[vpFREE] Re: Sch C Filers

 




---In vpFREE@yahoogroups.com, <007@...> wrote :
I believe losses on schedule C are neither gambling nor investment,
but business losses, which can be carried forward.

NOTI is correct.    When your Sch C business is gambling, losses are not treated the same as Sch C losses from other kinds of business.   Sch C losses from a gambling business can't be used to offset other income and can't be carried forward to other tax years.

--Dunbar

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RE: [vpFREE] aquarius comps

 

I have to agree. The Aquarius is the best bet on the river. I never had a problem getting everything comped.

 

Don the Dentist

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Re: [vpFREE] Re: Sch C Filers

 

nightoftheiguana2000@yahoo.com wrote:

>correna2 wrote: "I vaguely recall reading somewhere (likely on this message board) that carryover losses can be claimed"
>
>No, you can carryover investment loss, but not gambling losses. So gambling when the N0 is more than a year is pretty much a folly.
>
>http://pokerfuse.com/features/in-depth/taxation-gambling-professional-versus-amateur-gambler/ http://pokerfuse.com/features/in-depth/taxation-gambling-professional-versus-amateur-gambler/

I believe losses on schedule C are neither gambling nor investment,
but business losses, which can be carried forward.

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[vpFREE] Re: Sch C Filers

 

correna2 wrote: "I vaguely recall reading somewhere (likely on this message board) that carryover losses can be claimed"

No, you can carryover investment loss, but not gambling losses. So gambling when the N0 is more than a year is pretty much a folly.

http://pokerfuse.com/features/in-depth/taxation-gambling-professional-versus-amateur-gambler/

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[vpFREE] Re: Cost to play $10,000.00 ??

 

If you use min-cost-royal strategy for 7-5 Bonus Poker (set the royal to 1505) it costs 4.6% to hit the royal and the royal cycle is 32,633.33 . On average, you'd be playing a machine with a 4.6% hold while waiting for the royal, and if the royal paid 1505 bets, you'd expect to break even when you hit the royal, on average, meaning you'd expect to be down 1505 bets before you hit a royal, again, on average, and using min-cost-royal strategy.

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