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Discussion in 'Prop Bets & Side Bets' started by kaysirtap, Nov 19, 2011.
Well you know there is really only one way to tell if someone hit all six of the firebet...........
The Casino, per IRS Regulations, is required to issue the individual a W2G and withhold 25% of the gross winnings.
Yes it does suck and it does sting and puts a damper on the firebet win. The law is the law. Of course then means the winner does need to start getting there losses in order for the following year's 1040 tax return. A W-2G issued by the Casino to the IRS, does not go away,,,,,ever.
If someone hits it, then that really is the proof...........
On a side note, there is that possibility that bwelner is one hell of a craps player ( DI probably also ) and quite possibly has hit the firebet more than once.
Actually - it is 28%. That is what they withheld from me in PA.
In Kansas City, the did not withold anything - but did issue the W2G.
Luckily, two places I play most often issue won/loss records at the end of the year and I had enough documented losses to offset the win. So I had a nice present coming to me in April. Kindof the gift that keeps on giving.
Having said all of that, I still don't believe Mr. bwelner.
Well, I'm with $nake. Now, if bwelner had shown up and touted a fire bet system, or asked if anybody had heard of Brand X Fire Bet System at http://www.winningfirebet.com, or given a positive testimonial of same, then I would be suspicious. As it is I will await further posts from him/her.
Fire bet should be played for 5 bucks every time this I learned first hand today when a guy hit five points and I only had it for a buck thankful for that though. Which is another story in itself.
The dealers at most places tell me they see at least one or two a day.
I hit 2 5 point fire bet yesterday and hit a 4 point today I love this bet
Interesting slew of characters, that after 3 years, no longer post here. Love that clown who made one post and claimed 6 six point firebet wins, in one trip. And some fool posts innocent untill proven guilty. No, we should all say guilty untill we see your bank statement/W2G!!
Fire Bet Probabilities
4 points 1 in 113
5 points 1 in 610
6 points 1 in 6,156
I would like to deal with DeMango when shopping for a new car.
Wasted Fri afternoon, only to receive an MSRP price quote for purchase and trade offer about 9K less than my ride will fetch. Can't wait till they call to see if I'm interested. Unreal. Kept me from getting into the casino as well.
Some people have won state lotteries more than once.
Joan Ginther tops many multiple winners in lottery history. She has four wins of $2 million or more and that is considered a record for an individual.
Unfortunately, many more people buy tickets regularly over a life time and never hit the big one or even come close.
Clearly there are far more losers than winners for both the state lotto and the Fire Bet.
But if you're a gambler and feeling lucky .....
i see back-to-back12s or 2s or any hardway number hopping more often than a 4#fb...parlay once a $5 bet onna hopping 12 (or 2 or any hard number) = $4500...what does a $5 4# fb pay? (i know this varies greatly)... $4500 might exceed the max prop payout at your table...if so, one would adjust the initial bet amount to accord with the max payout...
now i realize too that you who make those fire bets are obviously not concerned about the outrageous HA on the bet but what you, also obviously, are looking for is the Big Payout...why not instead of one of the most popular ever, yet far-and-away (nothing comes close even) the all-time-worst bet in terms of house edge -- instead of that fire bet, why not parlay once hopping 2s, 12s or hardways?? the Big Payout is better--much better in some places I've seen--and you will win much more often...
just a possibly naive thought from a tough craps player who would never <sic> make either of those bets and there are likely flaws in the reasoning but...just sayin'...tom "home runs are often boring" p
i dont think this is completely accurate...every hour of the day (on average) peoples are cashing out in casinos all over the US for amounts greater than a $5 fire bet win and are not being issued W2Gs...QUESTION FOR THE FORUM: How many of you have colored up for, say, $2k or for, say, whatever your fire bet pays, OR MORE (but less than $10k), walked to the cage to cash out and were issued a W2G??
I was issued a w2g back in 2011 for a $13.8k craps cashout...the amount they withheld was $zero...was lead to believe at the time that the w2g trigger was $10k and indeed have cashed out a few other times for $5k - $8k+ wins and never was given the form...of course there is still a tax liability but (fortunately or unfortunately depending upon perspective) gambling losses would mitigate it...things may have changed since 2011...tom "home runs are often boring" p
I've never cashed out in excess of 10K, but have had several in the 3-6K range. Not one due to the fire bet. This would be difficult since I do not play it.
None of my wins have resulted in a W2.
thanks for your reply, kokomo...
JHPA, both of these incidents pertained to cashouts of $10k or more. Is that correct??
tom "home runs are often boring" p
W2-G is taxes due to the IRS on winnings over a certain amount. The $10k threshold may or may not involve the casino issuing you a W2-G, but there will be a CTR filled.
thank you. this link explains somewhat why a w2g is sometimes issued, sometimes not...
the link is about the relevant (ie pertaining to casinos) parts of the Bank Secrecy Act. The information, while perhaps accurate (or not. Wikipedia states right at the top that it has "issues"), is slightly misleading in that the daily, far-and-away most common use of the law is to collect taxes from honest individuals while the law's stated rationale is to prevent money laundering by criminals...
w2g or not, CTR filed or not, taxes are due on gambling winnings.
tom "home runs are often boring" p
31 CFR 103.36. Casinos
And then you have FinCen, www.fincen.gov.
I was quite pleased to learn that the IRS also understands that it's hard to beat the casinos. On audit, they accepted my statement that I had losses far exceeding my W2G's, even if you can only claim losses up to winnings. It didn't hurt that I added I was a degenerate gambler.
if your income is high enough, however ---- more specifically if it is your gambling winnings that bump you up to "high enough" ---- you can still be hurt taxwise even if you are able to deduct all of the winnings on sked A...that is to say there are certain credits/exemptions etc that drop off with the higher incomes that are applied prior to the sked a deductions (iirc from the 2014 1040 one of these was applied at something like $158k)... tom "home runs are often boring"