vpFREE2 Forums

Pay out rules

#1

1. As already answered, anything $1,200 or higher will generate an IRS W2G.

2. Each dealt hand is an individual event for W2G purposes. Single line or
100-line game, does not matter - the total generated for that play counts as
a single event. For example, there's a very recent photos in the vpFREE
archives of a dealt Aces-&-kicker on a 5-hand dollar machine. Sweet!!! If you
were playing the same game for quarters, that deal would be worth $2,500,
also a W2G event. However, had you hit only one ($500) or two ($1,000) of those
five lines, no W2G. It's the total win for all lines played on a single
hand that counts.

3. Also as answered earlier, a machine will lock up if a W2G event occurs
(except in those certain high-limit cases). Accumulating over $1,200 in
credits should not generate a W2G, and if a casino tries to issue one, you've got
a valid argument on your side. Remember that some machines will lock up for
individual "hits" under $1,200 but that is unnecessary and (IMHO) is merely
the casino's attempt to squeeze a hand-pay tip out of the player. It's a
throwback to pre-TITO days when it was unreasonable to expect a machine to have
enough coins in the hopper for a large cash-out.

4. It's still possible to make a living playing video poker, but it's a
very tough racket any more.

- Brian in MI

Jackie wrote:
I have a few questions about jackpot payouts.
I've played a lot of VP but never hit a JP.
My highest win has been a SF (not RF).
So my questions are;
1 At what payout amount is the money reported to the IRS?
2 If a multiple hand play, like 3 hands or more, net a dealt RF, then
are the IRS reporting amount based on a one hand JP or the total of
all the hands.
3 Since some machines pay a reportable JP in credits and others require
a handpay,then why is there a difference or will reporting take place
at cashing out the ticket.
4 BTW, is it still possible to make a living playing VP?

************************************** Get a sneak peek of the all-new AOL at
http://discover.aol.com/memed/aolcom30tour

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

#2

Thank you for your reply Brian and I'm sorry you felt as if you
had to repeat yourself, but I only recently joined this list.
Maybe the group administrator will put your response in the
FAQ.

My feeling about the W2G is that the greedy IRS should be
fair and track large losses (over $1200) as well, but we know
they will never be that fair. I think the IRS and income tax should
be abolished and institute in it's place the Federal Sales Tax
that is already applied to fuel sales.

···

----- Original Message -----
  From: Marksalot300@aol.com
  To: vpFREE@yahoogroups.com
  Sent: Sunday, September 02, 2007 4:52 AM
  Subject: [Possible Spam 8.53] Re: [vpFREE] Pay out rules

  1. As already answered, anything $1,200 or higher will generate an IRS W2G.

  2. Each dealt hand is an individual event for W2G purposes. Single line or
  100-line game, does not matter - the total generated for that play counts as
  a single event. For example, there's a very recent photos in the vpFREE
  archives of a dealt Aces-&-kicker on a 5-hand dollar machine. Sweet!!! If you
  were playing the same game for quarters, that deal would be worth $2,500,
  also a W2G event. However, had you hit only one ($500) or two ($1,000) of those
  five lines, no W2G. It's the total win for all lines played on a single
  hand that counts.

  3. Also as answered earlier, a machine will lock up if a W2G event occurs
  (except in those certain high-limit cases). Accumulating over $1,200 in
  credits should not generate a W2G, and if a casino tries to issue one, you've got
  a valid argument on your side. Remember that some machines will lock up for
  individual "hits" under $1,200 but that is unnecessary and (IMHO) is merely
  the casino's attempt to squeeze a hand-pay tip out of the player. It's a
  throwback to pre-TITO days when it was unreasonable to expect a machine to have
  enough coins in the hopper for a large cash-out.

  4. It's still possible to make a living playing video poker, but it's a
  very tough racket any more.

  - Brian in MI

  Jackie wrote:
  I have a few questions about jackpot payouts.
  I've played a lot of VP but never hit a JP.
  My highest win has been a SF (not RF).
  So my questions are;
  1 At what payout amount is the money reported to the IRS?
  2 If a multiple hand play, like 3 hands or more, net a dealt RF, then
  are the IRS reporting amount based on a one hand JP or the total of
  all the hands.
  3 Since some machines pay a reportable JP in credits and others require
  a handpay,then why is there a difference or will reporting take place
  at cashing out the ticket.
  4 BTW, is it still possible to make a living playing VP?

  ************************************** Get a sneak peek of the all-new AOL at
  http://discover.aol.com/memed/aolcom30tour

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

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