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Jackpot Question

Discussion in 'Casino Gaming' started by 33hard6, May 28, 2015.

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  1. 33hard6

    33hard6 Tourist

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    This may have been asked before so sorry in advance.

    The question is simple

    2 friends decided to play a slot machine or VP as a team and split the buy in say $100 each, while playing they hit a jackpot will the casino split the winnings on 2 different tax slips? I know for poker tournaments like the WSOP you can fill out as many as you want listing mutli people, this is done for people who have backers.
     
  2. shifter

    shifter Degenerate Gambler

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    no.

    the one sitting at the machine pays the taxes.
     
  3. 33hard6

    33hard6 Tourist

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    I guess I will offer my friend the seat and stand behind him

     
  4. Gofaster87

    Gofaster87 Low-Roller

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    Actually, they can do multiple forms but they wont. They will say its not legal but its on the books that they can do this, just too much time and effort for them. You can take care of the taxes at the end of the year. Its an easy process you can look up.
     
  5. ExVegasLocal

    ExVegasLocal Low-Roller

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    I used to play the same video poker machine with a friend. When we got a W2G, we would mentally deduct 25% from the pot, and split the remainder 50/50. The person who took the W2G got the extra 25% along with the tax liability.

    Example:
    Jackpot amount = $4,000
    25% = $1000
    50% of remainder = $1500

    One of us took $1500 and no W2G, the other took $2500 and the W2G.

    I'm aware that the one who takes the W2G may not necessarily have to pay those taxes, as they may deduct losses against the winnings. Nevertheless, it was an easy way to prevent any money issues between friends. And a little money is worth it to preserve a friendship, IMO.
     
  6. 33hard6

    33hard6 Tourist

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    Thanks for the reply, sounds standard casino aren't very helpful unless its in there favor


     
  7. nostresshere

    nostresshere Mr. Anti Debit Card

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    i would surely go with you, since I always have a loss anyways. Getting $1,000 extra to blow that night in the casino is awesome! LOL!
     
  8. snoopydogj

    snoopydogj Low-Roller

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    I'm with you! Any WG2 that i have ever had has been offset with losses.
     
  9. 33hard6

    33hard6 Tourist

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    I would take the W2 and extra $1000 Every single time
     
  10. Joe

    Joe VIP Whale

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    Me also, but you still have state taxes, in most states, to pay and the W2G gets included in your federal AGI. That can affect your tax rates and other things.
     
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  11. nostresshere

    nostresshere Mr. Anti Debit Card

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    So very true. In fact, it has such a hit, I have been avoiding higher limit machines with their nice handpays and resulting paperwork. It all goes back in the machine anyways.
     
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