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Bob wrote: "But I still believe the 30% withholding doesn't have to be a show-stopper if you don't want it to be."
I've heard some people do this as a way to protect themselves from identity theft.
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Your reasoning is fine for the occasional $4,000 royal, but if I were
playing a $10 game, every quad or better would shrink my available
bankroll.
so don't play $10 video poker full time.
But there are plays with more occasional W2Gs. $1 or $2 Ten Play might accomplish that.
There's a difference between playing $10 video poker full time and playing games in the high limit room occasionally if the overall opportunity adds up.
If you want to make something work, you find ways to minimize the problems. If you want to prove to yourself that your original logic was correct, you find cases where it would be.
As to your personal final decision, I really don't care. You're a smart guy and you bear the consequences of your actions --- good and bad. I have no horse in that race. But I still believe the 30% withholding doesn't have to be a show-stopper if you don't want it to be.
Bob
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Bob Dancer wrote: "Insofar as the 30% of W2G amount goes, yes that would require a loan to the US for a half-year on average --- but you get it back. It's a factor to consider bankroll-wise, but it doesn't have to be a showstopper. By the time your bankroll is getting small from this year's withholdings, you're getting your refund check from last year! In a way, it's a forced savings account.If the games were good enough (big if!), this could be managed easily enough".
You're missing the point Bob.
Your reasoning is fine for the occasional $4,000 royal, but if I were playing a $10 game, every quad or better would shrink my available bankroll.
ie - JB6-9, 900 hph, 8 hrs / day = approx 16 quads / day at (30% of $1,250) = $6,000 daily witholdings!
Add in SF and RF hits, or higher quad payouts (BDLX, DB, DDB) and it would shrink by $10k / day.
At that rate a week in Vegas would force me to loan the taxman $70,000.
Now run the numbers for a $100 video poker game. See what I mean?
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Iguana wrote "no gambling tax in Canada, am I right eh?
- Correct - no paperwork on wins, no reporting at tax time.
- That's speaking as a recreational player.
- Can't speak for professional gamblers. Hypothetically they could file an Income Statement and show gambling income as well as related expenses.
"Plus unrestricted online gambling"
- I don't go there, but am unaware of any.
.
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