Slots And Table Games
Slots and the IRS
As I mentioned earlier, in my decades of slot action, I did hit one $5,000 jackpot. I wasn't even trying for a big win,- I was just hoping for cab fare to the next casino. As it happened, this was during my early casino life when I wasn't very savvy, so I filled out the required W-2 form for gambling winnings and paid the appropriate taxes due on April 15. (Any machine winnings of $1,200 or more are taxable. Many casinos legally circumvent the regulation by having slot machines and Keno tickets pay out $1,199.)
To see the total unfairness of the federal gambling tax setup, consider that only the poor man's games are targeted: Keno, Bingo, the slot machines. High Rollers who wager thousands of dollars or more on the turn of a card can win a king's ransom at the tables and are not required to fill out any tax forms as long as they don't cash in more than $10,000 in any 24-hour period.
Not everyone plays by IRS rules when it comes to W-2G taxes. A friend of mine (I'll call him Tom) told me how he beat the system. Tom hit a quarter progressive machine at the Desert Inn in Vegas for $10,000. Bells went off and the machine started humming with a steady, annoying drone. Over the loudspeaker it was announced that machine number so-and-so had hit a $10,000 jackpot.
A shift manager with a clipboard arrived, as did a slot machine mechanic, who opened the machine and carefully checked it out.
Another casino honcho showed with a camera and took Tom's picture.
Tom quipped that he initially thought it was because he was such a handsome guy. Later he found out the photo was taken to compare his face with photos in a Rogue's Gallery of slot machine cheats.
The bells continued to ring and the buzz was still buzzing. Next, a burly security guard with a clipboard showed up and gave Tom a W-2G federal tax form to fill out. Leaning on a vacant blackjack table nearby, the goon also asked for and carefully checked Tom's driver's license, Social Security card, and a credit card to verify that Tom was indeed Tom.
Blackjack System casinoanselmo.comWin At Blackjack Blackjack System
Tags: blackjack table, high rollers, online casino, slots
Tags: