Planning on Going to Vegas

Forum: Las Vegas
Author: [Las Vegas] Topic: Planning on Going to Vegas
bgrimm101 PM bgrimm101
Joined: Sep 2009
Posts: 845
 
bgrimm101
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Posted: 3/28/2012 12:00:51 PM
For the 1st time for a WSOP event at the end of June/Start of July and have a few questions.

Ive read many things on the tax laws for gambling in the USA and they are all saying something different it seems. If I law down 1100 to win 1000 on a sports game to i get taxed on my winnings? Or 500 to win on a 3:1 Horse that pays me $2000? If i sit down at a poker table and cash out $2000, do i get taxed?

Is it really busy there at this time of year?

Since the WSOP is at the RIO, which hotels would I be bes to stay at that are in walking distance to that?

Thank you for any answers you provide it is much apretiated.
BigJeezy70 PM BigJeezy70
Joined: Jul 2010
Posts: 307
Indiana
 
BigJeezy70
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Posted: 3/28/2012 6:34:53 PM

Walking distance to Rio???

The Gold Coast and the Palms are the only "close" hotels to Rio.  There is a shuttle bus that goes from Rio to Harrahs every day tho.

So you can still stay on the Strip.

 

jamesxnj PM jamesxnj
Joined: Nov 2010
Posts: 903
Florida
 
jamesxnj
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Posted: 3/28/2012 8:29:35 PM

Check out IRS.gov and W2 instructions on when taxes kick in,you would be ok in the scenarios you questioned.But if you were to hit a slot machine jackpot that pays over $1200,here comes the dreaded w2..same for a $2 trifecta wager you made that pays more than $600 or 300-1.It also states Poker tourney winnings are taxed at $5000,but after the cost of the buy-in..

I happened to be staying at the Rio WSOP opening day in June 08,and Vegas did not seem esp.busy then.

And I will recomend simply staying at the Rio unless you want something cheaper,than that has to be the Gold Coast.5 minute walk across the street,but a whole different scene with small but clean rooms.Good place for lower budget travelers..Many visitors from the UK stay there if that matters to you. Best Wishes

bgrimm101 PM bgrimm101
Joined: Sep 2009
Posts: 845
 
bgrimm101
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Posted: 3/28/2012 11:43:09 PM
thank you guys a lot for the help.
nc1capper PM nc1capper
Joined: Aug 2007
Posts: 16348
North Carolina
 
nc1capper
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Posted: 3/29/2012 12:36:42 AM
keep an eye out for info from Vegas Gourmet- he is the resident vegas guru and knows all - dont hate,,but seems like a fairly big player such as yourself would be a "cab" guy for sure,,,most folks have a limited time in the naked city and poundin the pavement with pat and charlie aint where it's at--again--not hatin--just wondering - oh yeah, enjoy Vegas
Forum: Las Vegas
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