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IRS proposes lowering W2G level to $600

Discussion in 'Misc. Vegas Chat' started by Joe, Mar 6, 2015.

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  1. Joe

    Joe VIP Whale

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  2. dmr

    dmr Registered Abuser

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    :( This is not what I want to hear. As a micro-low-roller I don't get the W2Gs very often, but I definitely hit $600+ far more frequently. :(
     
  3. Joe

    Joe VIP Whale

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    This is just insane. It should be raised to at least $2 or $3 thousand.
     
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  4. breanna61

    breanna61 Super Moderator

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    A LOT of Canadians go to Vegas and it is a pain in the ass applying to get withheld tax back....add in the exchange rate and many will take their gambling $'s to Canadian Casinos. I rarely gamble at home but go to Vegas 4-6 times a year but if this change happens, my gambling will be done at home with an annual trip to Vegas. That will make me sad!
     
  5. Chuck2009x

    Chuck2009x VIP Whale

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    That would totally suck, period, but it would suck even worse if you live in a state where you can't deduct losses.
     
  6. Turtleman

    Turtleman VIP Whale

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    I'm sure any (printable) comments I'd make on VMB would be "preaching to the choir." Considering inflation or not, it's a move that's definitely in the wrong direction that won't help the casino industry any more than the players. I'll quit here before I end up writing a book and risk a middle of the night visit! :(
     
  7. shifter

    shifter Degenerate Gambler

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    it's not about helping the casino or the players.

    it's about increasing revenue.

    simple as that.
     
  8. Joe

    Joe VIP Whale

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    Wisconsin is one of them. I haven't been able to deduct losses in about 20 years. Funny, right after they started the State Lottery they changed the law. Hmm....
     
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  9. dmr

    dmr Registered Abuser

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    In one recent year I had to do THREE tax returns, Federal, Nebraska, and Iowa due to one big win.
     
  10. NickyDim

    NickyDim VIP Whale

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    I agree with Joe, it should be raised to at least 2K. $600 isnt nearly what it use to be 30 years ago. As a kid we thought the shrinking dollar would make $100 = $10 when we got older, and for the most part it has. Hell, by now I expected $500 and $1000 bills to be the norm but they have been removed from circulation all together. When I was a kid Monte Hall use to pull them out of his pocket like ones. The federal govt would love to remove cash from our economy all together, so they can keep track of every penny you earn.
     
  11. BayouBengal

    BayouBengal VIP Whale

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    No state income tax in Texas :Þ
     
  12. Landshark

    Landshark Way into it...

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    Figured this was only a matter of time.
     
  13. Joe

    Joe VIP Whale

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    I do miss that for our time we lived in Nevada. The first year it felt so strange to not be doing a state return to go along with the Fed.
     
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  14. Kickin

    Kickin Flea

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    Wow, as if $1200 wasn't already stupidly low.
     
  15. Piggylane

    Piggylane Well-Known Member

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    It is $600 for lottery winnings in Massachusetts already. We've been living with this for years.
     
    Last edited by a moderator: Mar 6, 2015
  16. insin

    insin Speed Spender

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    It's $600 for lottery winnings in Wisconsin....always has been.
    Can only claim gambling loss equal to amount of W2G.
     
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  17. Frankr163

    Frankr163 Low-Roller

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    In New York, the non-indian casinos are run by the lottery.
    The W2G kicks in at $600 here too.
     
    Last edited by a moderator: Mar 6, 2015
  18. BlacklabberMike

    BlacklabberMike VIP Whale

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    same thing with race bets....
    luckily i know a few geezers that cash them for me for a small fee and they get the withholding returned when they file their taxes.
    Piigy? did you know the new casino will require a w2g on any payoff over $600? slot machine, dice,blackjack... stunards i tell you
     
    Last edited by a moderator: Mar 6, 2015
  19. jpw711

    jpw711 VIP Whale

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    Without violating the no politics ban, after figuring the extra taxes I owe on the big win I had this year, lowering it would be utter bullshit.
     
  20. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    I don't think this will be put into effect, just my .02.

    Not sure how this will affect my gaming,
     
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