$2000 limit confirmed federally but ID needed and state taxes from $1200.
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$2000 limit confirmed federally but ID needed and state taxes from $1200.
This new law is more of a penalty than a tax on earnings, at least as I define the term "earnings."
You have to pay even if you have no profit: that wouldn't be the case with, say, a small mom and pop business with more expenses than income.
Why this duality?
Possibly ripe for a court challenge?
I continue to believe this law will be changed. It HAS to be changed or it will be the end of casinos because no players, AP or not will continue to play with a "penalty" like that, once they realize it.
The Problem remains timing. Most lawmakers think that they have until 12/31/2026 to fix this, so like everything else congress does they will get to it the last week in December. What only a few lawmakers know, like the Nevada contingent is that it is happening right now. If even 10% of players are informed enough that they decide to stay away (unlike Slappy, who's stay away lasted 3 days) then huge losses for casinos. The time to fix this was the end of 2025, not the end of 2026.
Congress is returning from holiday break right now. We will see if there is a push (probably by Nevada lawmakers) to fix this right now and if they can convince fellow lawmakers they DON'T have until the end of the year.
Late last summer, I was taking a look at getting into some slot machine advantage play, like mickey does. I don't have the mathematical abilities of a mickeycrimm to do all that he does, but I thought there would be some elementary type plays that I could pick up to fill some of the "supplemental AP gap" that I have had since my partner passed and our VP play came to an end.
So mickey was kind enough to steer me towards some videos to learn a few things. I spent exactly two days playing AP slots before deciding it wasn't for me. Part of that decision was based on that this new law had just been passed. There were other considerations as well, like I felt like I was getting into the slot AP thing at or towards the end rather than towards the beginning or middle (I guess that could be a separate discussion). And it just felt like here in Vegas there are just too many people looking for this kind of opportunity.
I know mickey has made several trips to Vegas and is having success "wheeling around" finding plays, but he has many, many more plays that I would have been looking for. I just felt that I would spend a lot more time "looking".
Now again, this new law wasn't the sole reason I gave up on that so quickly, but it was part of it.
Is the new law going to have you announce retirement from this forum?
I suppose that is you trying to be funny. haha...way to go. No. Why would it. It doesn't affect my primary AP play and source of income.Quote:
Originally Posted by accountinquestion
The only way it could affect me is something I joked about when I said 'welcome home boys" to former card counter type APs coming back to card counting. I joked about it but I could see some low edge type players, actually moving back into card counting, which won't be affected. Maybe not full-time, but incorporating a little back into their arsenal. And more card counters circulating definitely wouldn't be a good thing. I don't think it would be devastating, but it isn't something that brings a smile to my face.
Can I ask you a serious question? Why is it sooo important to you that I leave this forum? :confused:Quote:
Originally Posted by accountinquestion
Ok you think I have lied about some things like the shuffle machine. I know you can't really be stupid enough like a Rob Singer, Dietz and others to believe that I know all I know about card counting and don't actually do it for reasonable money. So why is it so important to you that I leave or be driven from this forum?
KJ, don't take him seriously: he's not a liar but he just likes to bust your ass for the fun of it.Quote:
Originally Posted by kewlJCan I ask you a serious question? Why is it sooo important to you that I leave this forum? :confused:Quote:
Originally Posted by accountinquestion
Shits and giggles...he's previously said that's a big reason why he posts here: for his own amusement, or words to that effect.
Nothing wrong with amusement, right?
Me, I post for that reason as well, but also for the following:
1) to learn new things in the gambling world that interest me;
2) because it is a bit addictive: after awhile one develops a sort of affinity for the regular posters, warts and all;
3) socializing / kibbitzing, interacting with others both seriously and comically.
MrV raises a very interesting thing that hasn't yet been discussed. We know how W-2 are affected and how that is a negative for the player. What about a higher limit player and I am not talking about anyone specific, but higher end players are going to have a pile of CTR's. To offset that pile of CTRs at only 90%, the player is going to have to create phantom losses on their taxes (cheating on taxes).Quote:
Originally Posted by MisterV
And yes, I am aware CTR's are supposedly not reported to the IRS. I don't believe a player can have a pile of CTRs from casinos, report no gambling income and not raise flags. Therefore such a higher limit player would need to cheat or create Phantom losses to offset.
Anyway, heading out for a while. With CES in town I want to see if these weeknights are more like the weekends I seek out or not. I suspect somewhere in between the crowds of a weekend and regular weeknight. Might be worth some EV.
What would be funny is if they applied this law to casinos the same way they apply it to individual gamblers since casinos are also in the gambling business.
Oh your gross slot revenues were $1 Billion but you paid out $900 Million back to the gamblers in the slot payouts?
Well instead of paying taxes on $100 Million in net income, now for 2026 you can only write off $810 million in slot “losses” so now you owe taxes on $190 Million of net income.
Wonder how long it would take congress to change it back in that case?
I heard that because of this new law you have to tip slot attendants 90% of your w2g wins.
This discussion has revolved around W2Gs.Quote:
Originally Posted by MisterV
I'm not sure MDawg receives any W2Gs, and perhaps losses are not delineated like machines or tournament poker.
You tripped yourself up again.Quote:
Originally Posted by kewlJMrV raises a very interesting thing that hasn't yet been discussed. We know how W-2 are affected and how that is a negative for the player. What about a higher limit player and I am not talking about anyone specific, but higher end players are going to have a pile of CTR's. To offset that pile of CTRs at only 90%, the player is going to have to create phantom losses on their taxes (cheating on taxes).Quote:
Originally Posted by MisterV
And yes, I am aware CTR's are supposedly not reported to the IRS. I don't believe a player can have a pile of CTRs from casinos, report no gambling income and not raise flags. Therefore such a higher limit player would need to cheat or create Phantom losses to offset.
Anyway, heading out for a while. With CES in town I want to see if these weeknights are more like the weekends I seek out or not. I suspect somewhere in between the crowds of a weekend and regular weeknight. Might be worth some EV.
First you say you're aware CTR's are not reported to the IRS. Then you say players cant have a pile of them and not raise flags. Tell us---who are such players raising flags to? Their Uber drivers? And the player then needs to cheat on his taxes?
Kew, you're so dumb its even embarrassing to me to have to continuously undress you in front of those who mean more to you than mommy. It's obvious you're trying to concoct another false story about the guy who lives in your empty hesd 25/7. You want others to think you've convinced them that mdawg now cheats on his taxes.
Again, not too smart.
Really there is no confusion from people that regularly file taxes with gambling income.Quote:
Originally Posted by coach belly
It’s common knowledge even among the IRS that W2Gs never match your actual win or loss for the year.
When I say never, sure maybe it happens 1 out of a million times, but anyone who has received W2Gs knows that they were either up or down when they hit the W2G.
You don’t just gamble and hit W2Gs when you are exactly even and then at the end of the year the W2Gs magically match exactly what you won and you can only write off 90% of the W2Gs. This is asinine.
The reason people probably get this idea is the W2G is an official tax document and they can’t wrap their head around the fact that for gambling taxes the method of tracking it per the IRS & per tax court cases is keeping a gambling log,
People are also probably used to just getting a few a year and then writing them off. The IRS rarely questions that since almost everyone who receives W2Gs is a net loser for the year due to the way casinos work,
So these same people think oh, now I can write off only 90% of these of these W2Gs since they don’t know any better. But go ask any tax pro, or research it online, or listen to podcasts with tax experts, or read books about gambling taxes & you’ll find that’s not the case.
But hey if someone who is a losing player wants to file their taxes and just write off 90% of what their W2Gs say who I am to stop them. Go for it, IRS will probably be completely happy with that.
Slap's examples and explanations seem more straight-forward than what you've written above.Quote:
Originally Posted by DGenBen
Apparently he regularly files taxes with gambling income. Are you disagreeing with his assessment?
Yes.Quote:
Originally Posted by coach bellySlap's examples and explanations seem more straight-forward than what you've written above.Quote:
Originally Posted by DGenBen
Apparently he regularly files taxes with gambling income. Are you disagreeing with his assessment?
Totaling all your W2Gs for the year and then writing off 90% of that total is not the correct way to file your taxes.
You can & depending what you actually won or lost for the year, you might get away with it, you might not.
If he wants to do it that way, go for it. If you want to do it that way go for it.
Taxes are not “straight-forward” which is why the subject causes so much confusion.
To be clear I have no desire for you to be driven or leave the forum.Quote:
Originally Posted by kewlJCan I ask you a serious question? Why is it sooo important to you that I leave this forum? :confused:Quote:
Originally Posted by accountinquestion
Ok you think I have lied about some things like the shuffle machine. I know you can't really be stupid enough like a Rob Singer, Dietz and others to believe that I know all I know about card counting and don't actually do it for reasonable money. So why is it so important to you that I leave or be driven from this forum?
This place is dead. It needs you.
I've called you the forum mascot and meant it.
Well, THAT was a complete waste of 2 hours of my life. Visited 3 casinos, only played 15 minutes at one. The CES crowd is NOT the kind of crowd that can provide any cover for my play. they are conventioneers playing $25 a hand at best. Less if they can find a table for less. I should have known that. Maybe I did know that and was just wishful thinking.Quote:
Originally Posted by kewlJ
Anyway, multiple comments directed at me in the 2 hours I was out that I want to address.
First Rob Singer. :D This guy seems to spend an extraordinary amount of time fantasizing about "undressing me". Can just see it now, Rob with his tongue handing out, droop dripping from his chin, while he pulls his 3 inch pud that he hasn't been able to get hard in decades. Even his family is disgusted. "uhh...mom, Grandpa Rob is trying to masturbate again"
Now on the topic of this thread. Above is what I wrote several months ago based on my first reading of this "law".Quote:
Originally Posted by kewlJ
I don't see where anything about being able to offset 100% of your total wins has changed. If your win is $10k, you can still offset 10k. You just have to report losses of 11k (slightly more) to do so.
I still think that interpretation is correct. But there is so much confusion out there, not just here, that who the hell knows. AND are IRS workers even going to know for sure. They have been understaffed for years even before Elon Musk took a chainsaw to the workforce. Who the fuck knows what kind of guidance if any the remaining workers are getting.
I pretty much have just taken the attitude of see what happens since it really doesn't affect me.
I kind of summed things up to make it a little more easy and straightforward for people to understand. I could get more in-depth with it..Quote:
Originally Posted by DGenBenYes.Quote:
Originally Posted by coach bellySlap's examples and explanations seem more straight-forward than what you've written above.Quote:
Originally Posted by DGenBen
Apparently he regularly files taxes with gambling income. Are you disagreeing with his assessment?
Totaling all your W2Gs for the year and then writing off 90% of that total is not the correct way to file your taxes.
You can & depending what you actually won or lost for the year, you might get away with it, you might not.
If he wants to do it that way, go for it. If you want to do it that way go for it.
Taxes are not “straight-forward” which is why the subject causes so much confusion.
A professional will keep track of other expenses that they can deduct against their winnings.... Travel to the casino, tips, meals etc... However, those are all capped in the same 90% to write off...
They say "90% of losses" but what they really mean is paying 10% on your gross winnings.
It is a mess... When people realize it they are going to be in for a shock... These slot youtubers, while they are making a bunch of money from their views and sponsorships, they are going to have so much money to pay taxes on... Perfect example is Vegas Matt who had probably over a million dollars of W2G's and only profited $50K for the year... If that were this year, he would need to be paying taxes on hundreds of thousands in income he didn't actually make.