Huge Gambling New! IRS rule change incoming.

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[lauraperalta]

Thanks Slot Masacure. I miss your videos. They r the best!!!!

[e]

Been hearing that for 20 years. Don't hold your breath but fingers crossed

[rbailey]

When I check the congressional website the SLOT Act (H.R. 3125) is still stuck in the Ways and Means Committee. Hoping you have some inside info.

[lauralagaly]

Finally! Thanks for the info! Love your content! ❤❤❤

[gntoofar]

As of today, it has not been officially approved. The IRS recommends raising it, and Congress still has to approve it.

[ProPokerPlyr]

Bout Time!!! Thanks for the update. Appreciate you....

[SnowDaulphin]

Thanks. Any official links or rule information please let us know

[VPMadmanReno]

I was just thinking about this today! I'd heard a blurb last week and for some reason was thinking about this just this morning, haha!
Good to see you again, my friend! Miss your videos, I've been rewatching the old ones haha.

[SnowDaulphin]

An article said that such a change to $5800 is up to the IRS. A Congressional subcommittee appears to just ask the IRS to make the change themselves voluntarily citing an advisory council’s recommendation.

Certainly Congress can enact new legislation to force the Treasury Department to do something new governing casino related practices but it appears that it can be done without new legislation assuming this reporting is correct:

“On Tuesday, IRS Commissioner Danny Werfel told lawmakers that some “serious” thought is being given to increasing the threshold.

“I know that this particular recommendation is under serious consideration, ” Werfel said at a House Appropriations subcommittee hearing on the proposed IRS budget, adding that it’s ultimately the Treasury Department’s decision.”

[anotherjoe]

OMG! That would be huge... I'm usually running $200K or so in $1200+ jackpots a year... Lots of paperwork... Big hit to adjusted gross income... Big ding to Social Security due to outsized AJI....

[sherryr]

Thx Andrew. Miss your videos! Love how you enjoy your kids and family 😊

[markchalled]

The original rule came into effect in the '70's. Should be closer to $10k only based on inflation. 5, 800 is better, but...

[dannyboy]

That’s gonna be awesome so all I have to do is if I win 1200 more I don’t have to tell the IRS a damn thing

[VinsPinsandMore]

That would be amazing, I hope it comes through!!!

[Ricanchitown]

Unfortunately they have been saying that for a long time lol.
But anyway when you going to post new videos it's been a while

[drinkmixr]

About TIME! I’m sure it will hit slots hourly tip average greatly….. but seriously- with a higher “hand pay” limit, smaller casinos should fear more about cutting slot staff due to relief of duties.

[julietaylor]

Slotmassacre, I guess everybody who is missing you missed the live you did with Jamie. Maybe you should post the link!

[dinosaur]

It just makes sense. The current amount was set in the 1970s. Keeping it this long is ridiculous.

[Steveh]

$1200 limit is from the 70's and definitely overdue for an increase with all the inflation that's happened since then. But at the same time I feel bad for the casino employees who will be getting a lot less tips. I work at a small casino in Northern Wisconsin and the majority of our JP's are under $5K. Also not looking forward to having to change the limit options on all 768 machines in the house. And most will involve having to break the seal to open the logic and use a key chip or set chip. As a gambler I'm looking forward to not having as much in taxable winnings to report. Especially here in Wisconsin because unlike federal taxes, the state of WI doesn't allow you to offset winnings with losses so you have to pay tax on every W2 no matter how much you've lost. Please keep us posted if you receive any updates!

[peternewman]

Would have been nice when I was a gambler back in the day! Too much time and momentum was wasted waiting to clear jackpots!! 😮