NOTI,
Your response seems to focus on the $600 threshold like everyone else, but that is not the point of the proposal. The proposal's intent is to use electronic tracking of session wins to determine the need for a W-2G and the threshold will remain $1200. The $600 threshold is a future possibility.
The use of an aggregate sesion total will allow gambler's to reduce their W-2Gs by ending a session when their session win is below $1200 even if they hit a current taxable jackpot. See example from the proposal.
Example 5. During one session, D places ten $200 wagers on electronically tracked slot machine play at casino S. The first nine wagers result in no wins. The last wager results in a $1,500 win. D's combined winnings for the session ($1,500) reduced by D's combined wagers placed during the session ($2,000) did not result in any net winnings from electronically tracked slot machine play during the session. Under paragraph (b)(2)(i)(D) of this section, gambling winnings from a session of electronically tracked slot machine play are not reportable gambling winnings unless they include a single win of $1,200 or more and the net amount of all winnings during the session reduced by all wagers placed during the session is $1,200 or more. Here, there was a single win of $1,500, which exceeds the threshold for a single win under paragraph (b)(2)(i)(D) of this section. However, because the net amount of the winnings reduced by all the wagers placed during the session is not $1,200 or more, paragraph (b)(2)(i)(D) of this section is not satisfied. Therefore, during the session, D did not have reportable gambling winnings with respect to electronically tracked slot machine play during the session and S is not required to report the winnings it pays D with respect to electronically tracked slot machine play during this session.
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Posted by: cy4873@hotmail.com
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