarter 3-play progressive and hit for $1527 in less than 5 minutes. This took a big chunk out of my bad January losses.  I don't know what it is about january, but this is two years in a row where I have been just killed.

[EDC1977]

 Shadow, did you play at your usual stop near your place or did you go somewhere else? Again, just being nosey!