What am I missing here? Theoretically.
If a casino "paid your taxes" on a taxable win, the total amount is still reportable on the W2-G, right?
His example: Hit a $1200 Royal Flush on quarters, get paid $1600, which shows on the W2-G, right?
I presume they don't hand us the extra in cash, and report only $1200 on the W2-G.
Wow, that could certainly shut a casino down.
The only way I see this as being a good thing is if one is disciplined enough to put the extra amount back, i.e. not gamble it away, in case documented losses do not equal (or exceed) winnings at tax time.
Bob did not mention this, or if he did, I missed it.
I see this promo as another casino come-on...not a scam, not illegal (or is it?) just a shakedown, since the majority who gamble more than they usually would on that particular day won't likely hit a taxable jackpot anyway.
JMHO.
If a casino "paid your taxes" on a taxable win, the total amount is still reportable on the W2-G, right?
His example: Hit a $1200 Royal Flush on quarters, get paid $1600, which shows on the W2-G, right?
I presume they don't hand us the extra in cash, and report only $1200 on the W2-G.
Wow, that could certainly shut a casino down.
The only way I see this as being a good thing is if one is disciplined enough to put the extra amount back, i.e. not gamble it away, in case documented losses do not equal (or exceed) winnings at tax time.
Bob did not mention this, or if he did, I missed it.
I see this promo as another casino come-on...not a scam, not illegal (or is it?) just a shakedown, since the majority who gamble more than they usually would on that particular day won't likely hit a taxable jackpot anyway.
JMHO.
