On multiple line plays, I don't feel that, say, hitting royal flushes on two more lines that
pay less than $1200 each that one should have to pay taxes on the total payoff.
In my mind, there are 3 separate games and if each line is less than $1200, there should
be no tax.
If the majority agree, what is the best way to get casino (and IRS) attention to this matter.
IMHO (and the IRS's, too, I think), you have made one "pull", i.e., upi have made 1 bet, and,
therefore, the entire win is a single win and taxable as a single win.
No matter what we think or what may be logical, the IRS people are the people running the
game and establishing the rules (with the mis-guidance of the Congress). LOL.
.....bl
On multiple line plays, I don't feel that, say, hitting royal flushes on two more lines that
pay less than $1200 each that one should have to pay taxes on the total payoff.In my mind, there are 3 separate games and if each line is less than $1200, there should
be no tax.If the majority agree, what is the best way to get casino (and IRS) attention to this
matter.
--- In vpFREE@yahoogroups.com, "George Lee" <glee4ever@y...> wrote:
Let's be clear here. If you win $5 - that's taxable as far as IRS is
concerned though they won't chase you. The $1200 is a form-creator; not
a sign that the payout is taxable or not.
On multiple line plays, I don't feel that, say, hitting royal flushes
on two more lines that
pay less than $1200 each that one should have to pay taxes on the
total payoff.
In my mind, there are 3 separate games and if each line is less than
$1200, there should
be no tax.
If the majority agree, what is the best way to get casino (and IRS)
attention to this matter.
--- In vpFREE@yahoogroups.com, "George Lee" <glee4ever@y...> wrote:
--- In vpFREE@yahoogroups.com, "Michael Boutot" <vegas_iwish@y...>
wrote:
Let's be clear here. If you win $5 - that's taxable as far as IRS is
concerned though they won't chase you. The $1200 is a form-creator;
not
a sign that the payout is taxable or not.
So do you also believe that if you put $20K coin-through in a video
poker machine, and you just happen to break even, that you should
report that $20K "win" to the IRS?
I've often wondered how the IRS would react if I reported $20,000,000
in gambling "win" then offset that with a $19,990,000 "loss" on my tax
form. It sure would bump me up to a nasty tax bracket...!
I've often wondered how the IRS would react if I reported
$20,000,000
in gambling "win" then offset that with a $19,990,000 "loss" on my
tax form. It sure would bump me up to a nasty tax bracket...!
You are not too far off from what many high limit VP players go
through (just remove the last zero)...and...to a lesser extent...what
the $1 and $5 VP players are facing when filing their annual taxes.
The AGI (adjusted gross income) number is severly inflated...but as
long as you would have itemized anyway, it doesn't change your
bracket (everything else being equal). But it does impact other
itemized deductions which must exceed a certain percentage of AGI,
such as medical deductions (allowed if over 7.5% of AGI) and
miscellaneous (allowed if over 2% of AGI).
The real injustice is when a tax filer would not have itemized...just
taken the standard deduction...but is forced to itemize in order to
take the deduction of gaming losses to offset the gaming wins. In
this case, they are negatively impacted...and potentially quite
severly.
Don the Dentist
--- In vpFREE@yahoogroups.com, "peppermillionaire" wrote: