I saw in the latest issue of Casino Player that someone got a royal flush on a $100 vp machine at Harrah's! Can you imagine playing $500 per hand????? I'd be a nervous wreck! The few times I've sat down at a $5 machine I didn't have any fun because because I was really nervous betting $25 per hand. I can't imagine betting $500 per hand and then hitting a royal flush! WOW!

Mike, is that a $200,000 payout? My math doesn't go that high<G>

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John
Moderator Dining Forum and Entertainment, Attractions and Sightseeing Forum
john@talkvegas.com

John,

That computes to $400,000! Don't quote me, but I heard it was (name with-held) that did that. Just a story I heard. If the IRS is tuned in, I don't know what I'm talking about.

Bob

That would make for a really short trip, if I played that machine and didn't hit anything! However, on the possitive side, I'd be very happy with a full house! [img]http://www.talkvegas.com/ubb/smile.gif[/img]
Now when you play that $100 machine, does someone stand over you with a tablet of W2-G's? I mean, anything higher than 2 pair is going to require a IRS form!

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Lee-PA
Moderator, What's New Forum
lee@talkvegas.com

Lee,

As I understand it they assign somebody to do exactly that. He keeps track of W2 events and at the end of the session totals them all and issues a W2. The only figures that go on the W2 are the winning amount and how many coins were inserted (or credits used). The coins played are only those that resulted in a winning game. For instance is you insert 5 coins and get nothing and insert 5 more and get a $1200 winner, then only 5 coins are listed not 10. Likewise if you insert 5 coins and get two pair and win $1000, none of that turn is listed. because the $1000 is below the $1200 W2 report requirement. As far as requirements to report winnings, that's another story. The rule says you must report a winning "session". I'm not too clear on just what is a session. Is it when you sit down at a machine, play and then move to another machine? Does moving to another machine start another session? Or is it all one session until you go to lunch? There is a book out on this type of thing and I just may look it up for my own edification. I can't even in my wildest fantisies imagine putting $100 coins in a VP machine. (Well maybe my WILDEST fantisies [img]http://www.talkvegas.com/ubb/smile.gif[/img]) Like Mike, I sometimes buy $100 on a $5 and if I get up to 20 coins I cash in because I figure I've won. There's always the chance it'll deal me the royal [img]http://www.talkvegas.com/ubb/smile.gif[/img] [img]http://www.talkvegas.com/ubb/smile.gif[/img] [img]http://www.talkvegas.com/ubb/smile.gif[/img]

Bob



[This message has been edited by vpbob (edited 14 March 2001).]

[This message has been edited by vpbob (edited 14 March 2001).]

I never even thought about the W2 issue! Good thinking, Lee! Great answer, Bob!

Whenever I'm in Vegas and if I'm ahead, I'll deposit $100 in a $5 machine and do 4 MAX COIN bets. Once I do 4 hits, I cash out, no matter what the balance. This past trip I broke out exactly even. A few years ago, I got quad jacks for a $1,250 win but unfortunately, a W2 form to go with it. Other times, of course, the $100 evaporated quickly!

Mike, I do the same thing on the $5 machines. I hit 4 kings last year and got that d#%& w2 also. But usually my $100 is gone in a flash.

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John
Moderator Dining Forum and Entertainment, Attractions and Sightseeing Forum
john@talkvegas.com

Mike & John,
I must admit, I've never played a $5 VP machine.....but you have given me an idea! I won't know if it's a good idea untill I try it out in April! LOL Heck, those $1 triple play machine upset me!!!
Lee-PA

Lee, I can already tell you that it is a BAD idea<G>

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John
Moderator Dining Forum and Entertainment, Attractions and Sightseeing Forum
john@talkvegas.com

I've often wondered what would happen to me, as a non-US resident if I hit for $1200. Would I still get one of these W2 forms or is it handled differently for people from abroad?

Vease.....I believe you would still get one, not sure how they would handle the social security number though.

Don't take this as leagal tax advice, this is just my humble opinion, I'd have to look deeper into the IRS codes, or at least have my wife do it since she is the CPA in the family, [img]http://www.talkvegas.com/ubb/smile.gif[/img] but the $1200 you earned/won in the U.S. is far below the level that you would have to file for income tax in the U.S.

Since you only earned/won $1200 in the U.S. you don't have to add that to the income you earned back in your home country to see if you have to file a U.S. tax return.

Lucky You, would get the entire $1200 without paying taxes on it. Most of us in the U.S. can easily write off $1200 in losses to offset the $1200 win and not pay taxes on it too. We've done this a few times that we have received W-2G's also.

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Ralph In LA$ VEGA$
las_vegan_cajun@hotmail.com

[This message has been edited by Las Vegan Cajun (edited 15 March 2001).]

Vease,

I would check with the casino you are going to visit. The irs requires US corporations who pay income to foreigners to withhold 30 or 31%. To avoid the withholding the foreign recipiant must supply a form W-8 to the US corporation. There are several versions of this form and the proper one depends on being able to read the tax code better than I can. I'm sure the larger casinos have dealt with this many times and should have an answer. If you want to investigate this on your own, you can go to the irs web site and download the instructions on the W8 form and anything else that may apply.


Bob

Gosh, Vease, too bad you couldn't hit that $1,300 progressive royal on those DW machines at Bellagio! Then you would already know what to do!!!

Guys - There's a post from Kui on this very topic in TalkVegas After Hours. Bob is exactly right - the casino withdrew 30% of her winnings when she won a jackpot but she filed and got the 30% back from her (Canadian) government.

Yes,just got my 30% back but not from Canadian Government, from USA government. USA Treasury actually refunded the 30% to me, cause I was not an American paying American Taxes I had to fill out some forms and it took a while but all came through.

I've also done the $100 for 4 hits on a $5 machine. I'd like to suggest something I think is a little more fun, for the same money. Put $100 in a Ten Play quarter Double Double Bonus game and play eight hands. Last year while doing this, I was dealt 4 Aces with a kicker for $5,000 and then dealt 4 Deuces and picked up a kicker on two of the hands. One other time I tried $100 in a Triple Play dollar machine and was dealt 4 Aces. Did not pick up a kicker on any of the three hands but still collected $2,400. $100 is certainly not enough bankroll to play these machines, but sometimes you can get lucky and hit something right away. I've had several extremely lucky sessions this way. Of course I've also had a lot of losing sessions.

I have one more tax question here ...would I have to pay taxes if I won $1200 at a tribal casino?

Gregg,
Thanks for the idea....I now look forward to new ways to loose money in Las Vegas! [img]http://www.talkvegas.com/ubb/smile.gif[/img] I'm just starting to get used to playing the $1 VP on a regular basis.....I think this may be something I'll do, when the wife is off playing nickels.....

I don't know Daisy, but I do remember paying tax on a dinner we had at Avi.

Daisy,

From the mouth of a worker at one of those establishments---"any time you hit a machine for over $1200 you have to fill out one of those". I assume she meant $1200 or more and that they will fill out the W-2G form.

Bob