Re: [vpFREE] Taxes

 

 (I now file as a Schedule C business, but I do NOT have another job and I do gamble a LOT. People who are still working full time might have a problem filing as professional gamblers.)
>


Bob had a tax expert on his show around the end of last year who said this shouldn't be much of an issue anymore due to some recent case.  I don't recall the specifics, but he believed that  if you kept good records that showed you spent a lot of time gambling, a full time job should not prevent filing a Schedule C for gambling income.

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Posted by: Vegasvpplayer <vegasvpplayer@gmail.com>
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Re: [vpFREE] Re: Caesars

 

Not liking the message delivery doesn't make the message wrong. I assure you I am right on CET. No question about it. 

Plus, it pleases me to be thought of as righteous and arrogant. Those are good qualities. They have served me well. I make my own schedule, I do what I want on my rules. I live life on my terms - arrogance gets you that :-)

On Aug 17, 2014, at 8:22 AM, "jack_in_black21@hotmail.com [vpFREE]" <vpFREE@yahoogroups.com> wrote:

 

Funny young guy said...
>Don't listen to any of this nonsense of interstate compacts for online gaming and plans for casinos in Korea. 
>CET needs NJ to succeed. Period. Paragraph. 
>
>I don't want to hear any arguing on these points. Some of us are intimate with CET - that's all I'm going to >say about that . . .
You may be factually right in your assertions about CET.  You may not be.  Either way, I think most people will not take away much information about CET from your post.  Instead, the main takeaway is, "that guy's an arrogant, self-righteous ass."  All of the information is drowned out by the arrogance, and that's a shame.

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RE: [vpFREE] Caesars

 

The loyalty program (Total Rewards) is and has always been where the value is in the Caesars/Harrahs organization.  The names, play history, contact info has been very valuable and everytime Caesars/Harrahs has sold or divested a casino the play and value of that casino has deteriorated significantly due to the loss of the loyalty program.

If they put the loyalty program in another entity, they would probably then charge each property to use the program.  Any Caesars/Harrahs property that chose not to participate and pay the required fees, would find its value go down quickly.  Whether this is a ploy for future bankruptcy proceedings is a question. 

But as noted below, now is probably the time to reduce reward credit balances and take advantage of any perks you are entitled to.

> To: vpFREE@yahoogroups.com
> From: vpFREE@yahoogroups.com
> Date: Sat, 16 Aug 2014 11:49:17 -0700
> Subject: [vpFREE] Caesars
>
> That nY Post article leaves a lot to be desired. I don't know what "splitting off the loyalty program" means. Maybe splitting it into parts for each group of casinos under different "ownership" (since the restructuring has split the casinos into different holding companies)? Maybe they would move members into the area where their "primary" casino was. They could also have some sort of reciprocal comp program. But all of that is just speculation at this time. The NY Post article sort of implies splitting off the loyalty program as a separate entity, but that doesn't really make sense.
>
> But at any rate, I would advise anyone who has a large number of accumulated comps to use them, and use your benefits as you get them if possible (don't wait for the end of each year to use your 7 star trip or meal for example)....just to be on the safe side if the TR program hits the fan.
>
> ------------------------------------
> Posted by: Misscraps <misscraps@aol.com>
> ------------------------------------
>
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Posted by: kelso <kelso1600@hotmail.com>
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[vpFREE] Taxes

 


>
> First, keep a gaming diary of all your play, the IRS wants this if u are audited. Record time and place u are playing, times in and out, money in, money out. This should be done each day you gamble (don't try to produce one at the end of the year based on guesses or what have u. Some people keep it in a notebook, some on daily index cards).
>
> At end of year add up all your w2s and other wins for gambling income, all daily losses for losses when u itemize. You must itemize to take the losses.
>
> I tried doing session losses and the IRS wouldn't accept this. Maybe if I had gone to tax court I could have prevailed, but I just caved in due to worry, time and possible expense of hiring a tax lawyer. There have been some decisions since then in favor of session like methods, so this may work now, also some people have used session methods successfully, but after my experience I wouldn't recommend it. (I now file as a Schedule C business, but I do NOT have another job and I do gamble a LOT. People who are still working full time might have a problem filing as professional gamblers.)
>
> Get copies of win /loss statements from casinos as backup, but do not send them or give them to the IRS. Keep them only as backup in case you are Audited. Your main documentation in the event of an audit is a contemporary gaming diary.
>
> If you do not itemize you won't be able to deduct gambling losses, so always itemize when you have large amount of w2gs. You will lose a bit of money paying taxes if you normally do better off with the standard deduction, but u will pay less than if you have to pay taxes on a bunch of w2gs without being able to show the losses.
>
> Good luck.

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[vpFREE] Vegas Values Report - 17 AUG 2014

 

Vegas Values Report - 17 AUG 2014

http://www.americancasinoguide.com/vegas-values/vegas-values-report-for-august-17-2014.html

or

http://tinyurl.com/qx8gxny

*************************************************
This link is posted for informational purposes
and doesn't constitute an endorsement or approval
of the linked article's content by vpFREE. Any
discussion of the article must be done in
accordance with vpFREE's rules and policies.
*************************************************

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Posted by: vpFREE3355 <vpfree3355@gmail.com>
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[vpFREE] Re: Caesars

 

Funny young guy said...
>Don't listen to any of this nonsense of interstate compacts for online gaming and plans for casinos in Korea. 
>CET needs NJ to succeed. Period. Paragraph. 
>
>I don't want to hear any arguing on these points. Some of us are intimate with CET - that's all I'm going to >say about that . . .
You may be factually right in your assertions about CET.  You may not be.  Either way, I think most people will not take away much information about CET from your post.  Instead, the main takeaway is, "that guy's an arrogant, self-righteous ass."  All of the information is drowned out by the arrogance, and that's a shame.

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Posted by: jack_in_black21@hotmail.com
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[POKERHOLICS - Also at Myspace!!] File - Ad Rates

 


If you wish to advertise in this group, as opposed to actively participating, these are the rates, subject to discretion of the moderators:

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Other types of placement will be subject to the discretion of the group owners.

Length of ad and terms subject to negotiation.

From time to time, you will be subject to third party offers off list.

Contact Gary and/or Mike for more info.

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