[vpFREE] Tax question(s)

 

You can win $10000 and deduct the 10,000 loss, the problem is you must itemize your deductions to claim the loss. If you are itemizing, no problem, the loss goes as a miscellaneous deduction and u can put it into any tax program.

As anyone with a lot of w2g forms will soon find out, there are other tax problems that can arise. The "wins" push up your Adjusted Gross Income. This can affect the amount of medical costs you can deduct, the amount u pay for Medicare if a senior, and so on. Even if u actually are a loser overall, the AGI going up can cost u money, sometimes quite a bit.

A few years ago I tried to use the "session" method of countering wins with losses to lower the AGI, but the IRS people I encountered during an audit insisted all my W2Gs had to be wins and included as miscellaneous income, and I could not use the session method. Recent tax court and other filings MIGHT have made it easier to use the session method. But after my experience I would be hesitant to use it again. Since I gamble a lot and have hundreds of thousands dollars in W2Gs, I am now filing schedule c as a professional gambler. (But if u have a full time job in another profession this possibility may not be open to you). So far so good...knock on wood....with no audits.

I keep a gambling diary and recommend anyone getting w2gs definitely do this. It must be contemporary, and you should list items such as date, casino, time in and out of a machine, machine number, denomination, type or name of machine, money in, money out, any W2gs. I also include any free play winnings.

In event of an audit, if you are deducting losses against wins (this is true for amateur gamblers), IRS rules indicate you should be doing a gambling diary as your proof. Win/loss statements from casinos are often incorrect in my opinion, and the IRS doesn't talk about them, but presumably they could be used as supplementary info.

You should not send copies of W2gs with your tax return. But if you have more than a few, you might want to make a list and include that with a note.

Jean Scott's book on gambling and taxes is about the best source of info there is, but since the IRS rules are so sketchy (basically way outdated) about gambling, there are a lot of gray areas (as Jean and Melissa) point out.

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RE: [vpFREE] Advanced Tax question: Not the basics

 

<<In addition, gambling losses, being itemized deductions, are subject to the deduction phaseouts for "high income" taxpayers, so you can end up paying tax on a year with a loss if you have W-2Gs.>>

That is incorrect. Gambling losses are not subject to the deduction phase-outs.

Cogno

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Re: [vpFREE] Advanced Tax question: Not the basics

 

On 2/7/2014 10:51 PM, Edmund Hack wrote:
 

On 2/7/2014 9:35 PM, mucre@yahoo.com wrote:
 

If an individual with NO other income declares $10,000 in W2-G Gambling Winnings and also declares $10,000 in gambling losses, does he/she have to pay any income taxes on the gambling winnings? Does it make a difference in the amount of taxes paid (if any) on gambling winnings for an individual in same scenario who declares 100,000 in additional income? I always thought that if you declare the same amount of gambling losses as gambling winnings, you would not be taxed, but TurboTax computes a tax on gambling winnings even if you declare the entire winning amount as a loss.

_
Note: I'm not a tax accountant.

Gambling losses are deductible only if you itemize deductions. If you don't have enough deductions, the losses won't offset all the income. In addition, gambling losses, being itemized deductions, are subject to the deduction phaseouts for "high income" taxpayers, so you can end up paying tax on a year with a loss if you have W-2Gs.

And you just might invite intrusive questions as to affording losses of that size.




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Re: [vpFREE] Advanced Tax question: Not the basics

 

On 2/7/2014 9:35 PM, mucre@yahoo.com wrote:
 

If an individual with NO other income declares $10,000 in W2-G Gambling Winnings and also declares $10,000 in gambling losses, does he/she have to pay any income taxes on the gambling winnings? Does it make a difference in the amount of taxes paid (if any) on gambling winnings for an individual in same scenario who declares 100,000 in additional income? I always thought that if you declare the same amount of gambling losses as gambling winnings, you would not be taxed, but TurboTax computes a tax on gambling winnings even if you declare the entire winning amount as a loss.

_
Note: I'm not a tax accountant.

Gambling losses are deductible only if you itemize deductions. If you don't have enough deductions, the losses won't offset all the income. In addition, gambling losses, being itemized deductions, are subject to the deduction phaseouts for "high income" taxpayers, so you can end up paying tax on a year with a loss if you have W-2Gs.

Edmund

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[vpFREE] Advanced Tax question: Not the basics

 

If an individual with NO other income declares $10,000 in W2-G Gambling Winnings and also declares $10,000 in gambling losses, does he/she have to pay any income taxes on the gambling winnings? Does it make a difference in the amount of taxes paid (if any) on gambling winnings for an individual in same scenario who declares 100,000 in additional income? I always thought that if you declare the same amount of gambling losses as gambling winnings, you would not be taxed, but TurboTax computes a tax on gambling winnings even if you declare the entire winning amount as a loss.

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RE: [vpFREE] Gold Coast Buffet

 

Thanks that interesting, I never hear of that one. 
 

To: vpFREE@yahoogroups.com
From: Cardfather@Aol.com
Date: Fri, 7 Feb 2014 15:40:12 -0500
Subject: Re: [vpFREE] Gold Coast Buffet

 
I was being sarcastic. Schnorring is derived from the Yiddish word Schnorer which describes a cheapskate. For example, A Schnorer wouldn't spit on the ground to feed the birds, OR pay a quarter to see the Statue Of Liberty take a leak.
(By the way, there is no such policy at Gold Coast. )

-----Original Message-----
From: ken orgera <keno60@hotmail.com>
To: vpFREE@yahoogroups.com <vpfree@yahoogroups.com>
Sent: Fri, Feb 7, 2014 1:21 pm
Subject: RE: [vpFREE] Gold Coast Buffet



What does schnorring mean?
 

To: vpFREE@yahoogroups.com
From: Cardfather@Aol.com
Date: Fri, 7 Feb 2014 13:15:57 -0500
Subject: Re: [vpFREE] Gold Coast Buffet

 
It's a new unadvertised policy just started. No mooching & no schnorring of food after meal time. You want to sample lunch, you pay with a sample of $.






I was just at the Gold Coast Buffet for breakfast, which runs from 7-10 in the morning.  I got in a little before 10 AM and was finishing up about 10:50.  Lunch begins at 11:00 and thought I would sample something before leaving.  First, a server told me, and then a hostess came over and told me that I had to leave before 11 AM.  I had only paid for breakfast and could not have lunch. Is this a new policy?   








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Re: [vpFREE] Gold Coast Buffet

 

I was being sarcastic. Schnorring is derived from the Yiddish word Schnorer which describes a cheapskate. For example, A Schnorer wouldn't spit on the ground to feed the birds, OR pay a quarter to see the Statue Of Liberty take a leak.
(By the way, there is no such policy at Gold Coast. )

-----Original Message-----
From: ken orgera <keno60@hotmail.com>
To: vpFREE@yahoogroups.com <vpfree@yahoogroups.com>
Sent: Fri, Feb 7, 2014 1:21 pm
Subject: RE: [vpFREE] Gold Coast Buffet



What does schnorring mean?
 

To: vpFREE@yahoogroups.com
From: Cardfather@Aol.com
Date: Fri, 7 Feb 2014 13:15:57 -0500
Subject: Re: [vpFREE] Gold Coast Buffet

 
It's a new unadvertised policy just started. No mooching & no schnorring of food after meal time. You want to sample lunch, you pay with a sample of $.






I was just at the Gold Coast Buffet for breakfast, which runs from 7-10 in the morning.  I got in a little before 10 AM and was finishing up about 10:50.  Lunch begins at 11:00 and thought I would sample something before leaving.  First, a server told me, and then a hostess came over and told me that I had to leave before 11 AM.  I had only paid for breakfast and could not have lunch. Is this a new policy?   







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RE: [vpFREE] Re: Machine malfunction

 

I once lost a straight flush to a sticky button! I just kicked myself!
 

To: vpFREE@yahoogroups.com
From: b.glazer@att.net
Date: Mon, 3 Feb 2014 15:34:28 -0800
Subject: [vpFREE] Re: Machine malfunction

 
Almost all players will agree you "should have been paid" while almost all casino execs will agree with what happened.  It would be nice if most casino execs at least thought they ought to be very sympathetic and nice about it, and not treat you like an idiot -- but that's not the cloth from which most of them are cut, apparently.

Every machine has some fine print on it somewhere that says something like "player is responsible for assuring held cards are correct" or something like that -- in other words, buyer / player beware.  Only if you could somehow prove that you touched nothing after correctly holding (and having the hold confirmed) except the draw button, and somehow the "hold" changed 100% on its own, should the casino's warning be inapplicable - but I don't know how you could prove that unless the machine has a memory of not only what is held, but of the timing of events, etc., to show that the hold was "solid" and went away on its own before you hit "draw" -- or if there was a good video of what happened.  Of course, the casino has this on its machines to avoid all the people who were sure they held correctly, and simply made a mistake without being aware of it (I KNOW I held ...; I would never play it any other way!").

A defective machine can void a win.  Apparently it can't void a loss.

And don't think I'm an unsympathetic jerk; I had the same thing happen to me on a sticky-button machine where I held three kings and got the fourth one, only to find that one of the three kings I held was not held after all.  110 credit swing!  Not as bad as yours, but it still cost me a chunk.  Especially on sticky-button machines (which I usually abandon pretty promptly if there are other choices), it's easy to start double-hitting the buttons (and sometimes multiple-hitting them) to get the "hold" to take, and of course, this makes it much easier to make a mistake - and to un-do the hold on a card you'd NEVER throw away.

The only "solution" is to play so painfully slow that you can't put any action through the machine, so you can double check every hold -- which is perhaps what the casinos deserve anyway, except for the rare circumstances when the game is player-edged, when the casino deserves to get so much action it can't afford it.  I do slow down and double check when holding trips now, and have always done so when holding any pat hand higher than trips, and of course I assume everyone knows that you hold all five (on machines where quads can't improve) on dealt quads, so that a fifth one can't come up and disqualify your win -- and I double-check the five held cards as well.  I don't slow down on two pair, but since the swing there is also significant (10 credits if I erroneously break one of the pairs and then hit it, vs 45 credits if I hold correctly and fill up), perhaps I should slow down on two pair as well.  Sigh...

But if I held a pair and one of them didn't "take" and I got quads, I'd just be an unhappy camper like you.  I can't imagine ever slowing my play down to double-check every pair I held.  It doesn't hurt to ask management to review the play and consider making it right, but don't expect anything but to be blown off completely; anything nicer than that is a bonus, and an actual payout would be fantastic, if not near-miraculous.

Same thing at blackjack, if the dealer makes a payout error, you need to speak up before the cards are gone (unless it's in your favor -- I figure I watch out for errors in the house's favor, and the pit boss is getting paid to watch out for the ones in my favor -- although some would say I should speak up either way).  On higher-limit games, there might be an eye in the sky on your table, but I don't think they record the action at every low limit table for every play (I could be wrong) - but if there is a tape, and you're willing to wait an hour or so for them to find and review it, they might be willing to do that -- but don't ask them to show it to you if they say you were wrong.

Same thing at poker, if the dealer ships the pot to the wrong player, speak up before the cards are gone -- although at poker, it's apparently established practice to trust the word of the other players, and it's considered ethical for everyone at the table to help the real winner get the pot if they saw what happened -- but I still go with the teachings of my friend who introduced me to casino poker, who said, don't let go of your cards on the table until the pot is being pushed to you.  And I am a little concerned about the "memory" of the other players, having just watched a show on National Geographic about how flawed the memories of eye-witnesses can be.

--BG
====================




4a. Machine malfunction

I would like to ask a question of the group.
I was playing a triple play machine at Ballys Atlantic city. The game was DDB  I was dealt 2 aces and 3 rags.  I held the 2 aces but as I hit the draw button I realized the 2nd ace was no longer held.  The first three cards that came up on the draw were the other 2 aces and a three.  Instead of having a $500 jackpot,  I had trip aces.
I immediately hit the button to summon a slot attendant.
When he viewed the history,  it verified the other ace had been there.
I asked him to call his supervisor.
The casino manager came over, viewed the evidence, had a techie test the buttons,  and then said there was nothing he would do for me?
I asked him why I would hold a bare ace leaving the other unheld.  He said he didn't know what I would do.
  I am a diamond level player and give Ballys most of my play.
I thought the manager had a  very condescending attitude and was insulted by the way he handled the whole situation.


The bottom line is I feel that I should have been paid for the jackpot rather than being treated like an idiot,  am I delusional? 
 



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Re: [vpFREE] Was -- Re: Royals affecting mailings, I don't think so -- Now, Harrah's Marketing

 

While CET's size and diversity of venues may make it the poster child for the ever-increasing amount of "strategerizing" that's going on in the casino world these days, it is hardly alone. And the less transparent the behind the scenes machinations are, the more manipulative they can be with benefits and offers to clients, while making almost any marketing claim they might want to disseminate.

They don't (and won't) tell anyone - including customer service personnel, like hosts, - about some or all of the changes they make in the underlying algorithms that affect your offers, and those offers can be continually manipulated to better serve corporate aims. As a hypothetical example, they could structure offers to seniors that can only be accessed after sundown, maximizing the likelihood that they will stay over for another day to avoid driving home at night. That would be one way to keep midweek rooms filled when they would otherwise be empty.

Theos can be lowered at any time to radically change offers, club levels, lounge access, and the only sign visible to the unenlightened (including both clients and hosts) is that "the  computer says" that's what you're entitled to.

This is no different than the airlines' continually moving pricing models where a trip can cost $99 right now and $299 five minutes later, just because two seats were sold, and back to $99 if a seat is left the day before the flight departs. Cruises work the same way: book a year in advance and get a great price, book 3 months in advance and get the highest price, book a week in advance and MAYBE get the lowest price ever, if any cabins are left. Anything they can do to avoid sailing with even one empty cabin.

Nor is it much different than doing a Google search for something, such as a TV or a watch, and then finding ads for the same thing appearing on every website you visit.

So we're just seeing the same thing that is happening everywhere else being applied to the casino industry. It's not really all that surprising given the fact that it is a computer intensive industry, and if they feel they will benefit overall by selective and targeted marketing, they will do so.

 
Certainly the game is rigged. Don't let that stop you; if you don't bet, you can't win. -Lazarus Long
In theory, there is no difference between theory and practice. But, in practice, there is. -Yogi Berra
There is no such thing as luck. There is only adequate or inadequate preparation to cope with a statistical universe. -Robert Heinlein


From: "greeklandjohnny@aol.com" <greeklandjohnny@aol.com>
To: vpFREE@yahoogroups.com
Sent: Friday, February 7, 2014 11:43 AM
Subject: [vpFREE] Was -- Re: Royals affecting mailings, I don't think so -- Now, Harrah's Marketing

 
Jean Scott wrote ...
 
Miss Craps, you have hit the nail on the head – there are so many different factors that influence CZR marketing offers.  I call it the blender system!!!  I heard they look at perhaps a dozen or more factors, assigning percentages of importance to each one.
 
 
Jean,
 
I'd be surprised if Harrah's used only a dozen factors in determining their offers. The number I heard a while back was 40 different factors. It's an amazingly complicated system under the watch of a person who proudly admits he has never gambled in a casino. To me, that is like Bill Gates being proud that he still uses a slide rule.
 
An easy way to look at Harrahs and what affects your offers is this; does your activity make Harrah's money? If the answer is no, your offers will decrease. If the answer is yes, your offers should stay the same or increase.
 
Examples: 
 
1) Eat at the Diamond Lounge. Make Harrah's money? No. Hurts offers. How dare you actually use the benefits of their program.
 
2) Play decent video poker. Make Harrah's money? Yes, but not as much as they would like. Hurts offers.
 
3) Pick up a gift. Make Harrah's money? No, hurts offers.
 
4) Play 10 hours of 45 line, quarter jackpot party. Make Harrah's money? Oh yeah. Your offers will be good.
 
The fact that there is this yahoogroup with almost 1200 members who are just trying to figure out how the programs work is a good sign that Harrah's does not want you to know how their program works. And they purposely make it secretive and difficult to decipher. That way, if anything ever goes wrong, they have a built in excuse not to correct the situation. From their viewpoint, it is beautiful. Data mine your customers, figure out how to increase your hold from every customer and never let your customer know how your affinity program works.
 
All that being said, there is still some benefit to playing at Harrah's , in spite of their business model. They just make it difficult.


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[vpFREE] RE: Royals affecting mailings, I don't think so

 

Misscraps wrote: "If you have truly been Nomailed it may be difficult to get back on the mailing list. I had to go to higher management and show I'd been playing (and losing) to get off the Harrahs Vegas NoMail list."


As they say in New Jersey, the important thing is to know the right person to "tip".


http://www.youtube.com/watch?v=Y74oWon5VTo




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RE: [vpFREE] Gold Coast Buffet

 

What does schnorring mean?
 

To: vpFREE@yahoogroups.com
From: Cardfather@Aol.com
Date: Fri, 7 Feb 2014 13:15:57 -0500
Subject: Re: [vpFREE] Gold Coast Buffet

 
It's a new unadvertised policy just started. No mooching & no schnorring of food after meal time. You want to sample lunch, you pay with a sample of $.






I was just at the Gold Coast Buffet for breakfast, which runs from 7-10 in the morning.  I got in a little before 10 AM and was finishing up about 10:50.  Lunch begins at 11:00 and thought I would sample something before leaving.  First, a server told me, and then a hostess came over and told me that I had to leave before 11 AM.  I had only paid for breakfast and could not have lunch. Is this a new policy?   




vpFREE Links: http://www.west-point.org/users/usma1955/20228/V/Links.htm





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