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Need some losing Ohio Lottery tickets from 2011

Topic closed. 32 replies. Last post 4 years ago by Coin Toss.

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NY
United States
Member #23835
October 16, 2005
3474 Posts
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Posted: March 28, 2013, 11:59 pm - IP Logged

I honestly do not believe that the IRS would even come after him....I think it would cost them more to try and prosecute than to let it be...

In 2 weeks returns for 2012 will be due, and this person is asking about tickets for 2011. I'd guess they've already been notified of an audit. In that case, what happens will depend on how much they think somebody is trying to evade, how sure they are, and whether or not the person is smart enough to accept a reasonable settlement offer. If it was only about the cost and how much they can recover the government would never prosecute people for shoplifting something that costs $50. The threat of prosecution brings in plenty from others who are encouraged to remain honest.

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    Kentucky
    United States
    Member #32652
    February 14, 2006
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    Posted: March 29, 2013, 12:07 am - IP Logged

    You know not to believe everything you hear on the internet, right?

    In the US all gambling winnings are  subject to federal (and usually state) income tax. The question is how the IRS (and the states) know how much you won. For some reason, the IRS doesn't require casinos to issue a W2 G for some games (blackjack isn't the only one).  If there isn't a W2 G the winnings aren't documented, so the IRS may never know when you forget to list the income on your tax return.

    Of course a casino can issue a W2 G if they want to, so there's a chance that you'll get one even though it isn't required. I'd guess that the IRS figures that the vast majority of people play for low stakes, and that very few people come out very far ahead, so it would take a lot of effort to track a relatively modest total amount of taxable income. I'm a bit more puzzled that casinos wouldn't want to routinely document their expenses, but I suppose they could under report the amount they won from players as easily as they could over report what they paid out to winners. In the long run, the house edge means that payouts to winners will be very close to a known percentage of the amount wagered.

    Some table games offer a $1 bonus bet and even though it is paid off in casino chips, they issue a W-2G on the winnings. Whatever the player wins on the other bets does not.

    "I'd guess that the IRS figures that the vast majority of people play for low stakes, and that very few people come out very far ahead, so it would take a lot of effort to track a relatively modest total amount of taxable income."

    The dealers, floorman, and bit bosses are not IRS agents and they are the only ones who could guess how much any player won or lost. They ask for ID at the cage when someone cashes over $9000 in chips, but the whales probably just deposit the chips into their account.

      Coin Toss's avatar - shape barbed.jpg
      Zeta Reticuli Star System
      United States
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      January 17, 2006
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      Posted: March 30, 2013, 11:15 am - IP Logged

      Some table games offer a $1 bonus bet and even though it is paid off in casino chips, they issue a W-2G on the winnings. Whatever the player wins on the other bets does not.

      "I'd guess that the IRS figures that the vast majority of people play for low stakes, and that very few people come out very far ahead, so it would take a lot of effort to track a relatively modest total amount of taxable income."

      The dealers, floorman, and bit bosses are not IRS agents and they are the only ones who could guess how much any player won or lost. They ask for ID at the cage when someone cashes over $9000 in chips, but the whales probably just deposit the chips into their account.

      It's called Regulation 6Alpha, 6A, and started in the mid 1980s at $10,000.

      Here's come info on it now:

      Regulation 6A - Nevada State Casinos

      By Sean Toth
      wagerweb.com Contributing Writer

       Well, it took awhile, but the federal government has "invaded" Las Vegas and has intimidated all the casinos into repealing a regulation -- one that has made Vegas a great place for those who like to gamble relatively large sums of money -- in the name of fighting terrorism. I'm talking about Regulation 6A.

       Under Regulation 6A, Nevada state casinos were required to track cash transactions of as little as $3,000 or more and report anyone whose cash transactions exceed $10,000 to the U.S. Department of Treasury.

       With the federal change, however, casinos with $1 million and over in annual gross gaming revenue will be ubject to the same federal reporting requirements as casinos with $10 million and over in annual gaming revenue, the reporting threshold under Regulation 6A.

       With the threshold lowered, that information could be accessed by many more people now than before and may even be accessed by the public. And this opens such information up for all types of potential abuse.

       And what may be even more troubling is that the Nevada gaming officials didn't put up much of a fight at all, taking less than 10 minutes to eliminate the state's money laundering regulation and acknowledging that the feds had taken over the tracking of large cash transactions from the state.

      1800-sports.com

      _________________________________________________________________________

      When this started it was a royal pain. It took away the old "vegas advantage"- what you won in a casino was nobody's business, and players who had been playing for a loing time got very suspicious about making a score and having it reported to the IRS. It caused a lof of beefs at first.

      Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

      Lep

      There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.