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Taxes on MyVegas rewards?? WTF?

Discussion in 'MyVegas' started by weluvvegas, Apr 15, 2014.

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  1. weluvvegas

    weluvvegas Vegas Slot Junkie

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    I just read on a MyVegas FB group that if your rewards value is over $600 in one year, they are sending 1099s out and you have to pay taxes on them. Anyone have this happen to you?
     
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  2. skybank

    skybank Low-Roller

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    I'm sure it's in our (USA) screwed up tax code!

    A couple of years ago Harrahs had an online game that you won rewards credits and if you won a higher amount, they sent you a tax form. :grrr:
     
  3. mdm4sfest

    mdm4sfest Low-Roller

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    Here is a comparison story:

    The bank I work for has "reward" offers for opening new accounts. If you do so and so you get $200 credited towards your checking account. However, its taxable, meaning you get a fatass 1099 come tax time for that "gift" of $200.
     
  4. tringlomane

    tringlomane STP Addicted Beer Snob

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    Hmmm...I didn't get anything. Not sure if I redeemed over $600 though. Depends on the value they put on the rewards.

    I personally redeemed:

    May:
    2 nights at Mirage
    2 premium Tix to Love

    Sept:
    1 night at Mirage
    1 premium ticket to Ka
    1 night at MGM Grand

    Like sky said, I wouldn't be shocked with our tax laws.
     
  5. weluvvegas

    weluvvegas Vegas Slot Junkie

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    I've never seen a disclaimer anywhere on the rewards about taxes but don't you think it should say it somewhere in fine print?

    And - how do they put value on the room rewards? They could technically base it off of the rack rate, which could be as high as $300+ for a basic room at somewhere like NYNY if they wanted to. There is no regulating that.
     
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  6. BigGTMike

    BigGTMike Low-Roller

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    They would have had to have done the 1099s a lot earlier than now...

    Sounds like a omg tax day rumor to freak ppl out.

    You don't pay taxes on normal comps, why would you on this.
     
  7. AlexS

    AlexS Tourist

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    technically every gift is taxable
     
  8. BigGTMike

    BigGTMike Low-Roller

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    Prizes are taxable to the recipient.

    Gifts are taxable to the giver over $13,000.

    Air miles, hotel rewards, and cashback rewards from credit cards are not taxable.

    Comps? Dunno.
     
  9. DonnyC

    DonnyC VIP Whale

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    That would be a piss off!

    I planning on using the bottle service one - and others

    If they tax it - no tip...and I'll tell the server that!


    Yah it's not the servers fault....but it sure isn't mine either.


    This $40 bottle will cost you...but also your $100 tip, plus how much tax?


    Does this hold true for Canadian travelers?
     
  10. thecarve

    thecarve Misanthrope

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    Umm...because the server is a moonlighting Senator...? :confused2:
     
  11. DonnyC

    DonnyC VIP Whale

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    No because I'M NOT a moonlighting senator!


    Spend hours playing a game - to get free stuff...that you tip on - oh, and then pay tax on? Pass!!!

    We're not talking about paying state tax, if I understand...we are talking about it being seen as a taxable benefit (which would be taxed at your personal highest tax rate?)

    And if I knew I would be taxed on it...I wouldn't have played so much. Last year I was able to use my LP's for great stuff. This year I was working towards bottle service at Aria, buffets ans/or a cabana (if it becomes available). No use me having over 520k LP's if I'm going to get taxed on it!

    The purpose of the game (for me) was to afford me things I wouldn't otherwise spend money on. That value is severely compromised if I am taxed over 35% on $600 - or $210 (before any tipping).
     
    Last edited: Apr 15, 2014
  12. SH0CK

    SH0CK Stylin' and Profilin' Quasi Tech Admin

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    OK...

    First off, settle down.

    If, and that is a HUGE if people had to pay taxes on rewards, everyone would have heard of this WAY before tax day. Unless someone from Playstudios shows up and say "Oh, our bad, we forgot to send out the 1099's" Then I would treat this as a rumor ONLY.

    Why get yourself all worked up over something you don't know is a fact?
     
  13. Sonya

    Sonya Queen of VMB

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    I agree with SH0CK. I got at least $600 worth of stuff from MyVegas and didn't get a 1099 for that.

    Did anyone here get one? Not your cousin's barber's neighbor.. but YOU?

    No? Then I don't believe it. (But AlexS is right, technically all gifts are taxable)
     
  14. STPFan

    STPFan Low-Roller

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    Considering they don't have our SS# that would be unlikely.
     
  15. weluvvegas

    weluvvegas Vegas Slot Junkie

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    Ok I apologize for starting the rumor here - I had read it on that group and someone there actually said he was getting money back until he put in his 1099 he got from playing MyVegas and then his refund dropped. I figured if it were truth someone here would definitely know!
     
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  16. Hogman

    Hogman VIP Whale

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    So you wouldn't pay $200 to $300 to get $1000 of goods and services?:poke: Now I don't hope people don't get a 1099 for myvegas rewards but if someone offered you a service you had been wanting to do for 60 to 75% off most people would jump at it.
     
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  17. sandman748

    sandman748 Low-Roller

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    except most of the rewards are things we would only do because we are getting them for free. Of all the rewards I have redeemed (show tickets, dinners, rooms) I wouldnt have done any of them if they weren't free. Most of them wouldnt have been worth it even at a 70% discount.

    That being said, I'm sure you guys arent getting taxed on these. Playstudios has no way to report to the IRS. Between fake names, and no SS number it would be nearly impossible. And MGM isnt giving this stuff away, its being sold to playstudios at some contracted rate.
     
  18. bubbakitty

    bubbakitty native Texan; born and bred.

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    The original lost ? Was did it happen to you? Apparently it did not to many if any. But yeah--you pay for a groupon or somesuch a %---sneaky--yeahh but " up in arms and how dare they"? I don't know. Mainly cause I don't play. Although it seems positive in return....calm down and enjoy.
     
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  19. vegas superfan

    vegas superfan Tourist

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    Have any of you given your social security number to MyVegas? I have not. So they cannot issue me a 1099.
     
  20. DonnyC

    DonnyC VIP Whale

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    No I wouldn't! Because most of the things I get I am getting because they are free:poke:

    You also haven't accounted for the time spent playing :poke:

    Or the tip :poke:
     
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