speaking of taxes I have an old years (2014) resolution for some of you to make. If for 2014 you are "close to even" gambling your resolution should be I will quit gambling for the rest of the year. The logic is infallible: if you win closing out the year you have a partner - The IRS. If you lose your "partner" abandons you. With friends like these you don't need enemies. You may begin gambling on Jan. 1, 2015 when hopefully your swings will be much larger.
Sent from my iPhone
> On Dec 18, 2014, at 1:09 AM, Bob Dancer bobdancervp@hotmail.com [vpFREE] <vpFREE@yahoogroups.com> wrote:
>
> NOTI wrote: I would propose that good bets are ones that end with a net win in the
> tax year. Under that definition, it's not whether or not a particular
> bet wins or loses, but the net of bets for the tax year has to be a win.
> If it's a loss, there's a tax penalty (gambling losses can not legally
> be carried forward) that has to be accounted for.
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> I strongly dislike that definition. It's actually contrary
> to Shack's original quote.
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> Shack was referring to a good bet being one with positive
> EV. NOTI is saying it doesn't matter whether it has positive EV or not, it's
> whether you win or lose. And in particular, it's whether you win or lose in the
> current tax year.
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> Let's say somebody is ahead $150,000 for the year right now.
> Under NOTI's definition, EVERY "reasonably small" bet is a good bet. It doesn't
> matter whether you go down to $1 ahead for the year in the next two weeks. The
> only thing that matters is that you're ahead. An uncoordinated person could
> play HORSE with LeBron James for $10,000 a pop. This is a good gamble so long
> as he quits after 14 of these games? Hardly.
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> I do not think most people believe that being $1 ahead for
> the year is as good as being ahead $100,000.
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> Tax year considerations are important. And it certainly
> makes for an interesting discussion about how your gambling strategy should
> change near year end because of the asymmetric tax laws regarding wins and
> losses. But most of what I consider to be a "good bet" has little to do with my
> annual score.
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Posted by: nordo123@aol.com
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