Originally Posted by Three
which requires giving up your ID...and "if you are who you are"...."no more bj for you"...cya...just something to consider when playing locally...tread lightly
win the battle, lose the war
Not sure I understand. I assume you mean that you will be reported (Form W2G) if you win?
The treatment is not consistent at all casinos.
I won a $5,000 side bet on craps and got a W-2G and have won over 10K multiple times at craps and blackjack and never gotten anything reported.
As usual, it depends.
Luck is nothing more than probability taken personally!
If it is not a side bet (a bet that is not required to play) then that should be your argument. If you are talking about UTH the video poker game, the W2G threshold is are a payoff of $1200. Machine play has different W2G requirements. As for craps, I don't think there is any side bets in craps. There is no main bet that is required to be made when you bet.
The wording on #4 and 'b' is kind of weird. Ignore the parenthesis and you have:
"4. The winnings reduced, at the option of the player, by the wager are:..."
Re-worded, since commas work that way in English (Don????) --
"4. The winnings reduced by the wager, at the option of the player...."
Kind of weird the player would have an option, in that case, as to whether or not take a W2G. Not sure where I stand on whether or not a RF should be a W2G, since you could say, "I have a $30 wager -- $5 on ante, $20 on play, and $5 blind."
You could potentially make a case on a bet that pays exactly 300-to-1. If you bet $2, you win $600. Reduce the winnings by the wager and you're at $598, which wouldn't meet the "$600 or more" criteria, nor would it meet the "300-to-1 or more" criteria either. However, later on it gives an example on a "winning ticket", where it cost $1, the winnings were $5,002 (therefore the winnings are $5,002 - $1 = $5,001).... Then again, table games are different, where you haven't lost any money while your bet is in action....whereas with sports betting or a lottery, you lose the money up front then re-win it later.
Not to mention, 'b' reads:
"b. At least 300 times the amount of the wager, or"
And that's it. Nothing else. It just ends with "or". There is no 'c'; it goes straight on to #5.
These damn things are tough enough to read because it's always in that BS "legalese" speak (this one isn't too bad), but it sure doesn't help when stuff is just clearly wrong, such as ending 'b' with the word "or" and nothing to follow.
"Everyone wants to be rich, but nobody wants to work for it." -Ryan Howard [The Office]
Note ager is singular not plural.
Because it says "reduced at the option of the payer" not player.
Reportable Gambling Winnings
Report gambling winnings on Form W-2G if:
1. The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine,
2. The winnings (reduced by the wager) are $1,500 or more from a keno game,
3. The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament,
4. The winnings (except winnings from bingo, slot machines, keno, and poker tournaments) reduced, at the option of the payer, by the wager are:
a. $600 or more, and
b. At least 300 times the amount of the wager, or
5. The winnings are subject to federal income tax withholding (either regular gambling withholding or backup withholding).
You have 3 separate wagers that sum to $30.
I saw a guy hit a royal for 15k at hard rock ac
It took 4 different pit bosses to realize he didnt win 150k+ for some progressive bet as well since for the progressive you need to flop the royal and this guy rivered it.
To my amazement after about half an hour they paid him with 15 pumpkins, no tax forms.
It is funny the different ways different places deal with the same payout. I tend to run lucky and hit the top payout about every year. Some play their whole lives and never hit it. Most never see anyone hit it. But that is the nature of rare events. I have always been lucky that way. Anyway one time the casino took over an hour to pay me and stopped the game at the table and there were tax forms. The next time I hit it I told the dealer to call the Floor over to witness me drawing to it. She came over and I hit it. The dealer looks at her, like what do I do now? Most dealers have never seen anyone hit it. The Floor says pay him and they cut a wad of pumpkins and that was that. The last time I hit it I told the dealer to call the Floor. He said it wasn't necessary and I hit the top payout. Then he calls the Floor over and it takes a while but I get paid with no tax forms. While we waited he told me he screwed up because he was supposed to call the Floor to witness it but he didn't believe I had any chance of hitting it. He said I was fine but he might get in trouble. Some places you need to wait for them to move cameras onto the table. I thought they always had cameras on every table. It is nice to know that they weren't concerned enough about me to have the camera that was supposed to be watching the table actively watching the table. Maybe they have insurance policies for those big payouts which require a certain type of video?
As far as I know (not speaking from experience) all gambling winnings of $600 and more (regardless of it was in cash or chips) are taxable with W2G. You should compare this one issued to you with this template of W-2 https://fillable-form-w2.pdffiller.com/ certified by the IRS. Yet I guess they were trying to fool you around
They have different rules for machines, and side bets that require W2Gs. I will let someone else educate everyone interested on what that is. I am pretty sure machine play is a $1200 pay out for a spin. Not confident enough in the side bet info to put up what I think it is. I have errantly received a W2G for a main bet payout that met the side bet requirement. Unfortunately I didn't know any better at the time.
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