Super Bowl Saturday Slot Pull 2/4

***CHECK THIS MESSAGE FOR MOST RECENT UPDATES, Last Update 1/29/17***

List of players so far (11 total, $1100) and where they are staying if listed:
3 - Eltgabs +2 – Harrah’s
2 - VegasDave +1 – Mandalay Bay
1 - Roju5
1 - Billduhcat - Aria
1- HurricaneBuckeye - Hard Rock
2 - JDK
1- KjetilN - Elara

***DATE: 2/4/17 Saturday prior to Superbowl***

Anyone interested in a high limit slot pull? I'm staying with a buddy at MB coming in Sat night leaving Monday morning. Can do it after the superbowl? Will meet just about anywhere on the strip!

Pulling a lot of the below from Wankers thread for some ground rules here, but everything is up for discussion:
https://www.vegasmessageboard.com/forums/index.php?threads/mlk-weekend-cosmo-hl-slot-pull-1-16.126804/

Alright, we have some interest, we just need to get some parameters, a casino we want to use and everyone that is in. So far what I have:

- Time: 9pm Saturday before Superbowl
- Place: Planet Hollywood
- Meet-up: Heart Bar
- Game: To be determined at location.
- Buy-in: $100 per player
- Max People: 20
- Spin Limit - Max 2xs the buy in,,,, small wins will be cycled through. (Ex on WOF $50, we will do 40 max spins @ 1k starting bankroll) All hand pays will go into an envelope and fund will be passed out along with remaining funds once the limit is hit.
- Bonus Rounds - If we pick a game where there are choices in the bonus round, the person whose's spin initiated the bonus round, will be responsible for making the choices in the bonus (or picking people to chose for them).
- Players Card - JDK has joined the slotting fest and graciously volunteered to use his card without any taxes withheld! We are saved, but the goal is to get him even!
***Below are only if JDK can't make it for any reason and we revert back to using my card***
- Small Hand pays -Total Under 10k - 10% tax will be withheld on w2G the rest will be distributed among everyone involved equally.
- Large Hand pays -Total Over 10k (Obviously we will get lots of these!) - 25% withheld, rest distributed equally.

 

I'll be at Harrahs 2/4-2/6...If you get a HL slot pull going, a couple friends and I would be interested

 

I've got 2 people that would like to do the high limit slot pull. We will be there Feb 4th-6th... Let me know if someone puts this together...

 

Just noticed the mods made this it's own thread. Was thinking around $100pp. It is myself and a buddy. So far it looks like an interest of 6. Will see where this goes, but we only have 3 weeks remaining.

My biggest problem after superbowl will be how tanked I am. Going to the casino party with an open bar for 8 hours could get messy. Can't wait!!

 

We'll be arriving on the day of the game, definitely interested!

 

My GF and I are definitely in. MIght have 1 or 2 more.

 

Alright I will keep a list updated in the OP. I searched back for Wankers thread on this last year to avoid having to do the whole discussion around the basic ground rules. Let me know what you think.

When we hit our huge hand pays, I will definitely revisit the thread should I take more on the taxes than needed when tax season comes back around. I am just trying to meet some more people from the board and have a good time!! Who's in?

 

In for 1 person.

 

This sounds like a great idea. Just the M&G portion. The slot pull is icing on the cake. It's all about the bonding.
Just some input on the rules.
1. W2G: I've never paid taxes on hand pays. Not that I get that many. Most players can get a win/lose statement and write off their hand pays. I don't believe you even report hand pays on your taxes. You just need the win/lose statement if you are audited. Some accountant can verify this?

2. I would suggest each of us use our own players card when it is our turn to play. Someone could get some nice offers if only one card is used. I don't know what "fast pay" is?

3. Many years ago a slot host told be WOF is the worst machine to play. How accurate is her info? Don't know.

It sounds like a great time. I have two that might join. But like VegasDave says, Will I be sober at 10pm. We all make great plans for our LV trips, but when the plane lands everything goes to pot.

 

Glad we got some more interest! Multi-quote isn't working for me, but was going to respond to this one cause it did bring up good points to hash out first.

1. Although I usually book a loss for the year (I think 2 out of the pat 8 years I booked a winning year), if you end up booking a win for the year, then the taxes for any win on a slot pull like this would come out of your share of the winnings you collected. Correct me if I am wrong?
2. Fast pay (not sure if CET has it, saw it in the linked thread with Cosmo but I will call and find out) is so you can avoid multiple W2s and have one win loss statement for the time frame we are in the slot pull. It simply cycles even the winnings over 1250 through the machine and when you cash out it generates a single statement. I am not sure if there are other considerations to make with Fastpay, like if we put in 2k and cash out 1300 but never hit a W2 worthy Jackpot, do I still get hit with taxes? Another consideration for using 1 persons card connected to Fastpay is that we wouldn't be waiting all night for the workers to release the funds for each W2 we hit (and it will be lots!!!). Only other thing I saw in previous threads was the response to 1 above. We are only cycling the money through twice the total buyin max (unless we decide to play it differently), and at this point that is only $2,000 of coin in. Not a big amount really and won't generate much in the way of offers on its own. With max players, we are talking about $4k if we make it that long (not sure what the return in points on that is?). Can we call it even for organizing?
3. No idea, I am open to any game and we can decide when we get there based on feelings? We can even switch it up mid way?

In any case, if I book a losing year anyways and end up getting the money back after the taxes, I will get emails of everyone in the group just to be fair and paypal it. Just trying to have fun here with ya'll! Any other thoughts on this?

Will update the OP with billduhcat! Tahoe, let me know what you think. WE ARE SO CLOSE!!

 

Thanks VegasDave for trying to put this together.

1. Not sure what you are saying. I can tell you, it is your option at time of hand pay to keep the entire amount and NOT take any taxes out of the handpay. Unless you are a non - USA resident.

2. Not sure this Fast pay is a good idea. This means one person is getting the hit for all the hand pays. If we spread the hand pays among the group it is a smaller total for each person.
I'd be willing to take the first hand pay and NOT take any tax money. As you stated above, the odds of having a profitable year are 1 in 4. It is way too complicated to get everyone's email and send small checks or paypal a year later.
Another important thing I found at some casinos. The card that is in the machine when the hand pay is hit must take the W2. That is why I suggest each person use their card for their $100. Then again,
if I'm taking the first W2 my card must be in the machine.

Good discussion. Again, it is all about the bonding. And the other concern is will we all remember about the slot pull after 6 hours of SB and massive drinking.

 

Would you be open to maybe doing this Saturday night ? Sunday before the Super Bowl, people might be in a rush to get through it and not really enjoy it and after the Super Bowl, some people may be too blitzed to even remember the whole slot pull and get together. Just throwing in my thoughts

 

Of course! Not a bad idea if we still have enough people interested. I get in at 5 or 6pm so it would be around 930 or 10.

And about the card etc, if we have someone foreign in the pull we can use their card and not have to pay taxes at all. If we are so lucky?

 

I know I have an accent, but I didn't know it works on the internet.
You misinterpret me. If you are a foreigner you have no choice. They automatically take taxes out.

 

As far as I understand from reading on this board, some countries are not forced to pay taxes on big wins. Most recently the thread on the slot pull tomorrow being setup. I also think there are some countries that even when withheld after winning, you can file to get it all back as well. Someone from one of those countries will know more than me as well.

Quick Google Search also:
Generally if a foreign citizen wins a jackpot, 30% of it will be withheld and paid to the IRS. However the US does have treaties with some foreign countries whereby gambling income is not taxable by the United States Government. These countries include Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Hungary, Iceland, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Netherlands, Russia, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Tunisia, Turkey, Ukraine, and the United Kingdom.

In the event of a large win, in order to receive a hand pay from the casino that is tax free and not subject to a withholding fee, citizens of these countries will be required to obtain an ITIN-Number. In general the more reputable Las Vegas casinos will acquire this number on your behalf once you have filled in a few forms. Once you have this number you will be able to walk into any casino with your passport, play and if you win claim your tax free payouts.

 

You are right. But a large amount of foreigners on this board are from Canada and Canada is not on your list.

 

So after doing some more digging on this and what has worked for other groups, and not hearing much as from the board besides me and you, we have 2 options:
1. Keep as is. Even though you can elect to not pay taxes on the hand pays at the time of the awarding, you still have to pay the taxes on the win during tax season unless you lose enough during the year to cover the win.
2. Find one person who is willing to use their card that will not take taxes for any and all wins during the full slot pull regardless of the size. This is my favorite option, and as said in the slot pull that just occurred yesterday, the loss of tier credits is greatly outweighed by the benefit of not paying taxes.

I want to avoid making it complicated and just using what has already worked out for groups.

Your points are technically correct and you could take the first hand pay yes, but then you will be paying taxes on that at the end of the year. So say in a unicorn situation we hit $1,000,000. We split that between the 10 people there, $100k each. At the end of the year you are claiming income of the full $1,000,000 because you signed the W2. If your real tax rate is 25%, you now are -$150k. I have no idea of your overall play in a year or financial situation, and you may have the losses to cover that on an avg? If so I would be more than happy to use your card the whole time if that is an option?

 

On a side note, my buddy is in. So it's me +2.

 

Nice! Im changing it to Saturday, I think that was a good idea as I will be in no condition to do this after the big game

Where

 

Alright updated the original post and title to reflect this going on the Saturday before Superbowl instead of Superbowl Sunday. I am sorry if this makes the meet up an issue for some, but if it helps we can work on the time, which I have tentatively set it at 9pm. That feels like right after dinner but before any later night activities that may be planned. I am flexible on this still, as I won't want to be anywhere until about 11.