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Slots "taxable" limit vs Tables

Discussion in 'Casino Gaming' started by BughouseMaster21, Jan 30, 2014.

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  1. BughouseMaster21

    BughouseMaster21 MIA

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    So anyone else find it absolutely ridiculous as me that if you win a jackpot over like $1200 in slots they tax you, yet if you play BJ and win $5K u dont get taxed a dime? As a matter of fact, unless you win (and cash) $10K+ in one 24-hour gaming period they will never ask for your social at the cage for table players!

    I am purely a highstakes BJ player, but just dont see the rationale on slot players being taxed for winning 1K, yet table players not being taxed (or reported) unless 10K+ or getting Title 23'd.
     
  2. Mattwall

    Mattwall Tourist

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    Personally I do think it makes sense.

    It's a separate issue if you disagree with taxes on winnings period. But with a slot win over $1200, in one spin or a bones round, you are taxed. If you did 12 pulls and won $100 each spin and cashed out with $1200+ you wouldn't be taxed. That's the same as small wins in BJ that total $1200 or more.

    Are you taxed on tables when you win $1200+ from one one roll or hand?
     
  3. NickyDim

    NickyDim VIP Whale

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    You are taxed at the table if a single win is A. >$600 AND B. the payoff odds were 300-1 or better.

    My wife hit a RF at Ultimate Texas holdem, and since the blind for that hand pays 500-1 she was w-2ed for only the blind bet and that was the explanation we were given by the pit boss.

    Here are the w-2g rules;
    the highlighted rule applies to tables.
     
  4. merlin

    merlin VIP Whale

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    It makes perfect sense, a $1200 plus win amounting to 300 times the wager or more is a relatively rare event, winning a hand of blackjack is not. By the way, the fact they may require ID with a big cash exchange in no way, shape or form means you should somehow report it.
     
  5. Don the Dentist

    Don the Dentist Tourist

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    Taxes

    Technically, all gaming winnings are subject to Federal Income Tax. Some of the states and municipalities tax as well.

    The issue is what triggers a paper trail with a W2G, in some cases a 1099, or possibly a Title 31 CTR.

    Don the Dentist
     
  6. wrxrob

    wrxrob High-Roller

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    I've also been told to never cash out chips totalling $10,000 or more, all at once, as apparently the feds then get notified, even if its not taxable, per se.

    Can't say I've ever had that "problem" though, as I've never been on enough of a heater to accumulate $10K in chips.

    I did see one guy with about a hundred pumpkins in his pocket only cash in 9 of them once at the local casino. He was playing $5K/hand in baccarat, and making a killing.
     
  7. Auggie

    Auggie Dovahkiin

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    Actually, what is ridiculous is that you even pay taxes on gambling winnings and that its surprising that nobody tries to change the system.

    Some of the main reasons gambling shouldn't be taxed:

    1) It is a negative expectation.
    Yes, there are some people like professional poker players, some of the top sports bettors and blackjack counting teams that can regularly produce a profit off gambling, but for the vast majority they are going to lose long term at gambling.
    So you end up only paying taxes when you happen to get lucky and win, but that doesn't make up for what could be years of long term losing.

    2) Its not balanced.
    If you win at gambling this year then your taxable income goes up... if you lose at gambling this year nothing happens, you don't get to reduce your taxable income by a like amount.

    3) Its entertainment.
    For most people gambling is entertainment, its not a profession or a source of income. They go to the casino, they have money they know they'll probably lose and they go out for a good time...if they happen to win thats great, but other entertainment doesn't have that "issue" where you have to pay if you get more than your money's worth.
    IE, it would be like: if you went to the movies, really enjoyed the show and then at the end had to pay taxes because you got more than your ticket's value worth of entertainment out of seeing the movie.

    4) Its offsetting.
    In order for you to win, others must lose. If I go to the casino and win $5000 then you can be sure that somewhere and at some time there will a person or group of people that will lose that $5000 and then some.
    And this applies to professional gamblers: like if a big time pro poker player is making $2,000,000 a year you might think he should be taxed on that, but in order for him to win that $2M that means others had to have lost it to him, their losses offset the pros wins.
    Or same with a lottery: if somebody buys a $1 ticket and wins $10,000,000 in a lottery then yeah sure, they have $10,000,000... but it also means that out there some 17,000,000 people offset their winnings by buying their own $1 tickets that lost.
     
  8. numeno

    numeno VIP Whale

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    I highly suggest not doing what that guy did. CTRs have nothing to do with taxes. They are used to track large amounts of cash being transferred. In some cases this means illegal activity. Attempting to hide this fact could mean more questions later on if they find out you are wanting to not be tracked. You are opening yourself up to lines of questioning that you probably don't want to deal with.
     
  9. JustNgo

    JustNgo Low-Roller

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    Per point 4, this applies to everything though. If you get paid, your company has to lose that money to pay you, then you get taxed on it. That's not a very good point.
     
  10. Auggie

    Auggie Dovahkiin

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    No, in that case the company doesn't "lose" money but instead your salary is an expense to produce their final product or service.

    Example:
    ABC Corp sells widgets
    They sell widgets for $200 each
    Each widget costs $25 in raw material to make
    They pay you $50 per widget to make one

    So the total cost to produce a widget is $75 and when they sell one for $200 they make a $125 profit.

    As far as paying taxes go they will pay tax on the $125: the $200 in revenue they took in for selling the widget minus the $75 to produce the widget.


    But that aside, I am just talking gambling here. If you and I sat down and played poker and you beat me for $5000 then you are to report that $5000 as income and pay taxes on it, however I don't get to write off that $5000 and get a tax credit on it.
     
  11. DeMoN2318

    DeMoN2318 The DERS

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    Unless your efforts make the company more than they pay you in salary/pay...

    Some of the projects I manage for my company are multi-million dollar projects...I sure as hell dont get paid anywhere close to what I make them...so they are still winning
     
  12. JustNgo

    JustNgo Low-Roller

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    Ah, I see, your point is that the losses are NOT off-setting (in terms of tax liability between individuals in gambling, not revenue)

    This is the basis of any work though. The value you put in is a lot more than what you get paid. If you were paid more than the value you bring in (or even equal), the company would not make any money.
     
  13. DeMoN2318

    DeMoN2318 The DERS

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    Obviously...so your statement that your company was to lose the money they pay the worker is false...that was my whole point.
     
  14. JustNgo

    JustNgo Low-Roller

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    Not that they lose money, but that the money is offset somehow. I've taken back my point though as I misunderstood point 4, per my earlier post.
     
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