6d. Re: need some help deciding when to go for royal
Date: Wed Dec 31, 2008 6:55 pm ((PST))i certainly dont know these days, but in the past, like tens years ago
the answer was yes at Harrahs Kansas City.
on a wednesday, i saw a guy double a progressive $5 machine at 23,200
he won and cashed at 46,400. there are only two machines and i was
right beside him. the change lady said "again"? he had hit Sunday for
25600 and double to 51200. i said do you have them withhold anything
and his answer was NO. he paid off his house and boat Monday and felt
as if he owed noone in the world. I suspect around August of the next
year he found he owed an Uncle and the state of Missouri 30000+.
regards,TD
You are certainly correct that he would owe taxes, unless he was a professional gambler and expected his losses / expenses to exceed the winnings. (and I'm not sure about Missouri and prof. gamblers).
But no matter what he owes, he is not obliged to "loan" uncle same the money until 4/15 if he doesn't want to do so (although I think there is a minimum amount of tax he has to pay somehow before the end of the year to avoid interest). He probably has a better place to invest it, like double-ups on VP royals 
--BG
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