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Video Poker Hope this was a VMBer!

Discussion in 'Video Poker' started by fenway68, Sep 6, 2021.

  1. fenway68

    fenway68 VIP Whale

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    Last edited: Sep 6, 2021
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  2. AlPal

    AlPal Vegas Addict

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    Dang, I wish they would have let me leave the area before posting this! My backpack weighs a ton right now!
     
    Trip 52! 10/29-11/1 Encore Comp/Trip with Dad/NHRA Race-/Halloween
    Trip 53! 11/21-11/2? More SW travel funds to use, Cosmo comp burn?
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  3. Johnzimbo

    Johnzimbo VIP Whale

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    8333 session points....anyone able to figure out how much coin in that is?
     
  4. fenway68

    fenway68 VIP Whale

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    @Johnzimbo 48000+/- I believe Cosmo is $6:1 identity point for VP
     
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  5. oldschoolvegas

    oldschoolvegas Low-Roller

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    If he is do you think he’s searching coupons?
     
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  6. Kachow

    Kachow VIP Whale

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    At $1,250 a spin about 38 spins.
     
    Cosmo-NFR Week
    Adding a couple days to the trip.
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  7. LB9

    LB9 PH Blackjack Degen

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    If you're betting that much a spin, I would surmise this is probably a drop in the bucket to the winner lol.
     
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  8. vegasqc

    vegasqc VIP Whale

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    At 1250$ per spin does that make every single win a handpay so with taxes making you a loser everytime you win under 2000$-2500$
     
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  9. fenway68

    fenway68 VIP Whale

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    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.
     
  10. SprintGravy

    SprintGravy High-Roller

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    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.
     
  11. JeJas

    JeJas VIP Whale

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    Congrats!
    Next drink is on you!
     
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  12. CalifLovesVegas

    CalifLovesVegas High-Roller

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    No offense to the JOB players, but I get a total kick outta the fact He/She was playing TDBP! :headbang:
     
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  13. alexlifeson

    alexlifeson High-Roller

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    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.
     
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  14. Basil

    Basil VIP Whale

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    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.
     
  15. Jay in Victoria

    Jay in Victoria Tourist

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    Well, it's just great to see someone winning. $1mil on a $1,250 bet or $1k on a $1.25 bet. :)
     
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  16. LV_Bound

    LV_Bound VIP Whale

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    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.
    Thats crazy.
     
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  17. SunshineSlayer

    SunshineSlayer Low-Roller

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    Now I'm scared to play at the Cosmo next week on my trip lol.
     
    12/13 - 12/15
  18. TXactuarial

    TXactuarial High-Roller

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    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!
     
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  19. fenway68

    fenway68 VIP Whale

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    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...
     
  20. FABismonte

    FABismonte Tell my wife I am "about even."

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    Last time I took a careful look, the Alternative Minimum Tax still whacked me even though I lost more than I won.
     
    Dipping my toes in Mlife given CET's recent dilutions