If I were lucky enough to win $50,000- even in credits- I don't think I
would complain.
Realizing that this is strictly a hypothetical, I would plan on running
those credits through only once and if I came away with ONLY $40,000, I
would thank my lucky stars.
If I did not have the discipline to follow through, I would bring my
spouse or a friend and arm her or him with a cattle prod to use on me if I
put even $1 of regular money back.
After I ran my credits through ONCE. I would turn in my cash slips and
request a CHECK for my winnings. This would make it harder to blow the wad
before I got home.
In answer to your last inquiery:
I am not a tax expert, but I don't think you would be taxed on the
$50,000 credit but rather on what you walked away with. Casinos can give you a
print out of your winning or losses as long as you keep your card in the
machine.
Losses may be applied against winnings to bring down your tax burden.
In a message dated 7/30/2009 9:43:49 A.M. Pacific Daylight Time, mike
ymic@yahoo.com writes:
I'm a "former" Venetian player, still Gold from last year and was well on
my way to becoming Platinum until the rug got pulled out from under me (and
many of you).
You already know the familiar story - downgraded machines, erratic
full-pay availability (now you see it, tomorrow you don't, maybe next Tuesday).
High Limit became a graveyard.
And then they made the coin-in to earn a point greater than the amount
remaining on your mortgage.
So I thought, that had to be it. Venetian marketing couldn't possibly have
anything else up their sleeves.
I was wrong.
Over the last few months slot tournament invitations mention a small
detail you might want to consider if you are one of the lucky few to actually
win something at one of these events.
"All prizes awarded in slot credits".
Huh? That $50,000 isn't even in cold hard cash?
Nope. And for those of you with questionable discipline (even myself, on
occasion) that's a recipe for disaster, possibly walking away with well less
than half of whatever you win. Heck, they're slot credits, you might even
blow it all on a bad night!
So, a couple of questions.
1) If it's a slot credit, doesn't it have to be played through once before
you can cash out whatever is left? Are you really ready to hit that "CASH
OUT" button after your $50K has become $40K or less? Or do you cash out at
intervals along the way and swear not to replay those tickets? Maybe a
watchful spouse (or friend) gets those tickets out of reach before temptation
rears its ugly head.
2) What are the tax implications of, say, a $50,000 prize that isn't
really $50,000? Is there a W-2G? If there isn't, are you declaring it anyway?
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