[vpFREE] Re: Live Vegas Newd Year Trip Report

 

And Friday's entries, to wrap up the trip.

*http://tinyurl.com/k6ll99g <http://tinyurl.com/k6ll99g>*

*http://tinyurl.com/maxqzrv <http://tinyurl.com/maxqzrv>*

--
Las Vegas the Royal Flusher Way!
www.royalflushervegas.com

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Posted by: Royal Flusher <royalflusher@gmail.com>
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Re: [vpFREE] Re: Caesars 2014 Win-Loss Statement s

 

You're probably finding that hard to believe because I didn't say my tax slips were the reason for the audit. In fact, I have no idea why I was audited, but the auditors looked at my entire return.

I am not a regular weekend player because I am not compelled to play that much. 4 times (trips) per year is enough for me.

Sent from my HTC One on the Verizon Wireless 4G LTE network

----- Reply message -----
From: "vpking77@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com>
To: <vpFREE@yahoogroups.com>
Subject: [vpFREE] Re: Caesars 2014 Win-Loss Statement s
Date: Mon, Jan 19, 2015 6:30 PM

You got audited for $40K in taxable jackpots. I find that hard to believe. Something else on your return must have triggered an audit. If someone was a regular weekend customer and just played $1 slots they would have $40K in taxables easy. With the IRS reduction in staff an in person audit wouldn't even be cost effective for them.

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Posted by: "=?utf-8?B?dnRyb3kyMTZAeWFob28uY29t?=" <vtroy216@yahoo.com>
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Re: [vpFREE] Re: Caesars 2014 Win-Loss Statement s

 

I disagree . ..I was audited  for a simple 14 grand..yes....!!.14 grand...I have had larger amounts, with no audit.. ..my feeling is it depends on whose desk it  lands on!!!  They were actually  very nice, and it ended on an "ok" note, but when I questioned  such  a small amount, he raised his eyebrows , and said..."it just all depends "..I guess it does. Either  way,...little or big, it is scary ....

Sent from Yahoo Mail on Android

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Posted by: Keno Caryl <mail4caryl@yahoo.com>
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Re: [vpFREE] Re: Caesars 2014 Win-Loss Statement s

 

You got audited for $40K in taxable jackpots. I find that hard to believe. Something else on your return must have triggered an audit. If someone was a regular weekend customer and just played $1 slots they would have $40K in taxables easy. With the IRS reduction in staff an in person audit wouldn't even be cost effective for them.

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Posted by: vpking77@yahoo.com
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Re: [vpFREE] Session Method Reporting

 

Ed,

Thanks for the reply. Did you add anything to your return to explain why your winnings were less than your W-2s.

Chris



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Posted by: cy4873@hotmail.com
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Re: [vpFREE] Session Method Reporting

 

I did the session method for the first time on my 2013 Federal & State
(PA) returns. Filed last April and so far so good but realize the win
figure could still be challenged - don't know how current IRS is in
checking returns.

On Mon, Jan 19, 2015 at 2:52 PM, cy4873@hotmail.com [vpFREE] <
vpFREE@yahoogroups.com> wrote:

>
>
>
> I am aware that Ms Craps reported a horror story in her attempt to get the
> IRS to accept session win/loss reporting. Ii looks like this method will
> reduce my state taxes a great deal so I am considering it for the 2014 tax
> year.
>
> I would appreciate hearing if anyone else has recently used this method of
> reporting successfully or not. The tax court case where this method was
> allowed is now several years old, so hopefully the IRS is more willing to
> accept it.
>
> I still work a regular 40 hour a week job so I believe it would be
> hopeless to try to file a schedule C as a professional gambler.
>
> Thanks,
>
> Chris
>
> [Non-text portions of this message have been removed]
>
>
>

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Posted by: Ed Toole <edwardet@gmail.com>
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[vpFREE] Session Method Reporting

 


I am aware that Ms Craps reported a horror story in her attempt to get the IRS to accept session win/loss reporting. Ii looks like this method will reduce my state taxes a great deal so I am considering it for the 2014 tax year.

I would appreciate hearing if anyone else has recently used this method of reporting successfully or not. The tax court case where this method was allowed is now several years old, so hopefully the IRS is more willing to accept it.

I still work a regular 40 hour a week job so I believe it would be hopeless to try to file a schedule C as a professional gambler.

Thanks,

Chris

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[vpFREE] Bankroll question

 

Yesterday I passed on playing a game with a substantial progressive, largely because I wasn't confident in the strategy and had other plans with family.

After I got home I ran the numbers and it was paying 103.42% with a variance of 233.05. Plus a tiny amount of comps I'm sure.

It's a single-line quarter machine. What sort of bankroll would be needed to feel comfortable playing it? $25-30 an hour in EV is nothing to sneeze at for most players, but that variance is awfully high.

Thanks in advance.

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Posted by: C <clementiyn@yahoo.com>
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