This will kind of tie up 2 topics. 1% tip on royal, who do you guys think I am Bill Gates? I tipped 0.1% of the royal on my last royal. On taxes whether you file schedule C or not you still pay taxes on net win (must be >= 0) at least on the federal level. If you are a net loser for the year you will not pay any federal income tax. Of course this doesn't answer everything as your "expectation" gambling might still be negative. Think of the case where you flip a coin with the casino for $1,000,000. Your expectation without tax consequences would be zero. If you did this flip in 2 different years, won 1 flip and lost 1 flip you would be down close to $400,000! Also if you're collecting SS the taxes are a killer. A few years ago my dad was complaining that he was paying the top tax rate on his SS because he was still working. This is complete garbage, he was paying a tax on a tax. In addition he in all probability will not get good value on something that's supposed to benefit him and he had no say in the matter. I would advise that anybody that is collecting SS not play video poker where you might get a W2G. Now on to CET "trips". Instead of paying with RC's after the start of the gaming day can I pay in cash and avoid this "day tripper"? As an alternative could I set my alarm clock to 5:30am use video check out to pay with RC's, go back to sleep and leave before normal checkout? This could be quite humorous as the maid could be coming in at 7:00am to clean up the "empty room" for early check in's.
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Posted by: nordo123@aol.com
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