A number of casinos have signs above various banks advertising a
jackpot of $1199 with the words "tax Free".
As all gambling wins are reportable and taxable (under the current
law), I feel that these signs are misleading the public to NOT report
the win.
Under $1200 does not trigger a W-2G, but technically, the win is not
"tax free"
Should these casinos be reported to IRS as misleading, etc?
Seeking the opinion of the readers.
Misleading signs
I would say yes.
--- In vpFREE@y..., Elliott L. Shapiro <eshapiro@j...> wrote:
A number of casinos have signs above various banks advertising a
jackpot of $1199 with the words "tax Free".
As all gambling wins are reportable and taxable (under the current
law), I feel that these signs are misleading the public to NOT
report
···
the win.
Under $1200 does not trigger a W-2G, but technically, the win is not
"tax free"
Should these casinos be reported to IRS as misleading, etc?
Seeking the opinion of the readers.
Technically, it's not true and the signs are misleading. Even if you win a nickel while walking through the casino on the way to a show, you're supposed to report it.
But as has been discussed on this board many times, what you report to the IRS is between you and your conscience. If you get a W2G, the casino reports for you.
Blessings and royals to all.
Elaine
Michael Boutot <vegas_iwish@yahoo.com> wrote:I would say yes.
--- In vpFREE@y..., Elliott L. Shapiro <eshapiro@j...> wrote:
A number of casinos have signs above various banks advertising a
jackpot of $1199 with the words "tax Free".
As all gambling wins are reportable and taxable (under the current
law), I feel that these signs are misleading the public to NOT
report
···
the win.
---------------------------------
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[Non-text portions of this message have been removed]
The only reason that I can see for someone reporting
something like this to the IRS is bitterness toward a
casino. What good would come of it if the IRS did take
action? Is your goal to see the IRS start going after
people who don't report winnings under $1200? The
signs aren't hurting anyone.
I have always had the greatest respect for your
opinion as expressed in your posts in this group and
elsewhere but I cannot see why you would consider
reporting this to the IRS.
If you have a problem with the signage(and I don't
see the signs as a big deal) why not report the casino
to gaming or express your displeasure (anonymously if
you feel that it is warranted) to the casino.
···
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Signs don't bother me as I KNOW that they are misleading.
I feel for "the little old lady" (etc) who hits such a jackpot, brags
about it and possibly may get into trouble.
Gaming has ZERO interest is these signs or in the ones that claim over
100% etc.
I would not personally report the signs to anyone, no less the IRS.
Was merely interested in the reaction of others.
···
On Wed, 27 Nov 2002 14:24:28 -0800 (PST), you wrote:
The only reason that I can see for someone reporting
something like this to the IRS is bitterness toward a
casino. What good would come of it if the IRS did take
action? Is your goal to see the IRS start going after
people who don't report winnings under $1200? The
signs aren't hurting anyone.I have always had the greatest respect for your
opinion as expressed in your posts in this group and
elsewhere but I cannot see why you would consider
reporting this to the IRS.If you have a problem with the signage(and I don't
see the signs as a big deal) why not report the casino
to gaming or express your displeasure (anonymously if
you feel that it is warranted) to the casino.__________________________________________________
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http://mailplus.yahoo.comvpFREE Home Page:
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For as much as the tax people are around Vegas (there are several stationed
there), I would think they already know this. They keep a pretty close eye
···
on things there. AJ Michael Boutot wrote:
I would say yes.
--- In vpFREE@y..., Elliott L. Shapiro <eshapiro@j...> wrote:
> A number of casinos have signs above various banks advertising a
> jackpot of $1199 with the words "tax Free".
> As all gambling wins are reportable and taxable (under the current
> law), I feel that these signs are misleading the public to NOT
report
> the win.
> Under $1200 does not trigger a W-2G, but technically, the win is not
> "tax free"
> Should these casinos be reported to IRS as misleading, etc?
> Seeking the opinion of the readers.vpFREE Home Page:
http://groups.yahoo.com/group/vpFREEvpFREE Links:
http://www.lvcm.com/tomesims/VP/Links.htmlYour use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/