Inferno Slot Jimmie Clemons, retired, received a Form W-2G reporting $44,800.00 in winnings from a casino. As his gambling losses for the year were quite $44,800.00, he didn’t report any winnings or losses on his 1040.
The Tax Court, in Jimmie L Clemons T.C. Summary Opinion 2005-109, upheld the IRS position that gross gambling winnings must be reported as income on Page 1 of the income tax return , with losses, to the extent of winnings, allowed as a “miscellaneous” Itemized Deduction. The losses are often deducted fully on Schedule A, and aren’t subject to the two of AGI exclusion.
While Jimmie was ready to deduct $44,800.00 in losses to wipe out his $44,800.00 of income, the very fact that the winnings were included in his Adjusted Gross Income caused 85% of his Social Security benefits to be taxed!
As a tax professional with a practice in New Jersey, and my share of normal lottery players and senior citizens who frequent the casinos of Atlantic City as clients, I even have seen many examples where a taxpayer with net gambling losses for the year is royally screwed by “Uncle Sam”.
Traditional slots vs Inferno slot: what is your style?
Historically, slot games were known as a second-class gambling game in the past. Usually, in fancy casinos, slot players did not receive the same treatment as the ones table-players enjoyed. However, nowadays, the reputation of these games has transformed. In fact, more than 75% of the revenue that casinos generate comes from a slot game, whether a traditional or Inferno slot. More than half of new players who visit casinos for the first time prefer starting from slot games. This is because the game is simple to play. All you need to do is put a coin/set your bet and pull the lever/ push the spin button. They do not need to study overwhelming rules of table games and enjoy shiny, colourful visuals and catchy sounds of slot machines. Who does not like the sound of jingling coins when winning combination is landed?
Slot games have an extensive history through which various types of slots emerged. Nowadays, you can play a classic, progressive, multi-line, multi-reel, online, video, and Inferno slot. Those types have different features, and sometimes it might seem challenging to choose the one that fits your interest the best. In this article, you can learn about different types with a particular focus on an Inferno slot. Besides, some tricks about winning the slots will be shared, so that you gain great prizes, too.
History of Slot Machines
Let’s start by getting acquainted with the slot machine history and processes. The first coin-operated slot machine was designed in San Francisco in 1894. Traditionally, slot machines are devices to play a slot game and win prizes. For this, you need to drop a token or some coins and pull the handle. Then you will see several spinning reels with different symbols on them. Famous symbols are in the form of fruits, cards, or numbers. Traditional slots’ retro style is easily noticeable as you can always see delicious fruit visuals and words like a jackpot. Slot machines were sometimes banned in several countries. However, after World War II, many countries, including France, raised bans on slot machines as governments needed more taxes. Traditional machines attracted gamers with its sounds of spinning reels, catchy, colorful symbols, and jangle of cash prizes.
The history of video slots started in 1975. What was different is that it does video slot machines did not have physical reels, and thus, people were skeptical about them. However, soon, the game becomes wide-spread, and it marked the beginning of a new era in slot machine history. Besides, video slots are more attractive than traditional ones because of jackpots. As the network has grown, more games are played, and jackpots accumulate. That is the reason why slot machines outweighed any other gambling game in the beginning of the 90’s.
Online Games of Inferno Slot
The most critical breakthrough in slot machine history happened in 1996 when multi-line machines were invented. The new features ensured more bets on lines, thus, increased the probability of winning. In online games, there exist several pay lines, and if you bet on all of them, you will have more opportunities to land winning combinations. Despite the fact that people liked pulling a lever and watching reels spinning, the new system of online games gained instant popularity. Instead of a lever, players push the spin button and watch symbols land on the reels. Though online slot machine games emerged and became extremely famous, traditional machines did not lose their popularity.