vpFREE2 Forums

10- play machine wins combined to create a W-2G ?

#21

Multiple free spins during one bonus are considered one event. If the total
win for the bonus is $1,200 or greater - regardless of the number of spins
during the bonus - a W-2G should be issued. If a casino does not issue a
W-2G, it's just a mistake - not the norm.

At the Stardust, Las Vegas, I received an amazing number of free spins
during one bonus on a penny video slot machine. After the the free spins
ended, I received a W-2G for the $1,744.00 won during the bonus.

Here's a picture of that jackpot:
http://i35.tinypic.com/15gw5sh.jpg

···

On 9/25/09, some_bitch_already_took_sumorez <will@express-pc.com> wrote:

There are some video slots where the $1,200 rule doesn't seem to
apply. It's been reported on several TripAdvisor posts for both Atlantic
City and Vegas that if you get a bonus round that consists of "free spins",
even though the meter adds up each spin, they're still treated
separately. So, say you get ten free spins, and you were to win $500 on
each one, you'd cash out a $5,000 ticket with no W2G, even though the screen
would say "Total Win $5,000".

[Non-text portions of this message have been removed]

#22

<<Multiple free spins during one bonus are considered one event. If the
total
win for the bonus is $1,200 or greater - regardless of the number of spins
during the bonus - a W-2G should be issued. If a casino does not issue a
W-2G, it's just a mistake - not the norm.>>

Casinos occasionally are uninformed and/or misinterpret IRS rules, which
aren't always very clear. This is especially true in the area of W2-Gs vs
1099s. I have a long discussion about this in "Tax Help for Gamblers."

···

________________
Jean $�ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://lasvegasadvisor.com/blogs/jscott/

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From: kelso 1600 <kelso1600@hotmail.com>
Subject: RE: [vpFREE] 10- play machine wins combined to create a W-2G ?
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You are correct and I am sorry. (Guess I wrote that too early in the morni=
ng.)

=20

To: vpFREE@yahoogroups.com
From: LGTVegas@gmail.com
Date: Fri, 25 Sep 2009 11:45:20 -0700
Subject: Re: [vpFREE] 10- play machine wins combined to create a W-2G ?
=20
Actually, in horse racing, a W-2G is triggered if the payoff is 300-1 or
greater (not 600-1). The reportable figure is $600 (or greater), due to
the race's $2 wager.
=20
BTW, casino table games will also issue a W-2G if the bet pays 300-1 or
greater (such as progressives).
=20
On 9/25/09, kelso 1600 <kelso1600@hotmail.com> wrote:
>
> The 600-1 deals with horse racing (and other pari-mutuel betting) and
> taxable events which produced a win of over $1200 for a $2 wager. I bel=

ieve

> the casino gaming threshhold was based on this arbitrary win amount.
>
> > To: vpFREE@yahoogroups.com
> > From: eecounter@hotmail.com
> > Date: Fri, 25 Sep 2009 12:30:12 +0000
> > Subject: [vpFREE] Re: 10- play machine wins combined to create a W-2G=

?

> >
> > --- In vpFREE@yahoogroups.com, bmacvid@... wrote:
> > > I believe it is based on what you win in relation to the amount spe=

nd.?

> I thought it was 600x but it is probably lower.
> > >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
> >
> > Not for machine play. If you are playing a 5 coin $100 JOB game ($500=

per

> spin) and hit a three of a kind for $1500, you get a W2-G. That's only =

3x

> your initial bet.
=20
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=20
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[Non-text portions of this message have been removed]

#23

The rule for horse racing is 300-1 AND $600 or greater. A $1 bet returning
$599 will not trigger a W-2G

···

From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf Of
Curtis Rich
Sent: Friday, September 25, 2009 11:45 AM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] 10- play machine wins combined to create a W-2G ?

Actually, in horse racing, a W-2G is triggered if the payoff is 300-1 or
greater (not 600-1). The reportable figure is $600 (or greater), due to
the race's $2 wager.

BTW, casino table games will also issue a W-2G if the bet pays 300-1 or
greater (such as progressives).

On 9/25/09, kelso 1600 <kelso1600@hotmail.com <mailto:kelso1600%40hotmail.com> > wrote:

The 600-1 deals with horse racing (and other pari-mutuel betting) and
taxable events which produced a win of over $1200 for a $2 wager. I

believe

the casino gaming threshhold was based on this arbitrary win amount.

> To: vpFREE@yahoogroups.com <mailto:vpFREE%40yahoogroups.com>
> From: eecounter@hotmail.com <mailto:eecounter%40hotmail.com>
> Date: Fri, 25 Sep 2009 12:30:12 +0000
> Subject: [vpFREE] Re: 10- play machine wins combined to create a W-2G ?
>
> --- In vpFREE@yahoogroups.com <mailto:vpFREE%40yahoogroups.com> ,

bmacvid@... wrote:

> > I believe it is based on what you win in relation to the amount

spend.?

I thought it was 600x but it is probably lower.
> >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
>
> Not for machine play. If you are playing a 5 coin $100 JOB game ($500

per

spin) and hit a three of a kind for $1500, you get a W2-G. That's only 3x
your initial bet.

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

#24

That's what I meant, when I said, "The reportable figure is $600
(or greater)...." But, thanks for clarifying.

···

On 9/25/09, Randy <randyc@uclaalumni.net> wrote:

The rule for horse racing is 300-1 AND $600 or greater. A $1 bet returning
$599 will not trigger a W-2G

From: vpFREE@yahoogroups.com [mailto:vpF…@…com] On Behalf Of
Curtis Rich
Sent: Friday, September 25, 2009 11:45 AM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] 10- play machine wins combined to create a W-2G ?

Actually, in horse racing, a W-2G is triggered if the payoff is 300-1 or
greater (not 600-1). The reportable figure is $600 (or greater), due to
the race's $2 wager.

BTW, casino table games will also issue a W-2G if the bet pays 300-1 or
greater (such as progressives).

[Non-text portions of this message have been removed]

#25

ok, thanks for clarification.

Unfortunatelyits been awhile since I had a big cash in a tourney.? Most have been in the $1200 - 2000 range and I haven't gotten the W2G which is a double edged sword.

Diane

···

-----Original Message-----
From: Cogno Scienti <cognoscienti@gmail.com>
To: vpFREE@yahoogroups.com
Sent: Fri, Sep 25, 2009 11:20 am
Subject: RE: [vpFREE] Re: 10- play machine wins combined to create a W-2G ?

THe only time I have seen a reference to getting a W2g only if 600x bet
or more has to do with live poker tournaments.Tournament won't issue
W2g for an amount less than 600x buyin.

The rule on this changed recently. Now poker tournaments issue a W-2G if the
NET win is $5000 or more.

Cogno

[Non-text portions of this message have been removed]

#26

Amen!

Here in WI we have to pay full tax on all W2-G income.? That's why I track closely my paper wins versus tax deductions to ensure I am not in a seriously underwithheld situation at tax time.

Last year my mom lost big at casino, and had a nasty shock on her WI income tax for the W2-G wins.? I tried to convince her to declare herself a "professional gambler" to be able then to look at "business" writeoffs.? But at 78 her pride wouldn't allow it.? So she got stuck with an extra $3k in state income tax and now has to file quarterly estimated taxes.

Diane

···

-----Original Message-----
From: Elizabeth Badrov <wagner@blight.com>
To: vpFREE@yahoogroups.com
Sent: Fri, Sep 25, 2009 1:11 pm
Subject: RE: [vpFREE] Re: 10- play machine wins combined to create a W-2G ?

I can one better. I was issued a W-2G last month for "winning" $10,000
in a $10,000 buy-in slot tournament. That's a push.

And this is why a good accountant and the state you live in makes a huge
difference to your EV. I highly recommend Tax Help for Gamblers as a good
information source.

Personally, for VP, I think the $1,200 limit is a bit ridiculous for Video
Poker considering the rollers in the table games aren't subject to it - or
at least W2-G'd for their action. If you're a good record keeper, the
$1,200 issuance really isn't too much of a problem if you can offset your
loses properly. At the state level, it's a nightmare because more often
your loses aren't deductible. Here in the Midwest, that's 3-5% at tax time
that you have to pay no matter how you fair for the year. The states are
NEVER gonna change that law because it's big money for them.

[Non-text portions of this message have been removed]

#27

So I had the fortune (or misfortune, as I considered it at the time) of learning when I placed 11th in one of the V's Deep Stack events during the WSOP. Harrah's run tournaments at one time had a ridiculously low threshold for paperwork. It seemed to be peculiar to Harrah's. If sense prevails, as it sometimes does, they have gone to the 5K threshold as well.

Chandler

···

Sent from my BlackBerry® wireless device from U.S. Cellular

-----Original Message-----
From: "Cogno Scienti" <cognoscienti@gmail.com>

Date: Fri, 25 Sep 2009 09:20:20
To: <vpFREE@yahoogroups.com>
Subject: RE: [vpFREE] Re: 10- play machine wins combined to create a W-2G ?

THe only time I have seen a reference to getting a W2g only if 600x bet
or more has to do with live poker tournaments.Tournament won't issue
W2g for an amount less than 600x buyin.

The rule on this changed recently. Now poker tournaments issue a W-2G if the
NET win is $5000 or more.

Cogno

------------------------------------

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