Ongoing VP TR, PART 2!
Hi all, apparently my previous thread may have gotten so long that it's causing issues for the website. So, here is a ne
That McBreakfast just looks SO out of place in a Leon TR.
The limit is $2k but it is looking like alot of places have not updated their machines so it still locks up at $1200
Don't know if this is for sure the truth, but Vegas Matt said in a recent video that some casinos, instead of taking on the large task of going around to every single machine in the casino and changing them all at once, instead when they open the machine for the first hand pay of the year triggered at $1200 they will change it on that machine to $2000, eventually all the machines will be updated.
I always thought changing settings on a machine required notifying the gaming board but I guess this change does not. It is a little crappy that if you hit something for $1200-2000 you get a W2 when the new regs don't require it. Maybe they can issue a W2 for any amount if they choose to if under the required limit, but are only required to if over the limit, which would allow them to proceed this way.
Don't know if this is for sure the truth, but Vegas Matt said in a recent video that some casinos, instead of taking on the large task of going around to every single machine in the casino and changing them all at once, instead when they open the machine for the first hand pay of the year triggered at $1200 they will change it on that machine to $2000, eventually all the machi
You don't get a W2. They hand pay you without issuing a W2.
Yes, this exact scenario just happened to me at Valley View Casino in Northern San Diego this past Sunday.
I won $1,345 on a video poker machine and had to get a hand pay but no tax forms were given since the threshold since January 1st is now $2,000, and not $1,200..
Hi Leon,
Help may be on the way to get rid of the stupid phantom tax, which if left in place kills video poker for you.
Full House Act: New Hope to End Gambling’s Phantom Tax
It's a fairly lengthy article, so I'm not copying and pasting. But if you go to the link, it seems to indicate that the bill could have bipartisan support.
Hi Leon,Help may be on the way to get rid of the stupid phantom tax, which if left in place kills video poker for you.Full House Act: New Hope to End Gambling’s Phantom Tax
I really hope this is true. Even tracking over my few sessions so far is a pain in the ass.
Sorry no updates, I've got a long day of work tomorrow and am saving the write up for a slow period.
I really hope this is true. Even tracking over my few sessions so far is a pain in the ass.
Sorry no updates, I've got a long day of work tomorrow and am saving the write up for a slow period.
Aren't you technically required to track everything for taxes anyways? What I was told by a tax guy I definitely trust is only my own log can be used in an audit for deductions, that they can disallow any 3rd party (ie casino) win / loss statements.
I make sure to keep my own log on my phone for this very reason.
Aren't you technically required to track everything for taxes anyways? What I was told by a tax guy I definitely trust is only my own log can be used in an audit for deductions, that they can disallow any 3rd party (ie casino) win / loss statements.
I make sure to keep my own log on my phone for this very reason.
Yes but my suspicion is 99% of all players don't track but rather simply submit the win/loss. I'm just making sure my documentation is buttoned up.
Rest of Day 1
Here we go- need some kickers!!!
Result-
Spoiler
What a pull. Gotta be happy with that.
I start playing bigger, but pull back at the first sign of trouble. See, I'm learning 😉
I head up to the room to take a break. I'm net positive 10k at this point, so I've made a huge comeback. I'm still quite aware how early it is in the trip and all I've really done is erase the previous deficit and given myself some breathing room. Still feels good though.
They've changed the free snacks a bit. I think I like the old version, esp the sandwiches better.
Need more rungood from you Sphere!
I walk over to Encore (I'm meeting my brother at Sinatra). I briefly consider trying dice again, but think better of it. TonySoprano is playing in the 400$ 2-7 tournament and has offered me 10% of his action. I think I'd rather sweat him a bit and pay him the 40$.
I find Tony, he's at what appears to be an utterly actionless table. There's about 8k? up top, and while none of us would ever turn down 8k, I'm reminded of what a grind you tourney guys put yourselves through. I can't imagine playing for 8-10k at best, all day, at the mercy of whatever bad beat etc is just around the corner. And of course the big buy in tournaments don't come along that often and the variance to one's roll must be insane. Mad respect for you guys.
They basically pass the blinds around for a while before Tony gets involved in a hand. Long story short he already detailed it in his TR, but he raised predraw and stood pat. Bet every opportunity with his opponent drawing. Last betting rd, he gets checkraised! Knowing almost nothing about the game, I assume this is bad news for Tony- he probably stood pat with a 9 or something, and his opponent got there.
Tony 3 bets- good sign!
Opponent 4 bets- oh crap, Tony's smoked unless...
Tony 5 bet caps! Well, guess he got dealt the nuts 😀
Supposedly opponent made number 2. That was a fun hand to watch 😀
Tony and I chat for a bit, then my brother shows up and it's time for dinner. I won't see Tony again this trip, but he managed to spin that entry in a 6th place finish- pretty awesome.
Sintra
J arrived at the airport early, so we manage to pull up a chair for him!
Lots of old standbys here, but they're standbys bc they're never bad. Everything 8/10 or better.
After dinner, we say goodnight to my brother. It's time for J and I to get our gamble on! We haven't seen each other in over a year. We immediately head to a craps table at the Encore...
... and get abused. Point out point out etc. I buy in large, bet somewhat large and just get destroyed. We move tables but it is no better. I lost 5k in MAYBE 1/2hr tops. WHY IS DICE SO COLD THIS TRIP???!!! The only silver lining is that I've pivoted back to VP. If I was straight dice from here on out I'd a) be miserable b) probably be stuck 20k or more at this point.
Back to the Wynn. The tables have to be better there, right?
They're only marginally better. I lose another 3k and am now up 2k total for the trip. Back to VP.
I use 2100 FC and convert about 50% of it. Terrible.
Little something here.
Free credit usage typically tells the story of how things are going. I still have 2500$ FC coming to me and 500$ left. However, as this next pic shows I decided to use the remaining 500 at a quarter machine. That tells me I got pummeled and I'm trying to stretch things out as much as possible.
About 80% conversion.
I know I only gave back 3k before I went to bed, but it's still a bad result. I've basically used up all my free credit, hit a monster and am still stuck 1k. On the other hand, I've played a ton and am only stuck 1k!! Ahh, life of a gambler. I head to bed- not a bad 1st day, all things considered. NEED THESE DICE TO WARM UP!
Day 1 result- -1k
Dealt quads- 1, premium
5 digit hits- 1
Day 2 coming soon...
all things considered, pretty damn grim to have a $28k spin ad be down for the day
Yes but my suspicion is 99% of all players don't track but rather simply submit the win/loss. I'm just making sure my documentation is buttoned up.
People may do this, but if they get audited/investigated by the IRS, the deduction will be disallowed, and they will owe taxes on all of their winnings. if they try to take it to court, they will lose.
I think a more common tactic is to report only the winnings on W2-Gs, and invent without any documentation losses equal to those winnings.
I think a more common tactic is to report only the winnings on W2-Gs, and invent without any documentation losses equal to those winnings.
Yep, This is why it is so common to hear people "complain" about handpays that are just over the W2-G threshold, or complain about the W2-G threshold more generally. Although, I think a lot of gamblers genuinely believe that no W2-G = no tax. Ultimately, I don't think the IRS cares much because the vast majority of gamblers are net losers and, although an increased AGI may have other tax impacts, it's usually pretty marginal and not worth enforcement.
I've always kind of felt that ironically I increase my audit risk by reporting all winning sessions as income and itemize all losing sessions because it massively increases my gambling income and my itemized deductions and puts a big spotlight on the issue. No good deed...
/end derail
Yep, This is why it is so common to hear people "complain" about handpays that are just over the W2-G threshold, or complain about the W2-G threshold more generally. Although, I think a lot of gamblers genuinely believe that no W2-G = no tax. Ultimately, I don't think the IRS cares much because the vast majority of gamblers are net losers and, although an increased AGI may have
They absolutely do care if they got a W2 from the casino with no matching W2 in your tax return.
They absolutely do care if they got a W2 from the casino with no matching W2 in your tax return.
I mean that when the IRS gets returns where the only gambling income happens to be what is reported in one ore more W2-Gs, they must know that person has almost certainly done more gambling than that and has unreported winning sessions, but they don't bother opening an audit because it is unlikely to lead to much if any additional tax revenue.
I don't know what you all are talking about, but leon eating shitty fast food is awesome.
People may do this, but if they get audited/investigated by the IRS, the deduction will be disallowed, and they will owe taxes on all of their winnings. if they try to take it to court, they will lose.
I think a more common tactic is to report only the winnings on W2-Gs, and invent without any documentation losses equal to those winnings.
This is so strange to me..
A win/loss statement from the casino, which has a break down of win/loss by slot, table games and some even have free play redeemed/given out is not sufficient, even though it assumes you always use your player's card so is probably close to accurate, is not good enough but I can just be like, oh yeah, here is my personal excel sheet with all of my sessions that 100% is not totally made up, as opposed to a reasonably accurate electronic record from all the casinos.
Oh and McMuffins from McD's are delicious.
