Discussion in 'Video Poker' started by fenway68, Sep 6, 2021.
See link below!
Dang, I wish they would have let me leave the area before posting this! My backpack weighs a ton right now!
8333 session points....anyone able to figure out how much coin in that is?
@Johnzimbo 48000+/- I believe Cosmo is $6:1 identity point for VP
If he is do you think he’s searching coupons?
At $1,250 a spin about 38 spins.
If you're betting that much a spin, I would surmise this is probably a drop in the bucket to the winner lol.
At 1250$ per spin does that make every single win a handpay so with taxes making you a loser everytime you win under 2000$-2500$
Omg. Never thought about that…but just hitting a pair on JOB would be a taxable win even though you technically break even…
is this true?? Someone will tell us.
Yes but I assume someone that does this has a good tax preparation accountant that will sort it all out. Or just doesn't care.
Good thing about Cosmo is that you can accept handpays from the machine without an attendant.
Next drink is on you!
No offense to the JOB players, but I get a total kick outta the fact He/She was playing TDBP!
Yes, any dealt paid hand would generate a W2-G. You can also easily draw into amounts that would generate W2-G's at that amount.
All wins are taxable regardless of amount or if a tax form is issued. That said, you can also deduct losses (for Federal taxes, state taxes vary). So a dealt pair that doesn't improve would generate a form, but since it equals the wager placed, that would be deducted from the win for a break even result.
Well, it's just great to see someone winning. $1mil on a $1,250 bet or $1k on a $1.25 bet.
So, if the person hit only a pair of Jacks each hand that would be $47,500 ($1,250 * 38) that they would have to pay tax on just for breaking even.
Now I'm scared to play at the Cosmo next week on my trip lol.
If you itemize, you only pay taxes on the net amount. I've won over a million dollars sports betting this year, but I've also lost over 900k. I'm not paying $300k in taxes!
I wonder then, if on these machines, given the report above that the machine generates the tax form (no attendant), if it generates it on your net only, given that every hit is taxable at 5x$125...
someone will know and tell us...
Last time I took a careful look, the Alternative Minimum Tax still whacked me even though I lost more than I won.
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