[vpFREE] Re: Tax Consequences was FSP strategy ideas

 

I find it a little strange that Rob Singer has no idea of the tax consequences of W-2s. Of course, you can avoid the AGI problem if you file a Sched C as a professional gambler, but this is not allowed by the IRS for everyone who plays negative games and even for most APs.

Harry and Jean are both correct and indicate there is a long list of negative tax issues. I want to mention that W-2s do not reduce your Social Security benefits, but they can increase the taxes you may need to pay on your SS benefits. Only half of your SS benefits are taxable but only if you exceed a rather low income threshold.

If you are paying a Medicare premium you may end up paying a much higher premium if your AGI goes over $85,000. This negative consequence is not well known because it does not affect your taxes.

If you live in a state that does not allow you to itemize your losses you can really get whacked with a huge state tax. One high roller on this board found out the hard way.

If you intend to play a lot at higher denom you really must be aware of the tax and Medicare issues.

Chris

--- In vpFREE@yahoogroups.com, "Queen of Comps" <queenofcomps@...> wrote:
>
> In Tax Help for Gamblers I have a long list of items that can be affected negatively when W-2Gs inflate your AGI. In the 1st edition that list is on pages 45-46. A newly-updated edition is coming out next month, both in eBook and hard copy form, but I don’t know the exact page # that will have that information. But it will be in the same chapter, “Filing Your Return,” which discusses at length this problem for many recreational gamblers.
>
> --------------------------------
> Jean $¢ott, Frugal Gambler
> http://queenofcomps.com/
> You can read my blog at
> http://jscott.lvablog.com/
> .
>
>
>
> [Non-text portions of this message have been removed]
>

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Re: [vpFREE] Re: Question on Dream Card VP

 

I have always had luck with the one in Bellagio. It's close to where the expensive shops are. Been dealt 4 aces with kicker as well as a royal while playing 5 hands.

Sent from my iPhone

On Jan 24, 2012, at 7:46 PM, st.tropez97@yahoo.com wrote:

> > "jvferg72" <jvferg72@...> wrote:
> >
> > I seem to recall hearing that South Point is the best
> > place to play dream card. I will have a better answer for
> > you in a week and a half as I will be in town and intend to
> > play there.
> >
> > Does anyone have specific info on the dream card games
> > they offer?
>
> I looked around South Point today and didn't see any Dream Card machines. A slot tech said they used to have some but not any more.
>

[Non-text portions of this message have been removed]

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[vpFREE] Re: Question on Dream Card VP

 

> "jvferg72" <jvferg72@...> wrote:
>
> I seem to recall hearing that South Point is the best
> place to play dream card. I will have a better answer for
> you in a week and a half as I will be in town and intend to
> play there.
>
> Does anyone have specific info on the dream card games
> they offer?
 
I looked around South Point today and didn't see any Dream Card machines. A slot tech said they used to have some but not any more.

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Re: [vpFREE] Re: free wifin near Sam's Town Casino. LV

 


note: the wifi at KK in fitzgerald's is open ONLY during their business hours...security at F will NOT allow you to sit and connect when KK is closed.

------------------------------
On Tue, Jan 24, 2012 5:15 PM PST straub4 wrote:

>
>
>
>I found a couple of Wi-Fi lists indicating that Krispy Creme in Fitzgerald's Casino on Fremont St has free Wi-Fi.

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Re: [vpFREE] Re: Tax Consequences was FSP strategy ideas

 

In Tax Help for Gamblers I have a long list of items that can be affected negatively when W-2Gs inflate your AGI. In the 1st edition that list is on pages 45-46. A newly-updated edition is coming out next month, both in eBook and hard copy form, but I don't know the exact page # that will have that information. But it will be in the same chapter, "Filing Your Return," which discusses at length this problem for many recreational gamblers.

--------------------------------
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/
.


[Non-text portions of this message have been removed]

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[vpFREE] Jean Scott's Frugal Vegas LVA BLOG - 24 JAN 2012

 

Jean Scott's Frugal Vegas LVA BLOG - 24 JAN 2012

"Hammond Horseshoe Trip Report"

http://jscott.lvablog.com/?p=1816

<a href="http://jscott.lvablog.com/?p=1816">
http://jscott.lvablog.com/?p=1816</a>

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This link is posted for informational purposes
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of the linked article's content by vpFREE. Any
discussion of the article must be done in
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[vpFREE] Re: free wifin near Sam's Town Casino. LV

 



I found a couple of Wi-Fi lists indicating that Krispy Creme in Fitzgerald's Casino on Fremont St has free Wi-Fi.

ST

--- In vpFREE@yahoogroups.com, "donald" <seetrout699@...> wrote:
>
> Is there free wifi within Sam's- ie. McDonalds- please let me know it there is any in the casino.
>
> Does anyone know of any availability nearby?
>
> What about at or near any of the casinos on Freemont Street for non-registered guests?
>
> Thank you in advance from Canada.
>

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[vpFREE] Re: FSP strategy ideas

 



>
> 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.
>
> - H.

You nailed it Harry, as always ;-) 2006/7 was my eye-opener. $860K in W2Gs, a net loss of $30K, and a tax bill that got inflated by over $26K because of the AGI impact. Having that huge stack of paperwork, without the actual wins, made me re-think my play.

I has been interesting to hear everyone's perspectives, though!

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[vpFREE] Re: Question on Dream Card VP

 

--- In vpFREE@yahoogroups.com, "sg0dm2" <sg0dm2@...> wrote:
>
>   Where are they at Atlantis? I have looked but never found them.

By the gift shop, at least at one time.

Dream Card can be hard to spot because the glass almost looks like regular 3/5/10 play or spinpoker.

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[vpFREE] Re: free wifin near Sam's Town Casino. LV

 

main street station has free wifi downtown ... tables near the slot club.  

they claim you have to be a registered guest to use it ... but before i lived here, i'd give them play both before and after i sat down -just leaving my slot card on the table next to my netbook- and never had a problem.

[Non-text portions of this message have been removed]

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[vpFREE] free wifin near Sam's Town Casino. LV

 

Is there free wifi within Sam's- ie. McDonalds- please let me know it there is any in the casino.

Does anyone know of any availability nearby?

What about at or near any of the casinos on Freemont Street for non-registered guests?

Thank you in advance from Canada.

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[vpFREE] Re: Tax Consequences was FSP strategy ideas

 

Probably the most common effects are the loss of medical deductions and
casualty losses on Schedule A due to rise in AGI and the eligibility losses
on things like the Roth IRA because your AGI rose too high -- compared to a
normal work situation where, given the same net income, you would qualify
for the Roth without penalty because you don't have a bunch of W2s that kick
you over the limit.

As for younger people, the W2gs/1099s are an issue in that most of them are
taking the standard deduction. In order to claim losses they need to file
a schedule A which negates some/most of the benefits of the standard
deduction. If they don't get a lot of W2Gs, it might be better to just eat them &
stay with the standard deduction. In a way this is also a caution for the
occasional gambler using the standard deduction -- YOU COULD LOSE or BE A
SMALL WINNER & NOT BE ABLE TO CLAIM ANY LOSSES because losing the standard
deduction could be worse than not claiming the losses.


In a message dated 1/24/2012 7:24:21 A.M. Pacific Standard Time,
vpFREE@yahoogroups.com writes:

_Re: FSP strategy ideas _
(http://groups.yahoo.com/group/vpFREE/message/119024;_ylc=X3oDMTJzNm9nM25yBF9TAzk3MzU5NzE1BGdycElkAzQ2NDEwMTcEZ3Jwc3BJZAMxNzA1
MDY1NzMyBG1zZ0lkAzExOTAyNARzZWMDZG1zZwRzbGsDdm1zZwRzdGltZQMxMzI3NDE4NjU2)
Posted by: "vp_wiz" _harry.porter@verizon.net _
(mailto:harry.porter@verizon.net?Subject= Re:%20FSP%20strategy%20ideas) _vp_wiz _
(http://profiles.yahoo.com/vp_wiz)
Mon Jan 23, 2012 10:17 am (PST)

the7thwarrior wrote:
>
> 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.

[Non-text portions of this message have been removed]

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Re: [vpFREE] Super Bowl weekend

 

Only question I can speak to is the 7* quarterly golf comp for two at Rio Secco. Yes, it is offered to non local 7* players. At one time I was told it could not be combined with a 7* annual trip but this proved to be untrue. I've used it on my last two 7* annual trips, and plan to again in March. You can have it set up ahead or by a local host after you are there.
Bill
.


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[vpFREE] Super Bowl weekend

 

I will be LV on 7star trip at Caesars. Is there anywhere to find "events" like slot or blackjack tourneys, drawings, etc for Harrah's properties? When I go on their websites, all I can find is "Entertainment". Does anyone know of anything special going on that weekend other than the parties listed on LVA? I used to get info on big ($1000 entry fee) tourneys at Caesars, Bellagio, etc but it seems hard to find that info now unless you get an invite. Does anyone know if the quarterly golf comp is valid for non LV 7stars? Any suggestions for the free show tickets? Anyone seen Absinthe? Thanks for any help. RW.

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[vpFREE] Policy change on taxation of comped/employee meals in NV casinos

 

See this LV Sun article:
LV Sun
<http://www.lasvegassun.com/news/2012/jan/24/nv-comped-casino-meals-1st-\
ld-writethru/>

I sometimes use my cash points for small meal/snack purchases just
because no tax is currently charged.
#@&^%&#!*^, another perk slipping away!
G'luck all,Gamb00ler

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[vpFREE] Bob Dancer's LV Advisor Column - 24 JAN 2012

 

Bob Dancer's LV Advisor Column - 24 JAN 2012

"You Are What Your Record Says You Are --- NOT"

http://www.lasvegasadvisor.com/bob_dancer/2012/0124.cfm

<a href="http://www.lasvegasadvisor.com/bob_dancer/2012/0124.cfm">
http://www.lasvegasadvisor.com/bob_dancer/2012/0124.cfm</a>

*************************************************
This link is posted for informational purposes
and doesn't constitute an endorsement or approval
of the linked article's content by vpFREE. Any
discussion of the article must be done in
accordance with vpFREE's rules and policies.
*************************************************

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