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Natedog666 TR Cosmo/Wynn 12/23-1/1

Discussion in 'Vegas Trip Reports' started by natedog666, Dec 23, 2015.

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  1. natedog666

    natedog666 17 and 20 Expert

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    So my accountant just added up all the w-2gs I got. About 130k for somebody that doesn't really play slots. About 100k in the last three days of the year on this trip...crazy...
     
  2. shifter

    shifter Degenerate Gambler

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    And how much net cash did all those "wins" get you?
     
  3. geoff

    geoff Low-Roller

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    Can you get the withholding back or do you just have to eat it?
     
  4. natedog666

    natedog666 17 and 20 Expert

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    I think around 10k...damn...
     
  5. Packer

    Packer VIP Whale

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    I'm going to start playing the sluts. Not!
     
  6. shifter

    shifter Degenerate Gambler

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    yeah, they rape HL slot players with the W2-G shit.

    I know a guy that gets millions a year in W2-Gs.

    he practically has to pay a full-time accountant team to keep up with it on top of paying for all the losses to the one handed bandits.
     
  7. geoff

    geoff Low-Roller

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    Hope he's not in a state that's doesn't let you deduct losses like CT!
     
  8. Kimsa70

    Kimsa70 High-Roller

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    I am in CT and it sucks! I've had over 100k w-2s multiple years and owe CT 6.7% regardless if my overall loss is equal to or more than the w2 amount.
     
    Last edited: Jan 20, 2016
  9. CaptainJack

    CaptainJack Low-Roller

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    Hmm...I don't know about that. I have over $1mil in W2G's each year and I manage just fine on my own. I utilize Schedule C so that my W2G wins and subsequent losses are factored in above line. Without this, my AGI would be "grossly" over-reported. Each time I receive a W2G it goes into my gambling log and the physical paper goes in a drawer. As with anything income related, keeping verifiable records is key.
     
  10. Kimsa70

    Kimsa70 High-Roller

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    Isn't a Schedule C only for those claiming gambling as their profession or business?
     
  11. charliepeete

    charliepeete Low-Roller

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    in michigan the state will not let you deduct losses .......4.5 % ouch i know people who get killed and most of them dont have the casino withhold the money when they hit the slot.....
     
  12. Iceicecool

    Iceicecool Low-Roller

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    Yes it is. To use Schedule C, you must prove that you are a professional gambler, and that gambling is not just a hobby. You must also show a profit in 3 out of 5 years. Using Schedule C to avoid an inflated AGI is crazy wrong and if audited would be disastrous.
     
  13. thefish2010

    thefish2010 Low-Roller

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    If you live in a state like that, you simply can't play any slot machine with a maximum payout over $1199. Many slot players consistently have "wins" of $1M or more per year, and consistently show a net loss. Theoretically it doesn't even have to be limited to W2G wins. Once you get on their radar with a W2G or two, they could subpoena your slot club records and simply tax you on the total that all machines paid out to you without regard for coin-in. This would financially wipe out many slot players.
     
  14. JeJas

    JeJas VIP Whale

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    Move to Nevada!
     
  15. broncofn

    broncofn VIP Whale

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    Why?
     
  16. CaptainJack

    CaptainJack Low-Roller

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    Yes, and I am a professional gambler. Keep in mind, to file professionally you just have to handle yourself professionally. Having a business plan, separate bank accounts, and a detailed log are all key steps. You obviously can't show a business loss with gambling income but if your expenses exceed your income, you can carry over that. I've never been in that position though. There is nothing wrong in using Schedule C to avoid inflated AGI because otherwise the effects of AGI would be crippling for anyone who plays as more than a hobby. Obviously filing Schedule C is a commitment not a whim...but if you're pulling in 7-figures of W2G in a year, you're either pretty committed or you should be committed.
     
  17. thefish2010

    thefish2010 Low-Roller

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    Out of curiosity, are you a table player doing hole carding/card counting, a poker player, or a VP player?
     
  18. natedog666

    natedog666 17 and 20 Expert

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    I've decided to play less slots
     
  19. NickPapageorgio

    NickPapageorgio OG of the Sal Sagev Hotel

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    State tax departments aren't going to subpoena your slot club records, and they certainly can't tax you based on all slot wins, based on an inaccurate document that the IRS doesn't recognize as suitable for offsetting wins.

    Nick:beer:
     
  20. Elf70

    Elf70 High-Roller

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    You may find that hard to do now that you've crossed over.
     
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