Originally posted by: David Miller
I find it amazing that you point out the truth and Lewis feels justified to condone fraud while claiming that you are being hostile to him for pointing out his recommending fraud.
No need to stalk me, David. You're in Vegas, go back to losing.
Originally posted by: Jerry Ice 33
Most gamblers here in WI at local indian casino don't even realize it. The big slot players just keep filing away their W2G's and think they won't owe any tax on it. Big surprise coming for them. The big slot players aren't exactly the sharpest knives in the drawer as we all know to begin with.
Well, as far as the impact a W2-G has on taxes owed...that's zero. The only real impact would be if you're audited, and the accumulated W2-Gs suggest that you underreported your gambling income. But the key word is "suggest." A W2-G doesn't in and of itself prove an overall win. It says that you won that particular wager on that particular day.
The big slot players are almost always net losers for the year, so they could just get win-loss reports, report a zero net win (or a loss, which would be the same thing for reporting purposes), and be prepared to show those documents if audited. That said, if they have one big hit, they may not be able to document enough losses, since they would now need to report losses that offset 110, not 100 percent of their winnings.
Even a dimbulb IRS auditor should understand that your win-loss statement INCLUDES that big fat W2-G jackpot you got last April. So for filing purposes, that W2-G isn't even relevant.
Unfortunately for them, they can't really over-report losses, as all their activity is tracked. That's why, in the olden (pre-Trump) days, a big slot winner early in a given year would switch his action to games that weren't results-tracked, like craps or BJ. Then they would claim losses (regardless of actual results) to offset their earlier big slot jackpot(s). Nowadays, every slot player should do that. Play table games and record both real and fictitious losses.
If and when the Big Pig 90% rule is shot down, gamblers should record and report their results honestly. But until then, they have no obligation to be honest to a government that is itself a thief and a liar.
