See the top rated post in this thread. Click here

Page 1 of 4 123 ... LastLast
Results 1 to 13 of 40

Thread: Lucky Ladies win = WG2 IRS report?

  1. #1


    Did you find this post helpful? Yes | No

    Lucky Ladies win = WG2 IRS report?

    I was fortunate enough to get a lucky lady win (two queen of hearts with a dealer blackjack). The pit seemed confused and it took over 45 minutes of the table shut down to resolve the hands and get paid. They requested I complete the same form as a casino patron does when they win a hand pay over $1200 on a slot machine.
    However I was not given the chance to take any taxes out. I was paid in chips, not cash. when I questioned this the pit boss said the money will be "recordable but not taxable".
    Any thoughts if the casino was correct in using the WG2 form for a table win?

  2. #2


    Did you find this post helpful? Yes | No
    How much did you bet on the side bet? Anything 300-1 pay off and beyond requires a tax withholding form. Of course if you sign this document, ensure your signature is preceded with V.C.

  3. #3


    0 out of 1 members found this post helpful. Did you find this post helpful? Yes | No
    Quote Originally Posted by Member Name Hidden View Post
    How much did you bet on the side bet? Anything 300-1 pay off and beyond requires a tax withholding form. Of course if you sign this document, ensure your signature is preceded with V.C.
    For table games, 300-1 pay and $5000 requires a tax withholding form. I think the OP had bet $5 on the Lucky Lady and won $5000.

  4. #4


    Did you find this post helpful? Yes | No
    Yes it was 5$ and 1000-1. I had incorrectly assumed since it was a table win and I was paid in chips, there may have been an error. Still not sure why I was not offered the chance for any withholding's as players of machine jackpots are.

  5. #5


    Did you find this post helpful? Yes | No
    Not having taxes withheld is not a big deal. If this happened in 2018 just have more taxes withheld from your regular job or you can file an estimated tax form for one quarter. Don't know your tax bracket, but a lot of folks for 2018 will be in 12% or 22% bracket.

  6. #6
    Banned or Suspended
    Join Date
    Dec 2011
    Location
    Eastern U S A
    Posts
    6,830


    Did you find this post helpful? Yes | No
    Quote Originally Posted by Yoshi's Coatails View Post
    " ... recordable but not taxable"

    I have seen casinos simply hand over the chips and
    I have seen it treated as a taxable gambling event.

    This partially depends upon management.

    Casinos that are Native American enterprises will
    mostly pretend to comply with I.R.S. regulations.

    My spouse won a Bad Beat Jackpot a decade ago. The
    payout exceeded $25,000 at an Indian Casino Poker
    Room. She signed for it and the cash was dropped
    before her on the baize. Later, I asked "the brush"
    and found out that the tax forms are never sent in
    by the casino.

  7. #7


    1 out of 1 members found this post helpful. Did you find this post helpful? Yes | No
    Quote Originally Posted by BJGenius007 View Post
    For table games, 300-1 pay and $5000 requires a tax withholding form. I think the OP had bet $5 on the Lucky Lady and won $5000.
    This is wrong. For table games it's 300:1 AND payment greater than $600.

    Details from the horse's mouth: https://www.irs.gov/pub/irs-pdf/iw2g.pdf

  8. #8
    Banned or Suspended
    Join Date
    Dec 2011
    Location
    Eastern U S A
    Posts
    6,830


    Did you find this post helpful? Yes | No

    Recently I witnessed that big 1,000-1 payoff on a $25 bet.
    The look on the faces (of the 'suits') was priceless. You'd
    have thought that the $25,000,000 was ...


  9. #9
    Senior Member
    Join Date
    Sep 2013
    Location
    yep...want my phone #, too?
    Posts
    949


    Did you find this post helpful? Yes | No
    Quote Originally Posted by Yoshi's Coatails View Post
    .. Still not sure why I was not offered the chance for any withholding's as players of machine jackpots are.
    bad offer....unless, of course, you actually intend to pay taxes on the win

  10. #10
    Senior Member Joe Mama's Avatar
    Join Date
    Sep 2016
    Location
    Below Mason-Dixon Line
    Posts
    442


    Did you find this post helpful? Yes | No
    Quote Originally Posted by ZenMaster_Flash View Post

    Recently I witnessed that big 1,000-1 payoff on a $25 bet.
    The look on the faces (of the 'suits') was priceless. You'd
    have thought that the $25,000,000 was ...

    They probably were fired if they overpaid that much

  11. #11


    1 out of 1 members found this post helpful. Did you find this post helpful? Yes | No
    Quote Originally Posted by ZenMaster_Flash View Post

    I have seen casinos simply hand over the chips and
    I have seen it treated as a taxable gambling event.

    This partially depends upon management.

    Casinos that are Native American enterprises will
    mostly pretend to comply with I.R.S. regulations.

    My spouse won a Bad Beat Jackpot a decade ago. The
    payout exceeded $25,000 at an Indian Casino Poker
    Room. She signed for it and the cash was dropped
    before her on the baize. Later, I asked "the brush"
    and found out that the tax forms are never sent in
    by the casino.
    I've got one royal flush on UTH and it came at an Indian casino. These are supposed to be taxed as well, but this one just paid it off like any other win. No tax forms, call to surveillance to verify the win or anything.

  12. #12


    Did you find this post helpful? Yes | No
    I'm not American, so excuse my ignorance but, if paid in chips, why should this be an an instantly taxable win? I'm sure they don't tax whales who bet $5k per hand every time they win one. Also, what if you end up losing the chips? It makes more sense to me for it to be taxable if they pay you in cash.

  13. #13


    Did you find this post helpful? Yes | No
    Quote Originally Posted by Gronbog View Post
    I'm not American, so excuse my ignorance but, if paid in chips, why should this be an an instantly taxable win? I'm sure they don't tax whales who bet $5k per hand every time they win one. Also, what if you end up losing the chips? It makes more sense to me for it to be taxable if they pay you in cash.
    A winning royal flush on UTH (yes you can push with it on the board) pays 500 to 1 on the blind bet. That and the fact it paid more than $600 makes it a taxable table game win because it satisfied both requirements (300 to 1 or more AND $600 or higher).

Page 1 of 4 123 ... LastLast

Similar Threads

  1. Lucky Ladies
    By saxymusic in forum General Blackjack Forum
    Replies: 13
    Last Post: 07-07-2016, 08:46 AM
  2. Lucky Ladies Variance
    By apkevy in forum General Blackjack Forum
    Replies: 15
    Last Post: 06-30-2015, 05:25 PM
  3. kantarou: lucky ladies
    By kantarou in forum Blackjack Main
    Replies: 6
    Last Post: 11-27-2007, 11:44 AM
  4. I like S17: Lucky Ladies SD
    By I like S17 in forum Blackjack Main
    Replies: 6
    Last Post: 08-31-2005, 06:14 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

About Blackjack: The Forum

BJTF is an advantage player site based on the principles of comity. That is, civil and considerate behavior for the mutual benefit of all involved. The goal of advantage play is the legal extraction of funds from gaming establishments by gaining a mathematic advantage and developing the skills required to use that advantage. To maximize our success, it is important to understand that we are all on the same side. Personal conflicts simply get in the way of our goals.