25% of your winnings

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Post  idh78 on Thu Mar 06, 2008 4:17 pm

this is old news, and other than the HPT you probably aren't going to win more than $5000 up the hill, but tack that on to the vig at the Gilpin and you are talking 50% of your winnings gonzo.....might as well just play the lottery.


"Not content with fucking over enough poker players by passing legislation that amounted to an online poker ban in 2006, the United States government is requiring casinos to report the winnings and information of players that finish in the money to the IRS.
Starting [March 4th], the IRS will know just how much a player who won more than $5,000 actually won and will demand the player pay taxes on the winnings of 25 percent. If a player refuses to give the casino his tax information, then the casino must take 28 percent of the winnings for taxes.
Granted, any winnings like these should have been reported to the IRS with form W-2G (it's the white one), but this whole deal still reeks of total bullshit. People paying taxes on money that's already been taxed because it came from other people that entered the tournament? Plus, 25 percent? Are we now living in a socialist regime? I hadn't realized the Canadian dollar was so strong that it was taking over our entire government. Fucking Patriot Act."
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Post  PoWdA on Thu Mar 06, 2008 5:08 pm

total bullshit


that is all
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Post  Scrupboy on Thu Mar 06, 2008 5:15 pm

Yeah, this sucks!

I remember having to pay money on a bad beat table share, even though I lost the money the next day. My wife won a jackpot once for $1400 and we went home down $1000 and stuck with a W2G. This is fine if you can prove your losses by getting a printout at the casino against your wins, but with poker you receive the same W? (can't remember the exact form) form that contractors receive. It is reported as income which means you are penalized for SS tax as well as federal, state, etc. Also, you cannot deduct the losses unless you itemize on your taxes. It's all BS!
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Post  ak1971 on Tue Mar 11, 2008 12:47 am

As king of losing in casinos...I suggest always taking your money out of Casino ATMs when you play. pretty easy to claim losses to an Auditor when you have those true records.
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