vpFREE2 Forums

Tax Help for the Frugal Gambler

#1

<<<<<First of all, for the person who did receive a W2G for cashing out
$1200 in cashback at once did receive it in error. All they have to
do is to attach a note to their tax return explaining the error or go
back and try to convince the casino to issue a W2G-c(orrected)
showing a zero amount.>>>>>>

As far as I know all Coast Casinos issue W2G's for cashback taken in
increments >= $1200 at one time and always have. I had heard in the past
on these boards that it has something to do with them being a coin-out
system. I guess that goes along with Marissa's explanation that only
cashback on wins is taxable. Anyway I have always claimed all cashback
in the year redeemed so I have no problem with the W2G's and would not
ask for a correction.

I have had boothlings advise me to take my cashback in smaller amounts to
avoid the W2G. Technically this would be illegal would it not to
advocate tax evasion? Let's get Michael Gaughan thrown in jail. Maybe
Jackie would take over and bring Downtown Deuces & Jokers Wild to all
Coast Casinos. We can dream can't we?

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

···

On Sat, 20 Dec 2003 23:08:30 -0000 "marissa2c" <marissa2c@aol.com> writes:

#2

J; as with most IRS relates, becomes a misery as pros, semi-pros and
ams. stake out positions. In this case, tho, examine the form, a W-2
used by IRS to record wage and tax information. The G designation is
used to record certain gambling winnings, wage and Tax info. The
winning involved may or may not record income, just a moment in
earnings history... IF you were really being paid for gambling. Most
will agree we are not. It can't be any more improper to take smaller
amts and avoiding an incorrect W-2G report, then properly reporting
income each year, than doing what even IRS suggests, balancing
withholding through incorrect figures on the W-4 withholding
information form, then properly reporting each year.. last I looked.
Simply, nobody wins under current tax system which produces many
cheats, little revenue, just in a non-pro's estimate. CD

<<<<<First of all, for the person who did receive a W2G for cashing

out

$1200 in cashback at once did receive it in error. All they have

to

do is to attach a note to their tax return explaining the error or

go

back and try to convince the casino to issue a W2G-c(orrected)
showing a zero amount.>>>>>>

As far as I know all Coast Casinos issue W2G's for cashback taken in
increments >= $1200 at one time and always have. I had heard in

the past

on these boards that it has something to do with them being a coin-

out

system. I guess that goes along with Marissa's explanation that

only

cashback on wins is taxable. Anyway I have always claimed all

cashback

in the year redeemed so I have no problem with the W2G's and would

not

ask for a correction.

I have had boothlings advise me to take my cashback in smaller

amounts to

avoid the W2G. Technically this would be illegal would it not to
advocate tax evasion? Let's get Michael Gaughan thrown in jail.

Maybe

Jackie would take over and bring Downtown Deuces & Jokers Wild to

all

···

In vpFREE@yahoogroups.com, johnfiske@j... wrote:

On Sat, 20 Dec 2003 23:08:30 -0000 "marissa2c" <marissa2c@a...> > writes:
Coast Casinos. We can dream can't we?

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