Slots high denomination slot machine handpay tax?

i dont play slots often, seems usually only when i get drunk and have to kill some time or wear alcohol off, usually stick to the tables

only had 1 hand pay on a $1 machine and got my tax slip...I know its $1,200 hit or more on a machine and you get taxed

my question is, How does it work if your on a high denom machine like a $25 on up to a $1000 machine, even the small hits will usually be over the $1,200. so do they have to tax you each big hit like that or is it different on those machines


and for say the $1000 machine,(im not playing it) but if i done max spin for $2000 a spin, can they program the amount to play or do you have to sit there and insert 20 $100 everytime you wanna spin, can get pretty boring

 

AFAIK, any hit over $1200 regardless of denomination played would require a handpay, as far as those big limit machines you would go to the cage and get a tito slip for the amount you want and just slip it in.

 

At significantly high limit machines, sometimes they have an individual there writing down all your taxable hits to save you playing time. Any win $1200 or more has to be documented. As for money input, you can get a large TITO from the cage to fund the machine if you like.

 

Can't they just monitor your wins and losses because your being tracked on your players card and then send you a Profit/loss statement at the end of the year? I would think that would make more sense then having someone write down every hit you have

 

nope , every time you hit you get a tax form, hand pay machine resets.

you still get the other at the end of the year

 

What if you don't have your card in...

 

Player cards are optional. I listen to many gamblers who play without player cards because they think they do better without them and forgo whatever comps they might earn on them...

And not everyone plays on their own card. On a Tunica trip this year, I accidentally left my Total Rewards card in a slot machine. It was a Margaritaville card, so i went back to retrieve it. By the time I got back, another guy earned 35 Tier Credits on my card unintentionally.

 

doesnt matter , if u hit a hand pay they still pay but you need id so they can do the tax form otherwise they wont pay you.
u can play with out a players card anywere but casinos can limit your play play if they want to

 

This is not a casino rule. It is an IRS rule. Win/loss has nothing to do with it. Many players that hand pays (even multiple in one night) still leave with less money than they came in with. But they do have lots of paper in their pocket in the form of W2-gs.

Also, all wins are taxable. Only those over $1,200 get the form.

 

They keep a slot attendant near me in HL and I get a w2G for each one over $1200, I sign and then they mail them all to me at the end of the year but you have to sign them then. I dont want to carry the paperwork around with me, so its nice.

 

Unless they're doing something unusual (withholding for example), you actually don't need to sign them then .. or at all.

 

That's probably casino policy to make someone sign. If a casino will m so keep you sign on a "hopper" malfunction for a couple bucks, they are going to make you sign all W2Gs.

 

At Wynn for high rollers they set up a daily spreadsheet with all the hand pays and then give you a copy at the end of the (gambling day). If you are in the HL room you don't have to wait very long every time you have a hand pay.