Proposed IRS changes to Casino wins!

[inaminute]

I don't think you are going to have to wait as I believe it will all be computerized tracked. In the state where I live, every casino is requiring you to establish a PIN and in their mailers they are non-specific as to why.

[declansgigi]

What are the chances of these new changes going into effect Evoni? I hope it does not happen; however, I think there are pro's and cons to this. The con is having to be charged taxes and rely more on win lost statement at the end of the year to keep yourself from paying the taxes. The pro is slowing the gambler down to relax, wait for handpay, and then put a hundred or something in the machine and put the winnings away. A lot of people do get over 500 in a machine and instead of cashing out and put a 20 dollar bill or hundred dollar bill in, they keep playing and put it all back.

I think you a right. If I had a handpay at $600, I would likely put $ away instead of just having it on a TITO to justove to another machine. If its real $ I tend to tuck at least half away.

[Evoni]

What are the chances of these new changes going into effect Evoni? I hope it does not happen; however, I think there are pro's and cons to this. The con is having to be charged taxes and rely more on win lost statement at the end of the year to keep yourself from paying the taxes. The pro is slowing the gambler down to relax, wait for handpay, and then put a hundred or something in the machine and put the winnings away. A lot of people do get over 500 in a machine and instead of cashing out and put a 20 dollar bill or hundred dollar bill in, they keep playing and put it all back.

I'm hoping that the American Gaming Association successfully fights them off making this change, but I guess we'll have to wait and see. Honestly I feel they should make the reporting amount more given inflation and not less.

[slotbender]

I'm hoping that the American Gaming Association successfully fights them off making this change, but I guess we'll have to wait and see. Honestly I feel they should make the reporting amount more given inflation and not less.

You have a point about the inflation Diana. But the thing is, I've seen larger/more jackpots being hit (well over $1,200 w/$2 bet) on slots just a few years ago compared to what these newer slots are paying today. This is one of the reasons why they want to lower the threshold amount for a W2G requirement. All that it takes is to receive 1 W2G for the year and it makes you have to do a win/loss report on your gambling come tax time. Also, this would mean more record keeping, paper work, and expense for the gamblers as well as the casino's. The only one that benefits from this will be the tax collector (IRS).

[Evoni]

You have a point about the inflation Diana. But the thing is, I've seen larger/more jackpots being hit (well over $1,200 w/$2 bet) on slots just a few years ago compared to what these newer slots are paying today. This is one of the reasons why they want to lower the threshold amount for a W2G requirement. All that it takes is to receive 1 W2G for the year and it makes you have to do a win/loss report on your gambling come tax time. Also, this would mean more record keeping, paper work, and expense for the gamblers as well as the casino's. The only one that benefits from this will be the tax collector (IRS).

I understand that and agree that the only one that benefits is the tax collector.

[oldslotguy]

"only good for the gobment" .. Bound to create jobs. The casino will have to have twice as many attendants too. But personally .. BUMMER. Had 22 W2Gs last year. Now I'd have a 100. My tax lady charged 0 more for doing all those, where some places (H&R) charge $2 EACH.

[zeus]

"only good for the gobment" .. Bound to create jobs. The casino will have to have twice as many attendants too. But personally .. BUMMER. Had 22 W2Gs last year. Now I'd have a 100. My tax lady charged 0 more for doing all those, where some places (H&R) charge $2 EACH.

That is a good point. With the same amount of attendants there would be a lot of down time at the slots, and we know the casinos would not have that.

[oldslotguy]

That is a good point. With the same amount of attendants there would be a lot of down time at the slots, and we know the casinos would not have that.

Oh yeah, bunches of players standing around like back in the coin days.

Several states would love to see that lower figure, cause you have to pay tax on the gross amount on every HP. I know MI does not allow any subtraction for losses.

[Zooms]

On the machines I play, at least here in WA, $600 wins are common, especially at the $10 & $20 bet levels. If a HP with a W2G was required for each $600+ win! those players would spend a lot of time waiting. Or else they would just stake out 2 machines together, which would mean the $5 players wouldn't be able to get on a machine at all. Some of the $20 players already do that.