In a message dated 12/11/06 10:29:27 PM, cy4873@hotmail.com writes:
<< The bet is $5 and the win is $3995, but slot players do not complain.
A W2G at the horsetrack will subtract the amount bet from the total
payoff to show the "net" profit as the reported winning amount. >>
I was on a progressive many years ago that hit right at $1200 and some cents.
The player argued that he had bet $1.25 and therefore only won $1198.75.
After discussion that particular casino did not issue him a W -2 G. I can't
remember the property but it was video poker.
There are so many gray areas. Years ago, the Barbary was giving $2000 on a
double royal flush promotion. However, they did not issue a W-2 G. They paid
the total and at the end of the tax year, you got a 1099 for $1000 as part of
a promotion payment.
During this same time, the Orleans ( a sister property to the Barbary) was
also doing some double royal promotion. When you hit, they gave you a W-2G for
the $2000 amount.
I assume both their accounting departments knew what they were doing .
Anteroz