Random thoughts and W2-G goodness

After 25+ years of going to Vegas, I finally got my first W2-G. Ended the day yesterday playing off $253 in free play at a $1 VP machine. After about 25 spins or so I'd worked it up to $574 playing Double Double Bonus Poker. Hit "Deal" and got 3 aces. Hit "Draw" and the machine locks. Glance down. "Call attendant." Look more carefully. 4 aces. Look even more carefully. Got the kicker. $2000 and a grin from ear to ear. After a little paperwork and $20 to the attendant I finished off the free play and walked away with $2503. The wife didn't believe me until I showed her the paperwork.

She can make fun of me, of course. She could paper a small room with her W2s.

What does it mean when not only cocktail waitresses recognize you and call you by name, but so do the valets? I mean, we live 3.5 hours away. It's not like we're in Vegas every weekend.

 

Congrats!!

 

Nice!

 

Congratulations!!!

 

Nicely done!

 

Good for you! Funny how no one dreads receiving a W2G form. Haha!

 

Actually, many people do.

You get a w2 - and not are forced to itemize to deduct the losses, or pay taxes on the win - even if you put it all back in the machine.
If you are on SS, that money counts as income on the first page of your tax form.

 

Count me in that group and to add salt to the wound, Wisconsin doesn't allow a write-off for losses. It's 100% taxable.

 

You are not "forced" to itemize the losses at all, only if you are audited, which is very, very, unlikely.

 

I'm amazed at the memory of some of the Vegas bartenders
I've dealt with.
Think of how many customers they serve ?.......and a couple of them remember me ?
I always slap the bar if they remember me !
I don't know how ?

 

that's because your name is "george"

picked up another W2G last night. Pick 4 at Los Al paid $1222

 

I am referring to the decision to take standard deduction or itemize your deductions.

Since my only deductions are currently house taxes, I would be better off with standard deduction. But, since I have over $30k in W2-g and matching losses, I now have to itemize. It has nothing to do with audit at all.

 

Sorry, I thought you meant itemizing wins and losses, as in keeping a log.