Empire City Casino Tax Forms
Video Lottery Terminals and Electronic Table Games: Similar in appearance to classic slot machines or as simulated classic table games, these terminals are linked to a centralized system maintained by the Gaming Commission that tracks the game play and earnings for each game. 810 Yonkers Avenue Yonkers, NY 10704 Phone 914.457.2627 Fax 914.457.2507 RaceOffice@yonkersraceway.com. Purse Authorization Form Fax: 914.457.2567. This past weekend while playing slots at Empire City Casino (Yonkers Raceway, NY), I was fortunate enough to hit a progressive jackpot for $1,031.10. I was mildly surprised when a payout slip for the amount of the progressive popped out of the machine; I put it away until it was time to leave. Get And Sign Empire City Win Loss Statement 2012-2020 Form. Holder’s Signature Date Please bring this form to the Empire City Promotions Booth Other methods to request a statement: MAIL Win/Loss Department 2012 Win/Loss Request Empire City Casino at Yonkers Raceway 810 Yonkers Avenue Yonkers, NY 10704 Fax: 914.457.2419 For any questions or comments please call 914.457.2515 or winloss.
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The way it works is any win over 600 automatically prints out a ticket instead of adding to your existing money to bet.
Now I have several thousand in tickets but am a bit concerned about what the tax implications will be.
So far I've cashed about 1800 in tickets, I've had to show ID and gave my social. However, the cashier told me 'no tax taken'.
I assume I'm under some threshold that I may reach in the near future.
I am a resident of NJ and the casino is in NY, not sure what difference that may make.
I've seen the mentions of the 300:1 rule. Not sure how that applies to roulette because you could never get a 300-1 payout.
Thanks
You must report it on your tax return.
http://en.wikipedia.org/wiki/Casino_regulations_under_the_Bank_Secrecy_Act
As others have said, you technically due owe tax for a net gambling win for the year; however, you are allowed to deduct losses for this purpose. So if you win $1000 in one session, lose $800 in another, and win $200 in another, lose $400 in another, and win $300 in the last session of the year, you are supposed to pay taxes on the following amount of winnings: $1000 - $800 + $200 - $400 + $300 = $300.
Here is the applicable New York state law:
http://gaming.ny.gov/pdf/New%20York%20State%20Gaming%20Commission%20rules%20(Lottery).pdf
Sect. 2836-20.3 Credit Redemption
(b) When any prize won at a video lottery terminal exceeds the threshold for
reportable lottery winnings established by the Internal Revenue Service, the video
lottery terminal shall print a voucher which shall only be redeemable at an attended
validation terminal. The attendant at such validation terminal shall obtain personal
identifying information from the prize winner for tax reporting purposes.
(c) When any prize won at a video lottery terminal exceeds $2,000, or such other
amount determined and published by the division, the video lottery terminal shall
enter a lock up state and an attendant shall be called to verify, initiate and witness the
printing of the voucher and shall document same.
Note: $600 is the federal lottery threshhold. So you may be getting tax forms come February, or whatever. So keep records to count losses against this.
I'm keeping excel records but most of my bankroll I started with cash, so is there a standard way to itemize your losses to be acceptable to the feds?
This is what I was thinking is the case. So how can you itemize your losses without scrutiny?
I'm keeping excel records but most of my bankroll I started with cash, so is there a standard way to itemize your losses to be acceptable to the feds?
Something like Excel should be good enough.
See my edit: Since you are technically playing a 'video lottery' game (that behaves exactly like roulette, yes it makes no sense), you are subject to the IRS rules on lottery winnings and the 300:1 rule is irrelevant. Also note, video poker in NY racinos are not from a standard deck either.
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