[vpFREE] XVP SoCal VP

 

Going on a business trip to LA (flying into LAX and renting a car) and going a day early to play video poker. I've narrowed it down to Valley View or Pechanga. Any thoughts or recommendations on which would be better? Easier to get too? I plan to stay over night at the property so any advice on a host (20-30K in action)? Any advice is welcome - private e-mail works. THX.



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Re: [vpFREE] Re: 2b. Re: Bob Dancer's LVA - 20 JAN 2015

 

Joel:

Yes! That is GREAT news, having the IRS responding to you the way they did. I apologize to all for having been a "doubting Thomas". But, with IRS matters, perhaps I may be excused.


..... bl

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Re: [vpFREE] Re: 2b. Re: Bob Dancer's LVA - 20 JAN 2015

 

Joel,

Thanks for another confirmation that the IRS will accept the session method of reporting.

Chris



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Re: [vpFREE] Re: 2b. Re: Bob Dancer's LVA - 20 JAN 2015

 

I have been using the session method for several years. My gross winnings on my 1040 are always significantly less then the sum of my 1040G's. I was audited a few years ago which was a small business audit. After looking at the business they began to question my gambling winnings. After several conference calls with the agent and her boss, educating them on the session method and providing copies of my gambling log and other requested information the audit was completed with no changes to my return. My accountant includes with my taxes a list of my W2G's provided from each casino and a detailed explanation that I am using the session method for my gambling winnings. After using the session method successfully for a few years, I filed an amended return for one year just before the tax deadline. The feds send me a check within few months due to my lower AGI while the state denied my claim stating that gambling winnings cannot be deducted on your 1040. I appealed the denial. A few months before the court date I called the state attorney. After several calls and providing detailed information we settled on approx 65% of what I was requesting. The amount was substantial so for me in was worth the effort. Everyone needs to decide the amount of risk they are willing to take and this approach is not right for all gamblers. In my case the dollar amount justified the risk and I was successful. Joel ----------------------------------

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[vpFREE] Re: 2b. Re: Bob Dancer's LVA - 20 JAN 2015

 

Chris said:
IRS regulations actually tell you to report gambling wins on line 21 not W-2Gs. But surprise surprise ... The IRS doesn't follow their own regulations because most people just report their W-2Gs. You need to explain to them that you are just following their regulations and reporting the actual wins from your gambling records. You also want to include a list of your W-2Gs so they know you are including all your W-2Gs. I believe some gamblers have been succesful in using this method and I will probably give it a shot for 2014.

I understand what you are saying, Chris, and it makes perfect sense to me. That is how I would like things to be. From all I read, the IRS has no hard and fast rules and no real precedence has been set. Things have been (purposely?) left very vague. Anecdotally, it seems as if IRS audits depend on the individual conducting the audit and that they vary considerably.

Thanks for your very clear explanation. I'd like to know how things work out for you in the 2014 tax season. Good luck to you!

..... bl

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[vpFREE] Re: 2b. Re: Bob Dancer's LVA - 20 JAN 2015

 

Born loser,

Let me clarify my post on managing session wins. If you are an advantage player or not you will still have big wins, but you can manage your winning sessions to reduce the amount of wins you have to report on line 21. If it is important for you to leave with a small win whenever you can that is up to you. This will inflate your reportable wins, but not your net win or loss for the year. Most players probably don't have a tax problem because of line 21 so this is not an issue for them.

IRS regulations actually tell you to report gambling wins on line 21 not W-2Gs. But surprise surprise ... The IRS doesn't follow their own regulations because most people just report their W-2Gs. You need to explain to them that you are just following their regulations and reporting the actual wins from your gambling records. You also want to include a list of your W-2Gs so they know you are including all your W-2Gs. I believe some gamblers have been succesful in using this method and I will probably give it a shot for 2014.

I am also tempted to file schedule C because I think I should qualify as a professional. I don't know if I want to pick that fight with the IRS. I think my gambling is a business and not a hobby, but it will actually cost me more in taxes because of the self-employment tax.

Chris


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Re: [vpFREE] Re: Bob Dancer's LVA - 20 JAN 2015

 

>Schedule A, not B.

OOOPS! Sorry! Thanks.

..... bl

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[vpFREE] Re: 2b. Re: Bob Dancer's LVA - 20 JAN 2015

 

rwhannu: "It's maybe just me, but if people have these serious concerns about how
coming out ahead on any gaming sessions will mess up their Medicare and/or
taxes and their proposed alternative is to play in a way where you don't have
any profit at all, then I'd begin to question why they bother to play VP to
begin with."

Someone may have already mentioned it, but just in case...

An artificially inflated AGI can, indeed, wreak havoc with one's Medicare B & D premiums. However, premium increases are not permanent. If, e.g., one's Line 21 income (and AGI) in the very next year* is down sufficiently, then one's premiums will be reduced correspondingly.


*Actually, I believe there's a "lag time" involved. I.e., high AGI in 2014 will affect 2016 premiums, not 2015. And a lower AGI (if enough lower) in 2015 will affect 2017 premiums.

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Re: [vpFREE] Re: Bob Dancer's LVA - 20 JAN 2015

 

bl wrote, "It is line 21 that puts the Medicare premium effect into place for the VP winner who is subject to Medicare premiums. Line 21 affects one's MAGI, even though one's actual losses might exceed one's winnings. The losses are entered as "deductions" on Schedule B and have no effect on one's MAGI."

Schedule A, not B.


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[vpFREE] Re: 2b. Re: Bob Dancer's LVA - 20 JAN 2015

 



>>They can return the next day and give it all back and more, but brag
about their win from the previous day. Stopping at some winning goal is
popular with certain bogus "money management" strategies. It can result in
higher taxes.

Chris<<

It's maybe just me, but if people have these serious concerns about how
coming out ahead on any gaming sessions will mess up their Medicare and/or
taxes and their proposed alternative is to play in a way where you don't have
any profit at all, then I'd begin to question why they bother to play VP to
begin with.

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Re: [vpFREE] Re: Bob Dancer's LVA - 20 JAN 2015

 

vp.wiz said: I've taken to heart Jean's recent advice to report total w-2g's as gross winnings, and back into an appropriate loss number that gets to your actual net win.

I agree.

My question was a bit different since I, maybe mistakenly, was reading in some comments that one could, using the "session method", put less than one's W2-G total on line 21. I do not see how one can do that without raising the "attention" of the IRS.

It is line 21 that puts the Medicare premium effect into place for the VP winner who is subject to Medicare premiums. Line 21 affects one's MAGI, even though one's actual losses might exceed one's winnings. The losses are entered as "deductions" on Schedule B and have no effect on one's MAGI.

..... bl

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Re: [vpFREE] Re: Bob Dancer's LVA - 20 JAN 2015

 

Some people will have to tilt with the IRS – if they live in some state-tax-unfriendly states. The cost would be so great if they didn't try to go to the session method.

By the way, the new edition of the tax book (eBook only) is now available – and we covered this issue even more in detail than in previous editions.

------------------------------------------
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://jscott.lvablog.com/

From: mailto:vpFREE@yahoogroups.com
Sent: Friday, January 30, 2015 10:22 AM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Re: Bob Dancer's LVA - 20 JAN 2015

bl ... I've taken to heart Jean's recent advice to report total w-2g's as gross winnings, and back into an appropriate loss number that gets to your actual net win. Presumably offered in consultation with Marissa Chien, EA, I take it as a strong sign that a "netting" methodology yields a losing battle with the IRS.

Were it not for real-life consequences (tax implications), I'd be tempted to tilt with the IRS over this for sport. And when they insist that that all wins must be reported gross, amend my return to show a TRUE gross win (coin-in +/- net loss/win) ... suggesting that their literal vice means reporting all $6+ mil in machine wins last year (offset with a sched A deduction of near equivalent coin-in as "loss")

---In vpFREE@yahoogroups.com, <bornloser1537@...> wrote :

>the session method will help lower their reportable winnings.

Not to beat a dead horse (OK, maybe I am <smile>), but how many have successfully been able to argue with the IRS that their "winnings", using the session method, are less than their W2-G total?

I am not talking about individuals who file as a professional using Schedule C.

..... bl

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[vpFREE] Scot Krause's LVA Players Club Bonus Points Update - 30 JAN 2015

 

Scot Krause's LVA Players Club Bonus Points Update - 30 JAN 2015

http://www.lasvegasadvisor.com/greatdeals-slotpromotions.cfm

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