Re: [vpFREE] Re: Horseshoe Hammond Downgrades

 

Sorry for the confusion. At the time I was noting that the Majestic Star which is a nearby competitor still had playable video poker. Sadly much of that was decimated last week. 

From: Barry Glazer <b.glazer@att.net>
To: "vpFREE@yahoogroups.com" <vpFREE@yahoogroups.com>
Sent: Wednesday, September 25, 2013 8:51 AM
Subject: [vpFREE] Re: Horseshoe Hammond Downgrades
 
Thanks for the update -- unfortunately, with the subject line being "Horseshoe Hammond" but the body of the post seeming to relate to Majestic Star, I'm not 100% clear as to which casino the information relates to when reporting what "they" have.  I think it's about MS, but not absolutely sure.
 
Can you please clarify?
 
Thanks!
 
By the way, (1) only the $0.50 and up royals will get the IN tax withheld on the spot ($0.25 royals are $1,000 unless progressive and therefore usually fall below the W2G threshold), (2) the return on ALL video poker, even positive EV (if there is any, I don't think there is), is (I'm pretty sure) changed to negative by Indiana state taxes (if you pay them), which do not allow offsetting wins with losses, and (3) if you go by the book and report ALL wins and losses on your taxes (not just those wins generating a W2G), then video poker is pretty much a guaranteed net losing game after those Indiana state gross income taxes, in every form available.  If you DON'T "go by the book" you are, of course, risking serious trouble if caught, although a first offense might get off with back taxes, interest and penalties.
 
A friend of mine who worked for the IRS always advised that if you're "caught" not reporting income in this (or any other) way, the best response is "Really?  I didn't know that.  What do I have to do to make it right?" and hope they buy your story.
 
Although I don't know which ones are included, I know that Indiana is not the only state with a gross income tax that does not allow losses to be deducted from winnings; those states are all "net losing" video poker states, and for that matter, this is true for almost any game where winning and losing sessions occur and you can't / don't win enough to cover not only the losses but also to cover the taxes.  I'm not an expert, but I think if you qualify as a professional gambler, this MAY improve the situation.
 
--BG
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1a. Re: Horseshoe Hammond Downgrades       Date: Tue Sep 24, 2013 6:20 am ((PDT))I am the monitor at the Majestic Star down the road in Gary IN from theHorseshoe Hammond IN.They have a group of 16 machines (ten - 25c, six - 25c/50c/$1) that are $100per point (Points are worth 1c for the two top tier cards and 1/2c for thebottom card.)These games contain 20/10/6/5 Joker 2 Pair, 16/10 NSUD, 9/7 TDB, 9/6 Jacksand other 99%+ games.Sure seems like overkill since playing Joker 2-pair perfect with a 0.1%rebate would not even be positive since all natural royals are subject tothe IN 3.4% tax. 

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