I haven't heard this discussed, but I am thinking when evaluating a
play and generating a strategy I should be adjusting down the value of
w-2g hands? any arguments against this? thanks.
evaluating a play accounting for taxes
<<I haven't heard this discussed, but I am thinking when evaluating a
play and generating a strategy I should be adjusting down the value of
w-2g hands? any arguments against this? thanks>>
Many pros and frequent players DO take into consideration tax implications.
Just one little "picky" comment: someone who is following the IRS rules to the letter should count all winning sessions as income, whether you get a W-2G or not!!! (Of course, not everyone does this.)
···
________________________________________
Jean $�ott
"FRUGAL VIDEO POKER" - Pre-pub
orders for this new book now taken at
http://www.FrugalGambler.biz
okay next question: dealt hand on a 5 line $1 game, say the payout is
400 coins ($2000). Is this taxable, or is it 5 separate payouts?
thanks.
···
On 8/31/06, Jean Scott <QueenofComps@frugalgambler.biz> wrote:
<<I haven't heard this discussed, but I am thinking when evaluating a
play and generating a strategy I should be adjusting down the value of
w-2g hands? any arguments against this? thanks>>Many pros and frequent players DO take into consideration tax implications.
Just one little "picky" comment: someone who is following the IRS rules to
the letter should count all winning sessions as income, whether you get a
W-2G or not!!! (Of course, not everyone does this.)
________________________________________
Jean $¢ott
"FRUGAL VIDEO POKER" - Pre-pub
orders for this new book now taken at
http://www.FrugalGambler.bizvpFREE Links: http://members.cox.net/vpfree/Links.htm
Yahoo! Groups Links
All wins are taxable.
This one is also reportable (W-2G) because the gross at least $1200.
[Non-text portions of this message have been removed]
···
On 8/31/06, Eric <oddsworking@gmail.com> wrote:
okay next question: dealt hand on a 5 line $1 game, say the payout is
400 coins ($2000). Is this taxable, or is it 5 separate payouts?
thanks.
thanks, I was thinking 'w-2g event' and wrote 'taxable'.
···
On 8/31/06, King Fish <vpkingfish@gmail.com> wrote:
On 8/31/06, Eric <oddsworking@gmail.com> wrote:
>
> okay next question: dealt hand on a 5 line $1 game, say the payout is
> 400 coins ($2000). Is this taxable, or is it 5 separate payouts?
> thanks.All wins are taxable.
This one is also reportable (W-2G) because the gross at least $1200.
[Non-text portions of this message have been removed]
vpFREE Links: http://members.cox.net/vpfree/Links.htm
Yahoo! Groups Links
If one is reporting all wins as taxable income, then there's really no
difference between a W-2G win and a non-W-2G win. In theory, players
are suppose to report them all (even though many do not).
However, there may be one ancillary difference: tips. Since all w-2g
events are handpays, they traditionally trigger a tip upon getting
paid. Let's say you tip $40 on a $4000 royal, then technically it
would be more correct to reset the royal payout to 3960 when analyzing
the game/play.
···
--- In vpFREE@yahoogroups.com, Eric <oddsworking@...> wrote:
thanks, I was thinking 'w-2g event' and wrote 'taxable'.
I haven't heard this discussed, but I am thinking when evaluating a
play and generating a strategy I should be adjusting down the value
of
w-2g hands? any arguments against this? thanks.
Dunbar's Risk Analyzer for Video Poker allows a user to put in a tax
threshold and a tax loss rate. The threshold would be used in a
place like Mississippi, that automatically withholds part of payoffs
that are larger than the "threshold". The "state taxes lost (%)" is
the percent of the payoff that is withheld.
Even if you can eventually get back the amount withheld, it still
makes sense to include the tax impact when doing short-term or trip
calculations. If you don't have access to the withheld funds, it
will affect your trip RoR.
I had state taxes in mind when I put that into DRA-VP. Federal taxes
are harder to incorporate, because the longterm impact all depends on
whether you will show a profit for the year.
--Dunbar
···
--- In vpFREE@yahoogroups.com, Eric <oddsworking@...> wrote:
Am I wrong that the casual player will only be reporting what is
stated on w-2g forms? I was under the impression that this is the
path of least resistance when dealing with the IRS. Should I be
requesting statements from casinos? thank you.
···
On 9/1/06, dunbar_dra <h_dunbar@hotmail.com> wrote:
--- In vpFREE@yahoogroups.com, Eric <oddsworking@...> wrote:
>
> I haven't heard this discussed, but I am thinking when evaluating a
> play and generating a strategy I should be adjusting down the value
of
> w-2g hands? any arguments against this? thanks.
>Dunbar's Risk Analyzer for Video Poker allows a user to put in a tax
threshold and a tax loss rate. The threshold would be used in a
place like Mississippi, that automatically withholds part of payoffs
that are larger than the "threshold". The "state taxes lost (%)" is
the percent of the payoff that is withheld.Even if you can eventually get back the amount withheld, it still
makes sense to include the tax impact when doing short-term or trip
calculations. If you don't have access to the withheld funds, it
will affect your trip RoR.I had state taxes in mind when I put that into DRA-VP. Federal taxes
are harder to incorporate, because the longterm impact all depends on
whether you will show a profit for the year.--Dunbar
vpFREE Links: http://members.cox.net/vpfree/Links.htm
Yahoo! Groups Links
<<Am I wrong that the casual player will only be reporting what is
stated on w-2g forms? I was under the impression that this is the
path of least resistance when dealing with the IRS.>>
A lot of gamblers do that and get by with it. But it would not stand up in an audit and the IRS is targeting gamblers more frequently these days. The book, "Tax Help for the Frugal Gambler," (go to Web site below for details) discusses this subject at length.
···
________________________________________
Jean $�ott
"FRUGAL VIDEO POKER" - Pre-pub
orders for this new book now taken at
http://www.FrugalGambler.biz