W-2Gs or not, you're supposed to pay income tax on income. Playing for stakes that does not generate a W-2G is not an excuse to avoid reporting profit.
---In vpFREE@yahoogroups.com, <whitejeeps@...> wrote :
Hi Walter,
Sounds exactly like what my accountant said. He handled it same way. "Just pay it, it's easier." , accountant said . In my case, last year was an unusually small amount of W2Gs. Played a lot of Joker wild in AC with natural Royal the jack pot. I hit a lot of Wild Royals for $500. Unfortunately no Natural ones. May have saved me $$ on taxes. Also last year in Vegas played lot of quarter and $1 Deuces. about 3 @ $1 Deuces for $1000. Played 50 cents too. Did OK 2018 not many signers.
Played a lot of quarter in Vegas 2019. Played lots of Deuces. Went to M to look see. Never been there before. Caught a $1 Natural Royal causing a signer. Really liked the place for 4 hours I was there. We were in town for 10 days. Came out about even whole trip, including all expenses. I like u're idea of 100 play @ .05. If you'r trying to avoid W2Gs though, you may get upset if you catch a dealt Royal??
Don't understand new Standard deduction fully yet. I will ask my tax guy when I see him on out of tax deadline season. It makes sense to explore standard deduction in advance of 2020 tax file time.
Thanks for the info......Cheers Jeep
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Posted by: bobbartop@yahoo.com
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