NOTI wrote about me: That would imply that you don't let tax considerations affect your play,
at least not significantly. And you consider ignoring tax
considerations to be for the most part a "good bet"?
What you said I implied is certainly not what I thought I implied --- and definitely not what I meant to imply
I'm always looking for positive EV plays and for most of the year, the plays I select would be identical if I were behind $50,000 since January 1 or ahead $50,000 since January 1. I assume my gambling score at the end of the year will be positive (it has been for 18 out of the last 20 years. I'm way ahead this year. I lost last year.) I assume I'll have to pay taxes. (I do that more than I like.) But I spend little time during the year worrying about whether I'll be plus or minus at the end of the year. It's more relevant to me whether or not I'll be ahead or behind +$100,000 at the end of the year than +$0. And at that level, tax wins and losses are treated symmetrically.
I know I'll have tons of W2Gs, and the tax ramifications of that have been accepted. When you have a relatively small amount in W2Gs, additional W2Gs can disproportionately cost you tax-wise. But when your W2Gs sum into the millions of dollars, you have already surpassed the threshold where additional W2Gs hurt you.
In terms of when I collect free play or various other cash goodies, I collected all I could last year before December 31 and postponed paying certain creditors (such as Munchkin, for his share of the rather meager radio show income and Liam W. Daily's widow for her share of the Dancer/Daily royalties) until after January 1. This year I'll do the opposite because I'm ahead, so my 2014 tax return will show I paid Munchkin and Daily's widow for two year's worth of services. (Obviously Munchkin and Daily's widow sometimes have tax planning issues of their own and may prefer to receive money in 2015 rather than 2014. I'll talk to them. The amounts are small enough that personal relationships are more important to me than small tax considerations. Some years we'll do it in the way that benefits them and some years we'll do it in the way that benefits me.)
[Non-text portions of this message have been removed]
Posted by: Bob Dancer <bobdancervp@hotmail.com>
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