Las Vegas Table Games Vs Slot Taxes
Dec 31, 2019 The best place to find new table games in Las Vegas is right here at The Venetian and The Palazzo. We spare no expense in bringing the latest and hottest games to our casinos and have made the addition of new and exciting ways to play one of the hallmarks of our resort. Second to slots in popularity on Las Vegas floors are table games and there are no shortage of those at Vegas Slots! Choose from our great selection of table games on offer below, from developers like IGT, NextGen and WMS! This should get something going. A nice debate, I hope. Although I will fiddle around with Lobstermania and those bandit 6X poker machines that WW's DH just hit for a hand pay and Video Poker, which I don't consider a slot, I can't imagine going to Las Vegas and playing nothing but slot machines. I would punch myself in the face out of sheer boredom.
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I'm a table games dealer and I've witnessed the following:
A) On Let It Ride, the Player wagered $300/spot, let all three bets ride, and hit a Straight Flush. At 200-1 per bet, he should have been paid $181,200, but the win exceeded the table maximum and was paid $75,000. He was not taxed.
B) On Pai Gow Poker, the Player wagered $5 on the Fortune Bonus, and caught Five Aces. At 400-1, she was paid $2,000. She was not taxed.
C) On Pai Gow Poker, the Player wagered $100 on the Fortune Bonus, and caught a Royal Flush (with no Royal Match). At 150-1, he was paid, $15,000. He was not taxed.
Any information you can provide regarding these 'jackpot-like' wins would be greatly appreciated.
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What is the threshold for taxation on the main and side bets for specialty/novelty games (e.g., the Fortune Bonus on Pai Gow Poker, Let It Ride, etc.)?
I'm a table games dealer and I've witnessed the following:
A) On Let It Ride, the Player wagered $300/spot, let all three bets ride, and hit a Straight Flush. At 200-1 per bet, he should have been paid $181,200, but the win exceeded the table maximum and was paid $75,000. He was not taxed.
B) On Pai Gow Poker, the Player wagered $5 on the Fortune Bonus, and caught Five Aces. At 400-1, she was paid $2,000. She was not taxed.
C) On Pai Gow Poker, the Player wagered $100 on the Fortune Bonus, and caught a Royal Flush (with no Royal Match). At 150-1, he was paid, $15,000. He was not taxed.
Any information you can provide regarding these 'jackpot-like' wins would be greatly appreciated.
I am not a tax expert, but I have won 3000 on a Fortune bet, and 3300 on a slot jackpot (In the same day!). Neither was taxed. Both times, my player card was in use. I had to sign documents and show ID to collect the full amount, and I think they might've filed a W2G (I expected one), but I didn't get one come tax time.
What is the threshold for taxation on the main and side bets for specialty/novelty games (e.g., the Fortune Bonus on Pai Gow Poker, Let It Ride, etc.)?
I'm a table games dealer and I've witnessed the following:
A) On Let It Ride, the Player wagered $300/spot, let all three bets ride, and hit a Straight Flush. At 200-1 per bet, he should have been paid $181,200, but the win exceeded the table maximum and was paid $75,000. He was not taxed.
B) On Pai Gow Poker, the Player wagered $5 on the Fortune Bonus, and caught Five Aces. At 400-1, she was paid $2,000. She was not taxed.
C) On Pai Gow Poker, the Player wagered $100 on the Fortune Bonus, and caught a Royal Flush (with no Royal Match). At 150-1, he was paid, $15,000. He was not taxed.
Any information you can provide regarding these 'jackpot-like' wins would be greatly appreciated.
When you say 'taxed' do you mean 'given a W2-G'? Or do you mean 'taxes actually withheld on the spot?'
The terminology is confusing because all gambling winnings are taxable (for citizens of the US of A, that is). It's just up to you to self-report it in the majority of cases.
Confusing things even further is that if you hit a slot jackpot of over $1200 (the most commonly understood W2-G case), you will get a W2-G regardless, but may or may not have taxes withheld on the spot. If I understand the law correctly, you won't have any taxes withheld as long as you provide a SSN or a TIN. If you fail to provide either, you will have some set percentage withheld and remanded to the IRS.
For table games, I believe the rule is that a win of 300-1 or greater, with a payout of $600 or greater, should trigger a W2-G. So case (B) from your example should have required a W2-G, but not the other two. However I am unclear on when taxes are actually withheld in the case of a table games W2-G. Is it the same rule as slots?
I am not a tax expert, but I have won 3000 on a Fortune bet, and 3300 on a slot jackpot (In the same day!). Neither was taxed. Both times, my player card was in use. I had to sign documents and show ID to collect the full amount, and I think they might've filed a W2G (I expected one), but I didn't get one come tax time.
I don't believe you normally get another w2g. You are supposed to use the one they give you at the table.
OP, to be fair, ALL winnings should be taxed. Just because the casino does not withhold tax does not mean they shouldn't pay taxes. You of course can offset your winnings with loses in most states but you still have to included the wins and loses on your taxes.
Dose anyone know what would happen if you are American citizen but refuse to give your ssn? I know they withhold 30% for foreigners. If your an american citizen and they hold the 30% I assume it gets sent to the IRS. Dose anykne know how this prosses works? Is it attached to your name somehow? Or do they just send a lump some at the end of the year?
I'm not sure about if you don't show them SSN. But if you show them SSN, you can also request that they send so much of the jackpot money to the IRS. In that case the amount you send will be listed on the W-2G that you are issued on the spot.
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I don't know if all table games have the same threshold but in poker tournaments you are W-2G'd at $600 or higher. Machines are $1200 or higher. Bingo is $1500 or higher. New Las Vegas Table Games
I had a friend who complained to me once about being invited to a freeroll slot tournament at Ramada/Laughlin. He won the tournament and they 1099'd him. He objected and wanted a W-2G. They wouldn't comply. He was pissed because he was on the hook for the full taxes. As he explained it, you can't write your gambling losses off against a 1099 because the money is considered a gift.
I don't know if all table games have the same threshold but in poker tournaments you are W-2G'd at $600 or higher. Machines are $1200 or higher. Bingo is $1500 or higher.
I had a friend who complained to me once about being invited to a freeroll slot tournament at Ramada/Laughlin. He won the tournament and they 1099'd him. He objected and wanted a W-2G. They wouldn't comply. He was pissed because he was on the hook for the full taxes. As he explained it, you can't write your gambling losses off against a 1099 because the money is considered a gift.
A freeroll by itself isn't a gamble, and the IRS 1099-MISC form is very clear:
Also enter in box 3 prizes and awards that are not for
services performed. Include the fair market value (FMV) of
merchandise won on game shows. Also include amounts
paid to a winner of a sweepstakes not involving a wager. If a
wager is made, report the winnings on Form W-2G, Certain
Gambling Winnings.
However, if your friend is a professional gambler, it seems likely the freeroll entry was earned as a result of prior wagering activity and therefore should also be classed as wagering activity (that is, those prior losses can be deducted against any tournament winnings). He should talk to a tax pro as to whether that's a proper income classification.
A freeroll by itself isn't a gamble, and the IRS 1099-MISC form is very clear:
However, if your friend is a professional gambler, it seems likely the freeroll entry was earned as a result of prior wagering activity and therefore should also be classed as wagering activity (that is, those prior losses can be deducted against any tournament winnings). He should talk to a tax pro as to whether that's a proper income classification.