$600 tax limit option
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- Video Poker Master
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$600 tax limit option
i've noticed some casinos advertising drawings for free slot play as 'tax free'. wonder if the new tax threshold goes through, whether a win for a $1000, might offer the player $600 cash and some amount of free slot play. no idea if it would be legal or what amount of free play would be fair. i guess it would depend on whether one feels free slot play is the same as cash. i was just thinking that because i only play single line quarters, i would only surpass the $600 limit on a rare occasion. now, i never get any tax forms, and to avoid getting them and the hassle of reporting wins/losses, it might be acceptible to just take free slot play of $400 or a little more. this would not likely be acceptible to higher denomination players. what do you think?
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- Forum Regular
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What I think is you're suppose to be reporting your wins and losses regardless if you get a tax slip or not. Simply put, no one does that including me, except for the losses and even if I have a winning year I make up that I lost at least as much as I won. Just like everyone else.
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- Video Poker Master
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I won $2000 free slot play on a drawing at a casino in the past. I was not taxed any amount. I was able to play through the credits once and got lucky to win $2400 from it. But that was from playing slots in the past, I eventually gave it all back.
Right now the threshold is $1200, so I am writing this as an example.
Right now the threshold is $1200, so I am writing this as an example.
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- Video Poker Master
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I wonder if they mean No Tax because these machines never pay out anything! Just kidding...