Originally Posted by alyoung
why would they tax it?....i thought that was what rakeback was for....if you are gambling you shouldnt have to pay tax...unless it is your full time job then i suppose you would need to declare something for national insurance etc...thank god im from the uk...americans get shafted
I dont know exactly how the laws are written as far as taxable game winnings but Ill share my recent local experiences.
Playing 5/10NL in Januarly I was asked to fill out a tax form for a $6,100 win when I bought in for $1,500. The manager told me that I just went over the line of $4,300, which pissed me off b/c I thought when your in a ring game it was different. That was at the Atlantis.
I won the Regular Friday $130 Bi at the Peppermill for $2,100 a couple of months back and was made to fill out the same form being told $2,000 was the cut off and I should have chopped.
And last month I won a couple of smaller sanctioned tournaments at the Grand Sierra Resort for less than $3,000 and when I asked where the cut off was for taxable wins, they said you dont have to worry about that until $6,300.
Bottom line is, I have no idea what is really required but I do know they pretty much go by their own rules around here.
I do know that you hang onto your BI receipts like their gold.