When those w-2g's start effecting your Social Security income they no longer represent real profit. If your AGI is too high you start losing benefits. This is usually only the case for those collecting those benefits. Otherwise it only effects your deductions on Schedule A.
Sure you get to write off gambling losses against winnings, so for the younger crowd it is not an issue.
--- In vpFREE@yahoogroups.com, "rob.singer1111@yahoo.com" <rob.singer1111@...> wrote:
>
> Why don't they represent profit? I' ve always tried to collect as many W2g's as I could get my hands on. How they affect AGI should never become a factor if a player is going to play to win. And like our friends at GE have discovered, "creative accounting" is a means to a very meaningful end.
>
> Sent from my Verizon Wireless 4GLTE smartphone
>
> ----- Reply message -----
> From: "vp_wiz" <harry.porter@...>
> To: <vpFREE@yahoogroups.com>
> Subject: [vpFREE] Re: FSP strategy ideas
> Date: Sun, Jan 22, 2012 11:26 pm
> Cardfather wrote:
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> > HUH? Just me being me......I would happily pay the taxes on $5 & up royals EVERY DAY OF MY LIFE.
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> > BUT, that's just me. :)
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> Assume the concern isn't with RF w-2G's, but with those issued on lower level hits (SF's, multiline quads, etc). They don't represent profit, but serve to inflate AGI and can reduce legitimate deductions via phase-outs, etc.
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> - H.
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> [Non-text portions of this message have been removed]
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