Re: [vpFREE] Tax consequences of w2gs

 


well, please dispute (with facts please....)

Wow , sounds like we in w-2g trouble with either guy winning......

Al

Reads like a political post to me...

-----Original Message-----
From: Sellers Phil <pwsellers01@yahoo.com>
To: vpFREE <vpFREE@yahoogroups.com>
Sent: Wed, Oct 17, 2012 7:54 pm
Subject: Re: [vpFREE] Tax consequences of w2gs

Reads like a political post to me...

________________________________
From: Misscraps <misscraps@aol.com>
To: vpFREE@yahoogroups.com
Sent: Wednesday, October 17, 2012 9:47 PM
Subject: [vpFREE] Tax consequences of w2gs


>Another reason to consider avoiding w2gs (and maybe not voting for Mr. Romney, if you are so inclined.... )

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Re: [vpFREE] Tax consequences of w2gs

 

Reads like a political post to me...

________________________________
From: Misscraps <misscraps@aol.com>
To: vpFREE@yahoogroups.com
Sent: Wednesday, October 17, 2012 9:47 PM
Subject: [vpFREE] Tax consequences of w2gs


 

>Another reason to consider avoiding w2gs (and maybe not voting for Mr. Romney, if you are so inclined.... )

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

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[vpFREE] Tax consequences of w2gs

 


We have had some discussion here of the possible new Medicare taxes on unearned income which might but hopefully won't impact gambling income (listed on the 1040 schedule as miscellaneous income).

Another thought comes to mind as I watch the Presidential Debate -- if Romney is elected and puts some sort of cap on itemized deductions (he's mentioned $17000 and $25000 and who knows what next) to make up for cutting tax rates, this could probably include capping deductions such as gambling losses, since things like charitable deductions, mortgage interest, etc., are being mentioned.

Let's say you earn $100000 in w2gs (it may sound like a lot, but even nonprofessional gamblers like myself have earned this and more because we play $1 and $5 machines). ... And list this as Misc. Income. Now you lose $110,000 in a year. Currently if you itemize you can deduct $100000, because you can only deduct up to the amount you win.

Let's hypothesize a $25000 cap on itemized deductions. Even if you have no mortgage income or other deductions, you'd end up with $75000 in income that would be taxed, despite actually losing money.

This phantom income, could well be taxed at 15%, or a lot more, depending on your tax rate.

argh!!

Another reason to consider avoiding w2gs (and maybe not voting for Mr. Romney, if you are so inclined.... )

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[vpFREE] Jean Scott's Frugal Vegas LVA BLOG - 17 OCT 2012

Jean Scott's Frugal Vegas LVA BLOG - 17 OCT 2012

"Southern Indiana Horseshoe Trip Report – Part 1"

http://jscott.lvablog.com/?p=2369

<a href="http://jscott.lvablog.com/?p=2369">
http://jscott.lvablog.com/?p=2369</a>


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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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[vpFREE] Re: I'm running so bad, I lose to an ATM

 

GCA also handles cage cash and marker services for many casinos and was one of the first to get a licence in NV to process payments for internet wagering..

--- In vpFREE@yahoogroups.com, "moneyplays_tothelimit" <moneyplays_tothelimit@...> wrote:
>
> Smart guy! I see GCA label on the ATM's ALL the time!
>
>
>
>
> >--- In vpFREE@yahoogroups.com, "NeilG" <neilgrund@> wrote:
> >and I own a few shares of Global Cash Access that has a huge marker >share of the ATMs in the casinos
>

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[vpFREE] VPenvironment

 

What is up with the Ipod, Ipad, Iphone VP environment? Android?

Any room for more development?

Best regards,
Jim Wolf

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[vpFREE] Re: Points for Gas at M - corrected info

 

Thanks.
I will try that.

--- In vpFREE@yahoogroups.com, "Queen of Comps" <queenofcomps@...> wrote:
>
> From a friend, on October 12:
>
> ]“I used my points to buy gas today [at M]....333 points for $1.00 as usual. Regular gas was $3.89/gallon, which is a dime more than most stations in town, also as usual. They said at the station that I can still pay for the car wash and shop in the store with points.”
>
> ------------------------------------------
> 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] Reply: XVP

 

Hi. Are you the chess master formerly from the Chicago Area? I am the Howard Stern from that area. I currently still play bridge with Greg DeFotis.

From: vpFREE@yahoogroups.com [mailto:vpFREE@yahoogroups.com] On Behalf Of Craig Chellstorp
Sent: Wednesday, October 17, 2012 1:40 AM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] Bob Dancer's LV Advisor Column - 16 OCT 2012

Hi Bob,

Oooops! Looking at my list I see your name with a squiggly line drawn

through one of the items, {but not necessarily yours}. Thus I am sending

you my current offers from Tahoe.

1} "mega multiplier" 9x slots, 4x video poker, Friday's Nov 2, 9, 16.

2} Park Place Jewelry event Fri. Nov. 16-18. I receive $3,000 plus

play-up {approx. $1,000 jewel ry for $150,000 coin in. Can these be combined?
3} Standard play-up bonus Nov.30-Dec.2. I get $600 plus approx. $1500 for

every $210,000 coin in.

4}"Free Play Giveaway" Dec.7-8. I get $2,000 but no play-up!

Cheers,

Craig

----- Original Message -----

This is the wrong column. This was published a month or so ago. I'll get it fixed and then hopefully the administrator can post the current one. Bob

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