I'll lose $175 to the Feds (new) and $73 to my state (not new). I had been dreading getting a handpay, but I had an interesting occurrence on my last trip that changed my mind slightly about that. The tradeoff is time - if you have a daily coin-in target, you'll have to play longer to reach it. You are probably giving up something in terms of the hold % by dropping down, but you're also giving yourself more spins and more bonus rounds, with less probability of a W2-G. If you want to minimize your exposure to a W2-G, drop down in denom from $1 to 25 cents, and play at $5 spin.

The best way to play those machines is to play all lines, in the case of Cleo II, that's 20 lines. I do most of my play on low-volatility reel slots at $5/spin, but I also do about 25% on high-volatility video slots like Cleo II that have big win potential in bonus rounds. This is probably obvious to experience players. I'll share one strategy I decided on for my most recent trip in January. Hitting a big win and then determining that 12% or 22% or more is going to have to come off the top is not going to be a welcome surprise to the group. I'm not saying you shouldn't do one, they're a lot of fun, but if you do, make sure you consider the tax implications and discuss how you are going to handle a handpay with the participants ahead of the event. Under the new tax law, I will not do one unless that condition is present.

Whereas in the past, I have always been able to totally offset W-2G winnings with losses, with the new law and my current level of still allowed itemizable deductions (mortgage interest and property/state income tax) I would now have to have at least $12,000 in W-2Gs to be able to itemize, and even then, I would still end up paying Fed taxes on that first $12,000.įinally, with respect to group pulls - I've organized several and I have always been lucky to have a UK resident participating who is not subject to taxes OR withholding. More significantly, for mid-rollers like myself (I do $4,000 - $5,000 a day coin on slots over about 28 days a year in Vegas some years I have no handpays and some years I have a few) - while it is true that winnings can still be offset with losses if you itemize, because of the increase in the standard deduction as well as the elimination of the personal exemption(s) and capping of property/state tax deduction at $10,000, the threshold for itemizing has basically been doubled. The new way, their deduction is capped at the amount of winnings. Professional gamblers used to be able to deduct expenses as well as offset winnings with losses.

I'd like to add a little color to this article by pointing out a few changes that will go into effect for the 2018 tax year as a result of the new tax bill.

Downstream casino comps