vpFREE2 Forums

MS Bounceback Debate

#1

A W2G win is income for the 3% state income tax. Unless you declare as a professional gambler in which case you can deduct losses directly from income (Instead of an itemized deduction which is worthless on the IL return.). The danger here is that you better have very good records as this is probably one of the most likely to get audited situations. By the way, your Missouri state return is a pain in the butt! The first time I played at Harrah's St. Louis about four years ago, you still had good games and I had the best night I ever had in a casino hitting a $1308 progressive set of aces and then played 40 hands of $1 9-6 jacks with a progressive. The 39th hand was a dealt royal to take down $7,282. The 40th hand was to play off the jackpot. That year I had to fill out state returns for MS, IN and IL. IL gives credit only for taxes paid in other states up to 3%.

···

----- Original Message -----
From: jimnkelli
To: vpFREE_Chicago@yahoogroups.com
Sent: 10/19/2004 1:15:23 AM
Subject: [vpFREE_Chicago] Re: MS Bounceback Debate

--- In vpFREE_Chicago@yahoogroups.com, P D <nsidechi@y...> wrote:

It goes without saying that we all want to get as much
out of a casino as we can. It also goes without
without saying that 'the boats' can't offer us
compwise what Vegas can.

What if MS said "OK, we're giving you a very basic,
easy-to-compute formula for bb. But now we're going
to have to shorten the paytables."

The MS bb is such a hot topic because most of us are
playing our VP at MS because they offer the best
paytables with a wide variety of games in a variety of
formats.

I'm not making an excuse for MS, and the bb discussion
is interesting. But by now we should be used to
mysterious cashback and comp formulas used by casinos.

And it's nice to be able to play some of the best VP
offered in the country right in our own backyard.

Can we have a AMEN from the audience!!!!

I live in StL and it sounds like MS is a godsend.
At Harrahs we have 3 total games that pay 99.8, 99.7, and 99.7% and
the cashback is less than 0.1% and the BB about 1/2 that per week, so
if you add that all up you might get 0.3% but most likely less, and
remember that is 3 total machines in the whole casino. I am hopeing
that when Pinacle opens its new casino's (2 years) things might get
better, but what about from now till then? While I have your ear, I
have been told that Illinois doesnt withhold any taxes from gambling
winnings, but they tax all w2g's at 3% with no offset (win - loss).
Can anyone verify/update this info?

thanks and enjoy what decent VP you can
Jim

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#2

--- In vpFREE_Chicago@yahoogroups.com, "Howard Stern"
<howard.w.stern@e...> wrote:

A W2G win is income for the 3% state income tax. Unless you declare

as a professional gambler in which case you can deduct losses directly
from income (Instead of an itemized deduction which is worthless on
the IL return.).

Are you saying that losses can be declared only by professional
gamblers on Illinois returns? Since the Illinois return is based on
income reported on the federal return (which does allow for
itemization of gambling winnings *and* losses) it seems unlikely that
it would be at odds with the federal return on such a common issue.

BTW, MS has told me that they will generate a yearly win-loss
statement if you've been using your players card all year. However,
they also went on to say that the IRS prefers your own detailed
records over a statement generated by the casino. That sounded strange
to me and I've not yet verified whether or not this is the actual IRS
position.

The danger here is that you better have very good records as this is

probably one of the most likely to get audited situations. By the way,
your Missouri state return is a pain in the butt! The first time I
played at Harrah's St. Louis about four years ago, you still had good
games and I had the best night I ever had in a casino hitting a $1308
progressive set of aces and then played 40 hands of $1 9-6 jacks with
a progressive. The 39th hand was a dealt royal to take down $7,282.
The 40th hand was to play off the jackpot. That year I had to fill out
state returns for MS, IN and IL. IL gives credit only for taxes paid
in other states up to 3%.

You made so much outside of Illinois that you triggered the filing
requirement in each of these states? Also, I thought Indiana didn't
have a state income tax.

···

----- Original Message -----
From: jimnkelli
To: vpFREE_Chicago@yahoogroups.com
Sent: 10/19/2004 1:15:23 AM
Subject: [vpFREE_Chicago] Re: MS Bounceback Debate

--- In vpFREE_Chicago@yahoogroups.com, P D <nsidechi@y...> wrote:
> It goes without saying that we all want to get as much
> out of a casino as we can. It also goes without
> without saying that 'the boats' can't offer us
> compwise what Vegas can.
>
> What if MS said "OK, we're giving you a very basic,
> easy-to-compute formula for bb. But now we're going
> to have to shorten the paytables."
>
> The MS bb is such a hot topic because most of us are
> playing our VP at MS because they offer the best
> paytables with a wide variety of games in a variety of
> formats.
>
> I'm not making an excuse for MS, and the bb discussion
> is interesting. But by now we should be used to
> mysterious cashback and comp formulas used by casinos.
>
> And it's nice to be able to play some of the best VP
> offered in the country right in our own backyard.

Can we have a AMEN from the audience!!!!

I live in StL and it sounds like MS is a godsend.
At Harrahs we have 3 total games that pay 99.8, 99.7, and 99.7% and
the cashback is less than 0.1% and the BB about 1/2 that per week, so
if you add that all up you might get 0.3% but most likely less, and
remember that is 3 total machines in the whole casino. I am hopeing
that when Pinacle opens its new casino's (2 years) things might get
better, but what about from now till then? While I have your ear, I
have been told that Illinois doesnt withhold any taxes from gambling
winnings, but they tax all w2g's at 3% with no offset (win - loss).
Can anyone verify/update this info?

thanks and enjoy what decent VP you can
Jim
>
>
>
>
>
> _______________________________
> Do you Yahoo!?
> Declare Yourself - Register online to vote today!
> http://vote.yahoo.com

vpFREE Links: http://members.cox.net/vpfree/Links.htm

Yahoo! Groups Sponsor
ADVERTISEMENT

Yahoo! Groups Links

To visit your group on the web, go to:
http://groups.yahoo.com/group/vpFREE_Chicago/
  
To unsubscribe from this group, send an email to:
vpFREE_Chicago-unsubscribe@yahoogroups.com
  
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.

[Non-text portions of this message have been removed]