For -$600 max pay out on 25c VP casinos can keep most games very close to
current ER. For Jacks or Better they could use full coin schedule
2399-557-125-45-30-20-15-10-5 = 99.54%.
For NSUD full coin schedule 2399-1194-125-80-50-20-20-15-10-5 = 99.73%
For $1 JB return could be 599-352-150-45-30-20-15-10-5 = 99.54%
Changing all those pay tables might cost more than filling out more
tax forms.
For -$600 max pay out on 25c VP casinos can keep most games very close to
current ER. For Jacks or Better they could use full coin schedule
2399-557-125-45-30-20-15-10-5 = 99.54%.For NSUD full coin schedule 2399-1194-125-80-50-20-20-15-10-5 = 99.73%
For $1 JB return could be 599-352-150-45-30-20-15-10-5 = 99.54%
I read the IRS proposal and I believe most posters do not understand the proposal. The IRS wants to use electronic tracking to determine if a W-2G is needed based on the session method. There would be fewer W-2Gs issued because it would take a single win of 1200 and a session win of 1200 to trigger the W-2G. Look at the examples provided.
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kcace1024 wrote: "I read the IRS proposal and I believe most posters do not understand the proposal."
"However, advances in technology in the nearly four decades since the existing rules were adopted may overcome the compliance concerns that prompted the higher reporting thresholds and may warrant reducing the thresholds for bingo, keno, and slots to $600, consistent with other information reporting thresholds under § 6041(a)."
http://www.regulations.gov/#!documentDetail;D=IRS-2015-0006-0001
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When they finish I am sure JoB will be less than 99.54 and the strategies will be shifted for the big payout hands which will lead to player errors until everyone is up to speed.
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NOTI,
Your response seems to focus on the $600 threshold like everyone else, but that is not the point of the proposal. The proposal's intent is to use electronic tracking of session wins to determine the need for a W-2G and the threshold will remain $1200. The $600 threshold is a future possibility.
The use of an aggregate sesion total will allow gambler's to reduce their W-2Gs by ending a session when their session win is below $1200 even if they hit a current taxable jackpot. See example from the proposal.
Example 5. During one session, D places ten $200 wagers on electronically tracked slot machine play at casino S. The first nine wagers result in no wins. The last wager results in a $1,500 win. D's combined winnings for the session ($1,500) reduced by D's combined wagers placed during the session ($2,000) did not result in any net winnings from electronically tracked slot machine play during the session. Under paragraph (b)(2)(i)(D) of this section, gambling winnings from a session of electronically tracked slot machine play are not reportable gambling winnings unless they include a single win of $1,200 or more and the net amount of all winnings during the session reduced by all wagers placed during the session is $1,200 or more. Here, there was a single win of $1,500, which exceeds the threshold for a single win under paragraph (b)(2)(i)(D) of this section. However, because the net amount of the winnings reduced by all the wagers placed during the session is not $1,200 or more, paragraph (b)(2)(i)(D) of this section is not satisfied. Therefore, during the session, D did not have reportable gambling winnings with respect to electronically tracked slot machine play during the session and S is not required to report the winnings it pays D with respect to electronically tracked slot machine play during this session.
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Thanks for the explanation. This sessions tracking would help those that reside in states that do not allow deducting losses from jackpots.
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