[vpFREE] Gas-For-A-Year Experience Option

 

I haven't messed with the Fuel Rewards Network – didn't want something else to get frustrated about the many details – but it looks like we need a way to burn up Experience credits. Would someone with experience with this Experience (hey, that's almost funny!) be willing to explain to me how this Gas-for-a-year works. Perhaps this would best be answered in a private e-mail and if it takes a lot of words to explain perhaps we could exchange phone numbers???

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

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Posted by: "Queen of Comps" <queenofcomps@cox.net>
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Re: [vpFREE] Tax Issues

 

Sounds like another reason CZR is going bankrupt and MGM is not.

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Posted by: cy4873@hotmail.com
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Re: [vpFREE] Tax Issues

 

For non professional players who don't itemize they have no gambling losses for rebates to reduce. For players who do itemize I can see the argument that cashback is a rebate reduce losses. I don't think mailed promotional freeplay is income or a rebate because it's mailed to you at the whim of the casino. It's an inducement which has no cash value until after its played. Whatever you cash out from it could be a session win. Funny how if MGM gives you 100 in freeplay and you cash out 80 of it you have an 80 win. Caesars gives you 100 in freeplay if you cash out 80 their system shows a 20 loss.

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Posted by: vpbp2002@yahoo.com
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Re: [vpFREE] Bob Dancer's LVA - 6 JAN 2015

 

Interesting article. One thing not taken into consideration is the risk that when going to collect free play with minimal action, your daily average numbers could drop, which could impact future mailers.

A.P.

________________________________
From: "vpFREE3355 vpfree3355@gmail.com [vpFREE]" <vpFREE@yahoogroups.com>
To: vpFREE@yahoogroups.com
Sent: Tuesday, January 6, 2015 6:16 PM
Subject: [vpFREE] Bob Dancer's LVA - 6 JAN 2015

Bob Dancer's LVA - 6 JAN 2015

Whose Money is it Anyway?

http://www.lasvegasadvisor.com/bob_dancer/2015/0106.cfm

*************************************************
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: Albert Pearson <ehpee@rogers.com>
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Re: [vpFREE] Re: Bob Dancer's LVA - 6 JAN 2015

 

You're not missing anything, but you are reading the comment too literally. To pick up free play means that you go to the casino, play the free play through the machine once and then leave. At least that is the way I use the phrase.

A.P.

________________________________
From: "Rod Carlon vprod618@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com>
To: "vpFREE@yahoogroups.com" <vpFREE@yahoogroups.com>
Sent: Tuesday, January 6, 2015 8:21 PM
Subject: [vpFREE] Re: Bob Dancer's LVA - 6 JAN 2015

Although I am not a newbie, this is probably a dumb question. When you say to "pick up free play", it sounds like you take the cash and run. All the free play that I have ever been awarded you had run the amount through the machine once. Am I missing something? Many thanks, Rod

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Posted by: Albert Pearson <ehpee@rogers.com>
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[vpFREE] Re: Bob Dancer's LVA - 6 JAN 2015

 

      Although I am not a newbie, this is probably a dumb question.  When you say to "pick up free play", it sounds like you take the cash and run.  All the free play that I have ever been awarded you had run the amount through the machine once.  Am I missing something? Many thanks, Rod

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Posted by: Rod Carlon <vprod618@yahoo.com>
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Re: [vpFREE] Tax Issues

 

Creative accounting.


In a message dated 1/6/2015 4:47:40 P.M. Pacific Standard Time,
vpFREE@yahoogroups.com writes:

If I get cash back or bounce back cash from a casino where I am financially
ahead, how could I claim it as a rebate of my losses?

Sent from my iPhone

> On Jan 6, 2015, at 2:17 PM, Ernie Mayhorn e_mayhorn@yahoo.com [vpFREE]
<vpFREE@yahoogroups.com> wrote:
>
> In my practice I treat cash back as a rebate which is tax free.
>
>

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[vpFREE] 2013 vp Results Polls

 

The 2013 vp results polls will be closed on Friday 9 Jan
and the 2014 polls will be posted.

You can add your results by clicking on the follwing links:

(You must be logged into Yahoo, and if you can see the
results when you click, then you have already recorded your
results)
________________________________________ What was your VP profit or loss (include all cash or cash equivalents received) in 2013? https://groups.yahoo.com/neo/groups/vpFREE/polls/poll/13206864?pollType=ENABLED&sortOrder=DESC&orderBy=DATECREATED or http://goo.gl/26tuQg ________________________________________ What was your total lifetime VP profit or loss (include all cash or cash equivalents received) as of 31 DEC 2013? https://groups.yahoo.com/neo/groups/vpFREE/polls/poll/13206840?pollType=ENABLED&sortOrder=DESC&orderBy=DATECREATED or http://goo.gl/tg7eHr

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

 

If I get cash back or bounce back cash from a casino where I am financially ahead, how could I claim it as a rebate of my losses?

Sent from my iPhone

> On Jan 6, 2015, at 2:17 PM, Ernie Mayhorn e_mayhorn@yahoo.com [vpFREE] <vpFREE@yahoogroups.com> wrote:
>
> In my practice I treat cash back as a rebate which is tax free.
>
>

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

 


Thanks for the clarification. Here's what I see as the unifying concept (re treatment of rebates):

A rebate clearly isn't to be construed as income. However, if it's directly related to a tax-related transaction, then it does impact the tax accounting of that transaction.

For this reason, most consumer tax-rebates have no tax implication. But there's little question in my mind that rebates in connection with any type of tax-related transaction (not just property acquisition) need to be accounted for.



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

Harry, I was replying to Jean, not you, sorry for the misunderstanding. And, I am only referring to gambling issues here, nothing to do with property as you are, completely different situation.



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Posted by: harry.porter@verizon.net
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Re: [vpFREE] Re: CET Win Loss Statement now available

 

Richard Gordon wrote:

>Speaking of gross winnings, does anyone know whether it is too late to
>submit Form 5754 (to divide winnings) after a W2-G has been issued by a
>casino; or can they cancel the W2-G and reissue W2-Gs to those named on the
>form?

The instructions on the form say for the person who hit the jackpot to
take it back to the casino and have them reissue w-2gs. I've always
assumed this meant after the original w-2g was issued, which matches
my limited experience. I've almost never done it this way, either.
Going back to the casino may be the technically correct way to do it,
but, for practical purposes, it's a waste of time. I've almost always
used them as the person whose income the jackpot is supposed to be
filling it out and giving it to the person who hit it, who then shows
it to the IRS if s/he's asked why it's not included in taxable income.
I have extensive experience with that and have never had a problem,
with the occasional exception of a shockingly huge tax bill being sent
to the one who hit the jackpot and didn't include it in his/her
income, which has always been an easy matter to clear up.

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Posted by: 007 <007@embarqmail.com>
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Re: [vpFREE] Re: CET Win Loss Statement now available

 

Speaking of gross winnings, does anyone know whether it is too late to
submit Form 5754 (to divide winnings) after a W2-G has been issued by a
casino; or can they cancel the W2-G and reissue W2-Gs to those named on the
form?

On Tue, Jan 6, 2015 at 8:54 AM, harry.porter@verizon.net [vpFREE] <
vpFREE@yahoogroups.com> wrote:

>
>
>
> That's an important clarification, Joel. Thanks!
>
> This gets into the stickiness of "session reporting". misscraps has shared
> extensively the problems she encountered when, in employing session
> reporting, her return showed a smaller value for "gross winnings" than was
> reported in w-2g's. In her case, the IRS wouldn't buy onto it and required
> an amended return.
>
> Without delving into this in detail, a netting of session losses against
> w-2g reported wins and reporting a reduced amount is a red flag for the IRS
> and perhaps best avoided. (On the other hand, if other session wins during
> the year are sufficient to offset the w-2g session losses, so that return
> reported gross winnings equals or exceeds the w-2g total, then not only is
> this reporting not likely to be problematic, but I see such reporting as
> being more consistent with general IRS guidance.)
>
>
>
> ---In vpFREE@yahoogroups.com, <joejavinn@...> wrote :
>
> Harry, you make the exact case that I did in my original post: you can
> only
> claim a loss of actual cash played/put into the machine. Taking out more
> than you put in, however that happens, is a win in the amount of the
> difference. However, in saying the IRS would probably not have a problem
> with his process, you overlook the part where Jim suggests that he might
> get a W2G, play part of the hand pay back, and report what is left as a
> win. It has always been my understanding that claiming less than the total
> of all W2G wins as your gambling win on you income tax is begging to be
> audited, and clearly not a method the IRS accepts. I realize that Jim was
> posing a hypothetical which he doesn't think would happen to him because
> of
> his choice of games. I am certain that you and I do not want to ever
> suggest a process that would get another person on this board into tax hot
> water, so I thought clarification was in order.
> Joel P.
>
>
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>
>
> [Non-text portions of this message have been removed]
>
>
>

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Posted by: Richard Gordon <theolflash@gmail.com>
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Re: [vpFREE] Tax Issues

 

Harry, I was replying to Jean, not you, sorry for the misunderstanding.  And, I am only referring to gambling issues here, nothing to do with property as you are, completely different situation.

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Posted by: Ernie Mayhorn <e_mayhorn@yahoo.com>
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