| Posted by: babe at April 13, 2001, 7:01 am | | Topic: Miscellaneous questions Forum: Winner Online |
Some corrections on taxes. You are W2G'd if you hit a slot jackpot of $1200 or more or $1500 or more in keno, this includes the return of the original bet. If you win a drawing where the prize is worth $500 or more you will receive form 1099. If you are a foreigner to the US without a social security number, you will have part of the jackpot withheld if it's subject to one of the tax forms. There are about 30 countries that are except from withholding. No winnings are not subject to witholding if you have a SS#.
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| Posted by: Got2Bet at April 11, 2001, 9:27 pm | | Topic: Miscellaneous questions Forum: Winner Online |
1) No. Blackjack is one of those games where you hope for the best - because the casino has already given up nearly 6% to the credit card processor. They want you to churn - play your money until you run out. Or perhaps play something else where they have a better edge.
2) Casino pays out. Ecash endor just processes the transactions. In GSS' case, though, they handled all the cash movement, but a casino owner was certainly liable if his casino lost money. On the other hand, some of the licensees claim that they didn't get winnings either. But in most cases, casino pays out through an ecash endor.
3) I should hope a couple of days!
4) Lucky and smart, I hope.
5) AS has got that covered, I see
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Spearmaster
Got2Bet - Online Gambling News and Information
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| Posted by: AmateurSleuth at April 11, 2001, 4:59 pm | | Topic: Miscellaneous questions Forum: Winner Online |
(5) FROM http://www.irs.gov/prod/tax_edu/teletax/tc419.html
"Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 and include all of your winnings on line 21. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos, as well as the fair market alue of prizes such as cars and trips.
If you receive $600 or more in gambling winnings, the payer generally is required to issue you a Form W-2G. If you have won more than $5,000, the payer generally is required to withhold 28% of the proceeds for Federal income tax. If you did not provide your social security number to the payer, the amount withheld will be 31%.
You can deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Schedule A of Form 1040. However, the amount of losses you deduct cannot be more than the amount of gambling income you have reported on your return. It is imp... | | Read Entire Entry |
| Posted by: SteveH at April 11, 2001, 4:26 pm | | Topic: Miscellaneous questions Forum: Winner Online |
I have pretty much read every topic that has been started over the past couple months here, but it seems that this board is past its infancy. Basically there is not many new guys or gals posting dumb questions about gambling online. I want to just start a thread here for those nagging questions I and others may have that aren't obviously answered elsewhere. Mostly they are just curiosities.
1) I know all the rough stats about wins and losses if you bet 1 unit at a time. Of course most blackjack games have a house edge of about 0.5%-1%. Does that in turn mean that the casino owners expect (statistically speaking to profit 1% of all wagers made? Does the math just work out that way on the other side when dealing with perfect basic strategy players?
2) Who actually pays players out? Is it the Ecash endor or the casino? Is it from the casinos account or is it all through Cryptologic for instance? I hear people say that casino "owners" just market their casino. That leads me to be... | | Read Entire Entry |
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