Congratulations to Brad (of Jean and Brad) as another $5000 winner at
the Gold Coast! Nice mug shot in the RJ!
Scot
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Another GC Winner
An interesting note about Brad's $5000 win at the Gold Coast. He was given a W2G instead of a 1099 which is more usual for drawings and I think would have been more correct technically. However, it really doesn't matter what form is given as long as the money is accounted for correctly. If you win a drawing that required entries earned by gambling or related to gambling (like being a slot club member), then it can be counted as gambling income, just like machine wins. If it is a grocery store sweepstakes drawing, you would generally count that as "Misc Income" rather than gambling income - unless, you did these sorts of things as a frequent organized activity and/or counted it all together with other regular gambling endeavors.
There are always exceptions and gray areas where there are no specific guidelines. I think "intent" plays a large part in issues that come up in these gray areas - but it is not always easy to "persuade" an IRS examiner of your intent. However, the giving of a W2G for a gambling drawing, even though perhaps not correct or at least in question, might make it easier to persuade the IRS that it was gambling related.
By the way, Brad's picture was in the Tuesday RJ, along with all the winners for the whole month. Anyone have an extra copy? Would appreciate it if you stuck it in your purse or pocket and give it to Brad or me the next time you see one of us.
···
____________________
Jean $cott - "The Frugal Gambler"
MORE FRUGAL GAMBLING can NOW
be ordered, autographed, at a pre-pub
discount, at http://www.FrugalGambler.biz
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Congrats to Jean and Brad. Which game did Brad win on? Lastly, I thought there was a boycott of Coast Casinos by all.
Jean Scott <QueenofComps@frugalgambler.biz> wrote:An interesting note about Brad's $5000 win at the Gold Coast. He was given a W2G instead of a 1099 which is more usual for drawings and I think would have been more correct technically. However, it really doesn't matter what form is given as long as the money is accounted for correctly. If you win a drawing that required entries earned by gambling or related to gambling (like being a slot club member), then it can be counted as gambling income, just like machine wins. If it is a grocery store sweepstakes drawing, you would generally count that as "Misc Income" rather than gambling income - unless, you did these sorts of things as a frequent organized activity and/or counted it all together with other regular gambling endeavors.
There are always exceptions and gray areas where there are no specific guidelines. I think "intent" plays a large part in issues that come up in these gray areas - but it is not always easy to "persuade" an IRS examiner of your intent. However, the giving of a W2G for a gambling drawing, even though perhaps not correct or at least in question, might make it easier to persuade the IRS that it was gambling related.
By the way, Brad's picture was in the Tuesday RJ, along with all the winners for the whole month. Anyone have an extra copy? Would appreciate it if you stuck it in your purse or pocket and give it to Brad or me the next time you see one of us.
···
____________________
Jean $cott - "The Frugal Gambler"
MORE FRUGAL GAMBLING can NOW
be ordered, autographed, at a pre-pub
discount, at http://www.FrugalGambler.biz
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<<Congrats to Jean and Brad. Which game did Brad win on? Lastly, I thought there was a boycott of Coast Casinos by all.>>
He was playing NSUD's on double points day. I never fully agreed on a boycott - my theory is to play there when there is something good - like we still get the monthly mailer at the GC (not at Suncoast or Orleans). So with the double cashback we were playing over 100% plus earning the monthly mailer and drawing tickets.
I get my revenge on the Coast properties by finding ways to take their money, no matter how they try to keep me from it. (Plus I give them negative publicity in Frugal Friday's whenever I think it is appropriate!!!!)
···
____________________
Jean $cott - "The Frugal Gambler"
MORE FRUGAL GAMBLING can NOW
be ordered, autographed, at a pre-pub
discount, at http://www.FrugalGambler.biz
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No worries Jean! Make them pay dearly!
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