slot tournament winnings note
Jan 21, 2009, 6:00 am
#1
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slot tournament winnings note
I was 2nd place in a a slot tournament at Caesars Palace in Apr. of 2007, and since I didn't have to pay to enter, I received a "1099-misc"; the winnings could not be offset against gambling losses--the full amount had to be declared as "normal" income
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Jan 21, 2009, 8:59 am
#2
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Ohhhhh...THAT'S how a slot tournament works. DOH!
I've been getting offers for slot tournaments for a few weeks, and I couldn't figure out how they would work. Seems obvious that the people who pay to play on the $5 slots are much more likely to win big bucks than the people like me playing on the penny or nickel slots.
I feel stupid for not realizing it was gambling w/ their money. Now I'm even more interested in going!
Thanks for this info, really good to know this.
I've been getting offers for slot tournaments for a few weeks, and I couldn't figure out how they would work. Seems obvious that the people who pay to play on the $5 slots are much more likely to win big bucks than the people like me playing on the penny or nickel slots.
I feel stupid for not realizing it was gambling w/ their money. Now I'm even more interested in going!
Thanks for this info, really good to know this.
Jan 21, 2009, 9:50 am
#3
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Ohhhhh...THAT'S how a slot tournament works. DOH!
I've been getting offers for slot tournaments for a few weeks, and I couldn't figure out how they would work. Seems obvious that the people who pay to play on the $5 slots are much more likely to win big bucks than the people like me playing on the penny or nickel slots.
I feel stupid for not realizing it was gambling w/ their money. Now I'm even more interested in going!
Thanks for this info, really good to know this.
I've been getting offers for slot tournaments for a few weeks, and I couldn't figure out how they would work. Seems obvious that the people who pay to play on the $5 slots are much more likely to win big bucks than the people like me playing on the penny or nickel slots.
I feel stupid for not realizing it was gambling w/ their money. Now I'm even more interested in going!
Thanks for this info, really good to know this.
) PS: I've had invites to slot tourn. with an odd prize structure, generally the highest score gets first prize, but the others are randomly scattered: #18 gets 2nd prize, while #7 is third and #271 is fourth, as an example.
Jan 21, 2009, 2:34 pm
#4
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The machines are special tournament slots--each round generally has a fixed time (5, 10 or 15 minutes), when you press "play", the first time, a timer starts and counts down to zero, and then your score is recorded--you do NOT use any cash. There are also "buy in" tournaments, sometimes the prizes are huge $500,000 ie (but so is the buy in fee $10,000 or more.)
PS: I've had invites to slot tourn. with an odd prize structure, generally the highest score gets first prize, but the others are randomly scattered: #18 gets 2nd prize, while #7 is third and #271 is fourth, as an example.
) PS: I've had invites to slot tourn. with an odd prize structure, generally the highest score gets first prize, but the others are randomly scattered: #18 gets 2nd prize, while #7 is third and #271 is fourth, as an example.
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Jan 21, 2009, 7:42 pm
#6
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QL
Jan 21, 2009, 8:15 pm
#7
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I use TURBOTAX to do my returns. 1099-MISC (at least from their "interview" method) gets lumped with other income. Only W-2G items have a gambling loss offset. Can you give me a clue of how one can get around this? There is a 3 year window for me to amend my tax return (which started with 4/15/08).
Jan 23, 2009, 12:09 pm
#8
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I use TURBOTAX to do my returns. 1099-MISC (at least from their "interview" method) gets lumped with other income. Only W-2G items have a gambling loss offset. Can you give me a clue of how one can get around this? There is a 3 year window for me to amend my tax return (which started with 4/15/08).
You should be able to enter a gambling loss deduction on Sch. A for up to your total gambling win. So you must make sure the 1099-MISCs are listed as gambling income. One way to do that is to attach a statement breaking down line 21 and pointing out that the gambling 1099s are included in line 21. You may have to go back and forth with the IRS on this.
If you have a net win for the year greater than the amount of the 1099s it's not an issue. I recommend that method.
QL
Jan 25, 2009, 2:49 am
#9
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