first impression is NOT everything!!!!

**logicprobe** · 11-20-2006, 12:41 AM

Originally Posted by scooby_doo_m2002

Triple Double Diamond. if the --- is confusing you, it means "blank"

Yeah... I think I gotcha now.
This machine, right?

Wow... did they have you register with Uncle Sam before you beat that hasty retreat?
Over $1199 is considered a gambling win in the eyes of the IRS.

I've never hit that big, so I'm curious... does the casino withhold, or just submit the form?

Now you'll need to gather up all those losing lottery tickets that you hope to find "lying around the house", to offset your windfall.

And probably hire a tax specialist.

See? Money just isn't worth the trouble.

**luckydog** · 11-20-2006, 12:46 AM

When I went to Hard Rock with my buddy the only machines we did good on were thr double and triple diamond 5 line machines.

We had 20.00 freeplay each and ran it to almost 100.00 each in no time.

Then we tried some other machines and lost it plus a lot more

**dattia** · 11-20-2006, 12:48 AM

My husband won $1500 one time. If I recall, he got the full amount and an IRS Form that had his winnings posted.

**Lddrizzt** · 11-20-2006, 01:17 AM

I believe I read somewhere that any win over $600 has to be reported. SO the idea is to cash out at $599, and then you don't have to.

**magic** · 11-20-2006, 01:30 AM

If you win big they take the taxes out. If you lose can you claim a deduction?

**logicprobe** · 11-20-2006, 01:46 AM

As I understand it, only up to the amount of your winnings.

**luckydog** · 11-20-2006, 02:01 AM

it's over 1099.00 to get a tax form.

I had a 1,000.00 scratch off winner a few years ago and got a check for that amount with no 1099 in Florida.

**scooby_doo_m2002** · 11-20-2006, 02:29 AM

Originally Posted by logicprobe

Yeah... I think I gotcha now.
This machine, right?

http://media.igt.com/images/01908.jpg

Wow... did they have you register with Uncle Sam before you beat that hasty retreat?
Over $1199 is considered a gambling win in the eyes of the IRS.

I've never hit that big, so I'm curious... does the casino withhold, or just submit the form?

Now you'll need to gather up all those losing lottery tickets that you hope to find "lying around the house", to offset your windfall.

And probably hire a tax specialist.

See? Money just isn't worth the trouble.

That is exactly it LP. yes, I got the slip along with having to sign on the dotted line. I asked if they could just take the taxes out of my winnings and they said they weren't set up to do that. Plan to go to my father's CPA tomorrow cuz I don't want to have to come up with a crap load of money come tax time...

Dunno if Lottery tax is same as casino tax or not in Indiana but a friend of my Uncle's won 10 thousand some dollars and The Taxes on it was a lil over $1,000.....

**Fighter Pilot** · 11-20-2006, 07:48 AM

WTG Scoob!!! Congrats on your win!!

As far as the house where Larry Bird grew up, I went by that on a train ride I took in French Lick, the last time I went to visit my Aunt and Uncle in Indiana (we spent the day going to the winery's in the area). Of course, the casino wasn't there at the time, or I KNOW where we would have been!!

**Bilko44** · 11-20-2006, 10:05 AM

As I recall, in some states, if one's win is over $1199, you will receive the 1099 form and the amount of your win less state taxes. If you live outside the state in which your win occurred, you then have to file a copy of your home state income tax return with the state in which you won the money in order to qualify for a refund of the taxes withheld (providing that your overall tax return qualified you for a refund).

As a rule of thumb, if you have 1099's when tax time rolls around, ask your CPA or income tax preparer (H & R Block or the like) how best to handle your tax liability. You might have to file a win-loss statement if your gambling wins or losses are substantial.

**luckydog** · 11-20-2006, 10:22 AM

Florida holds 25% Federal tax on bigger winners on lottery.

No state taxes

If you save your losing tickets for the year that comes off the amount you won.

A customer of mine won 122,000.00 on Fantasy 5. she also had a lot of smaller cash 3 and play 4 winners, which weren't taxable----but all her losing tickets saved her taxes on the large amount.

**logicprobe** · 11-20-2006, 11:09 AM

Yeah.... 1199 is the limit, PER WIN.
That's why so many "jackpots" pay $1199.
And 1099 is the IRS form that reports the income.

If you were using a slot-club card, then the casino should be able to print you a win/loss statement. Some even let you see your win/loss online, and download it. (I know the Trump casinos do that).
So, if you've ever lost there before (this year), AND were using your card, that should help your bottom line "gambling win/loss" income adjustment.

The government takes a cut when you play and you lose (casino taxes)... and when you win, they get an even BIGGER cut. (casino's taxes AND your taxes!)

How long before they give us a pachi token tax?!?!?