Rolex at the Wynn in Vegas

[Boopie]

My husband and I stopped into the Wynn's Rolex store in Las Vegas on Saturday, as well as some of the other fine watch shops there. We went in for the first time last year, and enjoyed the Rolex museum in the back. The store always has a fantastic selection of watches.

I noticed a rather large display in the window, but without a BLNR. When we went inside to the display cases, there was none in there, either. The sales lady said they were sold out, and that it flies out of the store.

We did get to see the newish Pepsi GMT (in white gold, of course), which looked very sharp with its ceramic bezel. There was also a large selection of Daytonas.

The original Pepsi GMT was on display in the museum, so it was fun to compare it to my husband's 16710.

No purchases were made, however.

The store is owned by Wynn (according to staff). I heard that if someone wins big gambling, they can take the money straight to the Rolex store (or any of the other Wynn-owned shops, which include another fine watch shop selling PP and VC) and make a purchase without having to declare taxes on the winnings. Is that true?

There is also a stand-alone JLC shop with nice staff there (scored a hardbound catalog without having to ask). We didn't go in the IWC shop, as did that last year.

[Tools]

Originally Posted by Boopie

. . .

The store is owned by Wynn (according to staff). I heard that if someone wins big gambling, they can take the money straight to the Rolex store (or any of the other Wynn-owned shops, which include another fine watch shop selling PP and VC) and make a purchase without having to declare taxes on the winnings. Is that true?

. . .

Gambling winnings are taxable regardless of the form they come in..

[Trouble15]

Originally Posted by Tools

Gambling winnings are taxable regardless of the form they come in..

[the_Hunter]

They may be able to take the winnings to the shop before it gets taxed but if you win big you are going to get a W-2G and the tax man will get his in the end.

[SMD]

Over a certain amount and they withhold at source and remit to the IRS directly. So no, it is not true.

[THC]

Now the shop itself may forego the sales tax, maybe that is what she means? ..

[GerardoG]

Originally Posted by Boopie

My husband and I stopped into the Wynn's Rolex store in Las Vegas on Saturday, as well as some of the other fine watch shops there. We went in for the first time last year, and enjoyed the Rolex museum in the back. The store always has a fantastic selection of watches.

I noticed a rather large display in the window, but without a BLNR. When we went inside to the display cases, there was none in there, either. The sales lady said they were sold out, and that it flies out of the store.

We did get to see the newish Pepsi GMT (in white gold, of course), which looked very sharp with its ceramic bezel. There was also a large selection of Daytonas.

The original Pepsi GMT was on display in the museum, so it was fun to compare it to my husband's 16710.

No purchases were made, however.

The store is owned by Wynn (according to staff). I heard that if someone wins big gambling, they can take the money straight to the Rolex store (or any of the other Wynn-owned shops, which include another fine watch shop selling PP and VC) and make a purchase without having to declare taxes on the winnings. Is that true?

There is also a stand-alone JLC shop with nice staff there (scored a hardbound catalog without having to ask). We didn't go in the IWC shop, as did that last year.

Rolex @ Wynn is always fun!!!!!

[Runnin' Rebel]

Originally Posted by Tools

Gambling winnings are taxable regardless of the form they come in..

Buzz kill.com

[Runnin' Rebel]

Originally Posted by SMD

Over a certain amount and they withhold at source and remit to the IRS directly. So no, it is not true.

I believe anything on machines over 1199.00 they give you a form, not withhold.

Now during the WSOP if you were from out of country they auto take 30% of winnings in the tourney but if your from U.S. you still have a form to sign but they didn't hold any money.

As a matter of fact, casinos don't withhold, they make you sign a IRS form which they send a copy to the IRS. Unless this has changed in the last few months.

Anything over 9999.99 a form is generated for the IRS, casino cage cash out, deposits anything at the casino cage. Like I said above though, machines pay outs of 1199.99 or more a form is handed to you to sign

[77T]

This is why Bobby's Room is better place if you plan to win big...

But for most people with 10K+ to gamble, better to buy a Rolex at the Wynn


Sent from my iPhone using Tapatalk

[tg147]

A little off topic here.

Say you had already lost $20k and you won back $20k, do you still have to pay tax on those winnings even though you broke even?
It's great that here in Australia you don't have to pay tax on winnings even on the lottery.

[Runnin' Rebel]

I'm not an accountant but know a buddy who has a cousin who is an accountant and from what I heard you have to declare all your winnings, but you can off set the tax by claiming what you have lost, up to the amount you have won.

[Runnin' Rebel]

Hijack city

[Abdullah71601]

Originally Posted by Runnin' Rebel

I'm not an accountant but know a buddy who has a cousin who is an accountant and from what I heard you have to declare all your winnings, but you can off set the tax by claiming what you have lost, up to the amount you have won.

I'm not an accountant either, but I have a brother who is a black jack player. You claim your losses and your winnings. The tax is settled on your return (not at the cashiers window or the Rolex store ).

[SMD]

Originally Posted by Runnin' Rebel

I believe anything on machines over 1199.00 they give you a form, not withhold.

Now during the WSOP if you were from out of country they auto take 30% of winnings in the tourney but if your from U.S. you still have a form to sign but they didn't hold any money.

As a matter of fact, casinos don't withhold, they make you sign a IRS form which they send a copy to the IRS. Unless this has changed in the last few months.

Anything over 9999.99 a form is generated for the IRS, casino cage cash out, deposits anything at the casino cage. Like I said above though, machines pay outs of 1199.99 or more a form is handed to you to sign

The answer is it depends...

http://www.irs.gov/instructions/iw2g/ar02.html#d0e170

[EddyG]

Declare winnings? never done that here in the UK haha

[T. Ferguson]

You can use losses to offset winnings but you cannot take a net loss on gambling activity (unless perhaps your occupation is professional gambler). And you'd better be able to document your losses. That's one reason many high rollers use markers. Of course you can also go into the sports book and rummage through the trash for losing tickets.

Back on topic, I've heard AD's say some outrageous things but that has got to be one of the worst and potentially destructive statements to come out of a AD in a long time.

I suppose if you win big say at the craps table you can run off with your chips and get lost in the crowd before they complete the form, then you can duck into the boutique and they will take the chips as payment. But that doesn't change your liability for the taxes.

[Dante221]

Originally Posted by the_Hunter

They may be able to take the winnings to the shop before it gets taxed but if you win big you are going to get a W-2G and the tax man will get his in the end.

which "end" is gonna get it.
Dante

[Tri-Tip]

Originally Posted by Runnin' Rebel

I'm not an accountant but know a buddy who has a cousin who is an accountant and from what I heard you have to declare all your winnings, but you can off set the tax by claiming what you have lost, up to the amount you have won.

A friend of mine was a decent-sized blackjack player back in the 90's. He would always play on credit, that way there was a tracking of how much he "invested" that he could use to offset any winnings.

Funny part is that he never won, but he kept trying for a long time.

Used to brag how Mirage would send a limo to the airport to pick him up, and he ate for free at the best restaurants at the hotel. Of course, if he dropped $25K at the tables over the weekend, none of that was really free.

[watchwatcher]

Man, if that was true, I'd be on the next plane to Vegas.

[lzz73]

Gambling "income" is no different than any other income, generally speaking.

[kepr]

Originally Posted by EddyG

Declare winnings? never done that here in the UK haha

They're not taxable in the UK.

[the_Hunter]

Originally Posted by Dante221

which "end" is gonna get it.
Dante

I can't answer this question with out it sounding very inappropriate

[cruise_bone]

Originally Posted by Tools

Gambling winnings are taxable regardless of the form they come in..

You can also use gambling losses to offset winnings. But you can't take more losses than winnings.

As to the 1099-hit, it's a pretty low threshold, like $600.