RE: [vpFREE] New unearned income tax

 

I've been following this since it started. While we won't know for sure
until the IRS actually spells it out, all of the articles I've read other
than the one you quoted from Russ Fox say that the tax is only on net
investment income, which probably does not include gambling winnings.
However, in the same way that boosting your AGI already costs you more in
phased-out deductions, it will also mean that the 3.8% tax will apply to
more or all of your investment income.

Filing as a pro may actually cost you more if you don't have huge investment
income, since there is self-employment tax and an increased Medicare tax.

I'm watching this closely in case Russ is right and gambling winnings are
subject to the 3.8% tax, but so far all the other authorities I've read
don't mention gambling winnings.

Cogno

-----Original Message-----
From: vpFREE@yahoogroups.com [mailto:vpFREE@yahoogroups.com] On Behalf Of
sulbimenfg311
Sent: Monday, September 17, 2012 9:46 PM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] New unearned income tax

In 2013 a 3.8% unearned income tax goes into effect for taxpayers with MAGI
over $200,000 if single and $250,000 if married. Gambling income BEFORE
deductions for losses counts as unearned income. As someone who plays mostly
$10 machines I guess I'll have to move way down in stakes, file as a pro, or
give up VP. Since a large percentage of my income comes from other sources,
not sure filing as a pro is an option. Just wondering how everyone who plays
stakes high enough to be impacted by the new law is planning on handling
this..

Taken from
http://www.taxabletalk.com/2010/03/18/unearned-income-tax-in-new-healthcare-
bill-will-impact-gambling/

"The new healthcare legislation contains plenty of taxes. One especially bad
one is a new 3.8% tax on unearned income above $200,000. This will have a
very bad impact on amateur gamblers.

When I last looked at the bill, the tax was 2.9%. In the "final" version of
the bill, it's up to 3.8%. Let's take a hypothetical gambler, Joe Student.
Mr. Student has $500,000 of winning sessions and $495,000 of losing
sessions. After his standard deduction and exemption he owes no tax.

But not in the near future. He'll owe 3.8% on $300,000 of mostly phantom
income, or $11,400. What will Joe Student do? He'll cheat on his taxes, of
course. Pay $6,400 more than what he made on his income-you must be kidding!
But that's exactly what the legislation dictates."

------------------------------------

vpFREE Links: http://www.west-point.org/users/usma1955/20228/V/Links.htm

Yahoo! Groups Links

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[vpFREE] New unearned income tax

 

In 2013 a 3.8% unearned income tax goes into effect for taxpayers with MAGI over $200,000 if single and $250,000 if married. Gambling income BEFORE deductions for losses counts as unearned income. As someone who plays mostly $10 machines I guess I'll have to move way down in stakes, file as a pro, or give up VP. Since a large percentage of my income comes from other sources, not sure filing as a pro is an option. Just wondering how everyone who plays stakes high enough to be impacted by the new law is planning on handling this..

Taken from
http://www.taxabletalk.com/2010/03/18/unearned-income-tax-in-new-healthcare-bill-will-impact-gambling/

"The new healthcare legislation contains plenty of taxes. One especially bad one is a new 3.8% tax on unearned income above $200,000. This will have a very bad impact on amateur gamblers.

When I last looked at the bill, the tax was 2.9%. In the "final" version of the bill, it's up to 3.8%. Let's take a hypothetical gambler, Joe Student. Mr. Student has $500,000 of winning sessions and $495,000 of losing sessions. After his standard deduction and exemption he owes no tax.

But not in the near future. He'll owe 3.8% on $300,000 of mostly phantom income, or $11,400. What will Joe Student do? He'll cheat on his taxes, of course. Pay $6,400 more than what he made on his income—you must be kidding! But that's exactly what the legislation dictates."

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[vpFREE] Re: LVRJ: LV Imperial Palace to be re-named The Quad Resort

 



--- In vpFREE@yahoogroups.com, vpFREE Administrator <vpfree3355@...> wrote:
>
> LVRJ: LV Imperial Palace to be re-named The Quad Resort
>
> http://www.lvrj.com/business/imperial-palace-on-strip-to-be-re-named-the-quad-resort-170090896.html
>
> or
>
> http://tinyurl.com/8bntczw
>
> <a href="http://tinyurl.com/8bntczw">
> http://tinyurl.com/8bntczw</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.
> *************************************************
>

I know what the IP should be re-named but I can't print it here as it would offend too many people. Suffice to say this piece of trash on the Strip should have been closed a long time ago.

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[vpFREE] LVRJ: LV Imperial Palace to be re-named The Quad Resort

 

LVRJ: LV Imperial Palace to be re-named The Quad Resort

http://www.lvrj.com/business/imperial-palace-on-strip-to-be-re-named-the-quad-resort-170090896.html

or

http://tinyurl.com/8bntczw

<a href="http://tinyurl.com/8bntczw">
http://tinyurl.com/8bntczw</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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Re: [vpFREE] Re: M Resort - not even a casino rate?

 

Harry, you might have missed how the poster identified very little play. It's confusing how he'd expect a comp room out of that anyway. I've always found the M very liberal in their comps, but in all the times I've been there as an invited guest, I've never spoken to a host in person or on the phone. The mailed offers are quite good and probably better in that respect.

Suggest the poster give them some of that "hard play" then watch the offers roll in. That strategy trumpet charm every time.

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[vpFREE] LVA Question of the Day - 17 SEP 2012

 

LVA Question of the Day - 17 SEP 2012

Q: An article I was reading mentioned a future construction
project that they called "Bally's Grand Bazaar". I was
wondering if you had any info on this...what exactly is it,
when construction is scheduled to begin/end, etc.?

Read the answer here:

http://www.lasvegasadvisor.com/qod.cfm

<a href="http://www.lasvegasadvisor.com/qod.cfm">
http://www.lasvegasadvisor.com/qod.cfm</a>

NOTE: vpFREE access to the Question of the Day link has
been approved by LVA and expires after the current day
for non-LVA members.

*************************************************
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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Re: [vpFREE] Re: Bankroll Requirements

 

Thanks Dunbar,
Pleased let me know when the upgrade to triple play is ready so that I can order a CD,
Thanks
Joel

________________________________
From: dunbar_dra <h_dunbar@hotmail.com>
To: vpFREE@yahoogroups.com
Sent: Monday, September 17, 2012 2:17 AM
Subject: [vpFREE] Re: Bankroll Requirements


 

--- In vpFREE@yahoogroups.com, joel0457 <joel0457@...> wrote:
>
> Hi,
> I recently moved and can't find my Dunbar Cd. If someone could run the following calcs for me I would appreciate it:
>
> The bankroll requirement with 90% confidence for:
>
> 4000 hands of $5 9/6 JOB
> 4000 hands of $5 8/5  BP
>
> 3333 hands of $2 9/6 JOB Triple Play
> 3333 hands of $2 8/5 BP Triple Play
>
> Thanks
> Joel

Joel, Dunbar's Risk Analyzer for Video Poker does not handle Triple Play, though I am working on an upgrade that will. I'll give you the results from my in-progress version.

4000 hands of $5 9/6 JOB--$6900
4000 hands of $5 8/5 BP--$7800

3333 hands of $2 9/6 JOB Triple Play--$5700
3333 hands of $2 8/5 BP Triple Play--$6500

For each case, the listed bankroll is enough to assure completing the play with 90% certainty. I didn't include tipping or an error rate.

--Dunbar

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

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[vpFREE] Re: M Resort - not even a casino rate?

 



--- In vpFREE@yahoogroups.com, "johnvegas7" <johnvegas7@...> wrote:
>
> Hi Gang,
>
> Been staying on room comps (suites) at Green Valley Resort and Red Rock for years. Background: also get mailers for free nights at Wynn and Venetian. Decided we might like to give M Resort a try for a night. No particular reason - just would like a different option.
>
> Have the Imagine card but with little play. Phoned the casino, was put through to the host on duty. Asked her if we could come in on a Monday night (no conventions + a slow week) and gave her my card #. She turned us down - would not offer a casino rate. Thought she was rude about it too.
>
> Suggestions appreciated on how to get a casino rate at M. Pretty sure we would wind up with a comped room - we hit VP hard!
>

While I grasp your good intention here, I'll observe you've stubbed your toe at least twice ...

I presume you signed up for an Imagine card to score some modest premium, and gave play in kind. In doing so, you risk burning any potential goodwill should you later decide to re-approach the casino ... No matter how strong your play elsewhere.

If the casino in question is one that there's any chance you might have residual inteest, then I find the best strategy is to at least posture my play at minimm as a nominally interesting "player", or just forego the come-on promo.

Your second "stumble in the dark" was the complete cold call inquiry. At the very least, it would have been better to consult their website, which provides a list of casino hosts, select one low on the totem (who maybe hungry for a new player) and turn on the charm with a phone call. (An easy manner and a good sense of humor can work magic ... Of course, I'm not suggesting I possess either of those qualities ;)

I'm not taking you to task here ... My intent is really to provide food for thought for others who find themselves in a similar position down the pike ...

Seriously, though, the tact I would have opted for in your shoes would be to tap the casual network of player acquaintances I've developed over the years, viagroups such as this and in person in the casino, to find someone with an established host relationship at M Resort, and ask them to introduce me to their host as a "friend" ... And take things from there.

I'm not suggesting posting blindly for such a "friend". Instead, I'm pointing out the benefit of "networking" (for lack of a better term ... Frankly, I just think of it as being naturally friendly)

Take this with a huge FWIW! :)

- H.

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