I had another successful year playing VP in 2007. This is the time of
the year to accumulate tax information, so I asked for a won/loss
statement from a casino that I had been on the negative side. I was
quite surprised to find it was about $1500 more than my calculations.
I realized that this difference was the amount of free play that I had
from this casino. So, this free play comes to me in a tax free manner
(unlike other money in my pocket) and in addition if I lose this money
(I did), I get to take it as a tax deduction as a gambling loss on my
schedule A.
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