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OT I'm shocked

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Dave H (MI)

Well-known Member
A new record for this office. I just typed in 51 individual forms W-2G (gambling income) for the same client. Just a shade over $113,000 total income reported on the forms. Pretty evenly spread between husband and wife. All on slot machines. Each form has a different date for winning, so they spend at least one day a week sitting in a casino pumping money in. They have kids. When I ask him how much they put into the machines he will give me a number much higher than the earnings (of course).

Honestly...I just don't get it. If I did that I would have to give up tractors. :)
 
Is that the client's only income? If what does he/they do for eats and housing? And the tax must be zero.
If They have other income the tax must be low.
 
There are several local farmers, and their wives, that gambled away their entire farms setting at the casinos in Dubuque. The one always talked about how great the "free" meals where. He could have had catered meals delivered to his house for what those casinos skinned him out of. He died on Title 19 in a nursing home, tax payers dime.


I know another fellow that lost so much he killed himself after losing his business and home.

Look at the lotto players. I see a lot of fellows that are basically working poor,spend $20 plus each week on lotto tickets. I do not see many wealthy people gambling their money away.
 
If it were any different Vegas wouldn't be what it is. I for one have absolutely no taste for gambling but there's an addiction for everyone, I guess. We have ours, like you said.
 
It's not only, how can they afford to do this, it's how can they afford to pay income tax on top of that?

At least I have expenses to go against my earnings, so my tax burden is low.
 
I wonder how many hours they spent putting coins or tokens in the slots. We all know they put more in than they got back out. I have run the slots once in my life. I bought $20 worth of tokens and came out empty handed and smelling like cigaretts.
 
"When I ask him how much they put into the machines he will give me a number much higher than the earnings (of course)."

I don't understand...

If that is the case, how can there be profits?

I still don't understand how anyone can legitimately profit from gambling at a casino.

Maybe a one time beginners luck, but to say that's how a person makes money? The odds will eventually sway in the house's favor.

They don't build the casinos for our entertainment!
 
You're thinking too logically. It's not profit, it's income. W2 to show income, with no offsetting expense to go against it! Or is blowing money at a casino a legitimate business expense??
 
There aren't any profits, they 'invested' more than they 'won'. But the casinos are required to issue a 1099 on any jackpots they won, over a certain dollar amount. SO, they have to file a return showing that income. And I am sure they are taking a deduction for an offsetting amount that they wagered. Net = zero.
 
When I worked in Las Vegas, a friend and his wife flew in for a week (EMTs) to go through certification courses needed yearly. They said it was cheaper to do it all at once in a week then piecemeal in Delaware where they lived. Anyway, he said there was a brochure in his room that said that 89% of the people that visit Las Vegas, gamble. It also said that 98% of these people lose. Gambling, an idiots dream!
 
In terms of casino gambling there are no profits. These people will have put every penny of earnings back into the slots plus $10-$30K of their other money. There will be credit card receipts to show this. They have jobs that pay them about $200K per year combined. The house and cars are nothing special so they can stretch the remaining income to cover living expenses. I just wonder how long. These gambling forms increase every year. Last year they had 14 forms totaling $36K and most of $50K in gambling expenses. I would suspect to hear from them within two years that a bankruptcy is pending and they will want me to help them with that. A cute young couple when I first met them. Just a couple of degenerates now.
 
JD, here we call the lottery the poor people tax. We have plenty of the locals who can afford lottery tickets and some of those folks actually do buy them. But most of the people I see buying them can't really afford them. Hence "poor mans tax" and yea the ones I'm talking about are the same ones who brag about getting much more than they pay in back at tax time.

Rick
 
My job took me to Las Vegas for several weeks, about 20 years ago. I found one machine that I would play every chance I got. Pretty much guaranteed to break even. It was the change machine in the airport parking garage. $5 in, 20 quarters out.
 
I have 3 of them close to me and when they built them (25 years ago), said they would be hay sheds in a few years. I was wrong again. I just don't have people figured out.
 
My former supervisor won so much in Vegas he was collecting all the losing Lottery tickets he could find to offset the winnings at tax time. We have about 15 guys on shift in a Lotto club, play the Mega Millions and Power Ball two draws per week, so 60 losers/week for him.
 
I did have a friend in Mountains who went to Cripple Creek once or twice a month. Very intelligent but single dysfunctional fellow. He rotated between casinos. Was so smart he could count cards while joking with others, all the while acting as if he was loosing, He told me and showed the cash where he would win close to 500 , walk to another casino possibly win less than a thousand, Then loose a few hundred, back to first casino loose 100 or so then say he had lost so much he had to leave while he had enough to get home. Smartest gambler I ever knew.
 
Local farmer in his 80s here died a few years back.
One of the kids picked up a gambling habit.
They finally ended up auctioning hundreds of acres and the dads classic tractor collection.
Basically it ended up screwing the rest of the family.
This is just north of you in Swartz Creek.

A couple guys at work are addicted to the Detroit casinos.
They continue to beg for more and more overtime, then go blow it. Quite sad. Living check to check.
But I always hear "Its great, I get free drinks" Those are the most expensive drinks you'll ever buy.

Rick
 
Wife and me went to Dubuque September 10th on our anniversary, did a few things and then went to the Casino by the dog track. First time for both of us, I won $29.00 in the blink of an eye on one slot mach., moved to another and won over a hundred, moved again and was over $250 when things started cooling off. Finally baled out with a $130 and we went out for supper. Think I spent less than a buck and a half so it was still a good night.
 
Yea you never hear anyone talk about how much they loose.Casinos pay back about 40% I think so there are a whole lot of people loosing their butts.Just like alcoholics and drug heads they will never admit their problem and what it costs them.
 
A few years ago we were in Henderson, NV, waiting for a chopper flight over Hoover Dam, etc. Needed a BR break so walked to a nearby hotel. On the way out I saw a slot machine, stuck a quarter in, and won 50 cents...doubled my money! So I left.
 
I take as much cash with me as I'm willing to lose, and no more.

8 day round trip to Vegas, I did it on $600. The pool league provided the room and $300 toward travel expenses, so really, about $300. The only thing I was really interested in was Hoover dam and the desert ATV tours, I did get to see Hoover dam.

And I won't make that trip in a minivan with a total of 7 passengers in it again, either.
 
One of my old coworkers left home, went to the casino, early in the morning. He $2k with him. He was back home 1 hour later. Lost 2k in 10 minutes, playing blackjack. His wife was pretty mad
 
People will find ways to destroy themselves. I worked with one guy who started going to strip clubs. Got hooked up with a dancer. She introduced him to cocaine. 42 years old, lost job, wife, house, family. Lost the girl when he ran out of money. This was a educated man, engineer. I guess we all have weaknesses, I?m glad mine are more benign.
 
Lost 20.00 as I was walking out I told the lady at the door. This is the most expensive place to buy money. She looked at me kind of funny. But that's what your doing and it seldom works.
 
When you make your living putting pipe intrenches a casino is very unappealing. Just can't relax there. Not for me takes too much labor to make the money to slam it into some machine.
 
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