Assuming all the games deal from a fair deck (a safe assumption in any state-regulated casino in the U.S.), your odds will be the same on each machine. You should check the rules to ensure that the 'double up' bet is a 50/5o proposition.
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I don't know how much this matters to you, but with only 1 credit bet at $1 denomination, you can't hit a taxable jackpot--otherwise, you could. It's actually a major bummer to have to declare a big jackpot on your federal taxes and probably have to pay taxes on it. So I'd play 200 1-credit spins. That also has the benefit of giving you the most fun for your money.
Same on the tax implications. Why would you play 200 X 1? Did you mean you are guaranteed that before credits can zero? It actually gives you max-min of spins which is not necessarily a benefit or more fun.
Same on the tax implications. Why would you play 200 X 1? Did you mean you are guaranteed that before credits can zero? It actually gives you max-min of spins which is not necessarily a benefit or more fun.
Because while you would have the same overall expectation as playing a larger number of credits, you would be less likely to hit a large enough jackpot to trigger a W2-G. It's true that you only have tax liability on your net winnings, but it is a major pain in the ass to have to explain taxable jackpots and reconcile them against slot club records. PLUS, and this is a large additional irritant, you now have to file a 1040 long form instead of whatever shorter version you could otherwise have used.
Aren't winnings offset-able by losses up to the amount of the declared winnings? If you have a club card (at least for M and for Harrah's but I don't know about other companies), you can get a gross losses statement.
Yes, you can offset winnings with losses but the casino win/loss statement won't hold up if you get audited. The IRS has no way of knowing when/if you played with a card and if you included all of those win/loss statements. And bear in mind that every win is taxable, regardless of if you received a W2-G. The only acceptable way I know of to show your losses is to keep a gambling diary that shows the date, location, type of game played, and the net total.
Some states also don't allow for deductions for wins either, (Connecticut, Illinois, Indiana, Massachusetts, Michigan, West Virginia, and Wisconsin with 4 others that have partial deductions and Ohio, which currently does not have a deduction but will starting in 2013).
Because while you would have the same overall expectation as playing a larger number of credits, you would be less likely to hit a large enough jackpot to trigger a W2-G. It's true that you only have tax liability on your net winnings, but it is a major pain in the ass to have to explain taxable jackpots and reconcile them against slot club records. PLUS, and this is a large additional irritant, you now have to file a 1040 long form instead of whatever shorter version you could otherwise have used.
Did you not understand 'same on the tax implications'? You did not explain why you think he should play exactly 200 hands.
Yes, you can offset winnings with losses but the casino win/loss statement won't hold up if you get audited. The IRS has no way of knowing when/if you played with a card and if you included all of those win/loss statements. And bear in mind that every win is taxable, regardless of if you received a W2-G. The only acceptable way I know of to show your losses is to keep a gambling diary that shows the date, location, type of game played, and the net total.
Some states also don't allow for deductions for wins either, (Connecticut, Illinois, Indiana, Massachusetts, Michigan, West Virginia, and Wisconsin with 4 others that have partial deductions and Ohio, which currently does not have a deduction but will starting in 2013).
All of what you say is correct, but outside of major jackpots (six figures or more), I can't imagine there being any practical effect.
In the one case where I used gross losses rather than net losses, the margin to my taxable income was on the order of about $800, which translated into a marginal icrease in my overall tax payment of around $300. Given my tax bill that year, it doesn't surprise me that the $300 wasn't 'noticed.'
If that year had been audited, my options would have been: 1) just write a check for $300 plus penalty and wash my hands of it, or 2) make the case that my losses at other games that the statement didn't list (I think the statement, at the time, only tabulated slots wins/losses where I used my card) made up the $800 several times over, if you really want to go there, Uncle Sam. So, not enough risk to warrant giving it a closer look.
As on-the-floor taxable jackpots approach $1,200, the issue gets smaller and smaller. I don't know at all, but if I had to venture a guess, I would think the IRS wouldn't even give a second thought to any reported jackpot of less than, oh, $100,000 or so.
As others have said: consider the tax implications before playing. Tax issues on the W2-G are a gigantic pain in the ass and are not worth it unless you really get some kind of enjoyment out of the possibility of a big jackpot. I would play a machine where the bulk of the payouts are under 1200, and maybe even the top payout is under 1200.
I have to fill out the 1040 and a zillion schedules every year, so it's not that much to me. If you write off mortgage interest (or use any other itemized deduction), you have to use the 1040 anyways.
But if someone has never filled one out before, I can see it being a pain. But, the 1040A and the 1040EZ are just degenerate versions of the 1040, so it's not like the end-of-the-day result will be any different. Hell, you may even find something in the 1040 that the degenerate forms skip over!
Did you not understand 'same on the tax implications'?
I think it's you who is not understanding. First, the OP has $200 and he wants to play it through and be done. $200/$1 per spin=200 spins. Second, the taxes owed are identical ('same on tax implications'). But one method is easy and the other can be a big pain. If a w-2g is the only thing that pushes you to need to fill out a 1040 long form to file your taxes, that REALLY SUCKS when you could have won the same amount and used a 1040EZ by playing a lower denomination and avoiding the w-2g. The difference in forms is probably the equivalent of about 1-2 hours in time if you're doing your own taxes or $50-75 in fees if you're paying someone else to do them.
I find it amazing that someone said they didn't get audited for not reporting a w-2g on their taxes. If the IRS receives an income form from an employer, casino, etc. for an individual and that income isn't stated on their tax return it almost always get's flagged and you receive a letter from the IRS to notify you of the discrepancy. When the amount of income and forms on your return doesn't agree with the IRS' records it gets caught by a computer, but normally this can take months for you to hear about it.
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Yes you can deduct losses up to the amount of winnings but only on schedule A. If you don't already have enough deductions to itemize and use schedule A then you can't claim the losses and you pay taxes on the full amount.
I find it amazing that someone said they didn't get audited for not reporting a w-2g on their taxes. If the IRS receives an income form from an employer, casino, etc. for an individual and that income isn't stated on their tax return it almost always get's flagged and you receive a letter from the IRS to notify you of the discrepancy. When the amount of income and forms on your return doesn't agree with the IRS' records it gets caught by a computer, but normally this can take months for you to hear about it.
You don't not-report it. You deduct for losses. The 1040 is supported with the W2G, the Sch. A is supported with the loss statement provided by the players club.
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EDIT: You can still use your standard deduction even if you fill out a 1040. You have to go through the exercise of seeing which deduction is greater - the standard or the itemized - but on the 1040, you can still your your standard, and if you do, you don't have to show any itemization. Yes, this means your tax benefit is lessened in comparison to not having won, but you did increase your income by winning a jackpot, so you're better off overall. Not getting a full tax benefit seems a silly reason for not wanting to win a jackpot.Double Diamond Slot Machine Software
I find it amazing that someone said they didn't get audited for not reporting a w-2g on their taxes. If the IRS receives an income form from an employer, casino, etc. for an individual and that income isn't stated on their tax return it almost always get's flagged and you receive a letter from the IRS to notify you of the discrepancy. When the amount of income and forms on your return doesn't agree with the IRS' records it gets caught by a computer, but normally this can take months for you to hear about it.