[vpFREE] Jean Scott's Frugal Vegas LVA BLOG - 28 JAN 2015

 

Jean Scott's Frugal Vegas LVA BLOG - 28 JAN 2015

CAESARS NEWS

http://jscott.lvablog.com/?p=3771

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Posted by: vpFREE3355 <vpfree3355@gmail.com>
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[vpFREE] Re: (Off topic) - Palms host

 

From: Karen Beno

> I am looking for a good host at The Palms, does anyone have a recommendation?

Karen, I have dealt with John John Krauskopf john.krauskopf@palms.com

I also like Wai-Mei Borgel wai-mai.borgel@palms.com but I haven't talked to her lately.

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

 

>you can report your winnings on line 21, (other income), using the Session method instead of your W-2G total.. Your total winnings per session should be lower than your total W-2Gs.

Am I reading this correctly? Would not there be fairly large questions asked (like in an audit) if what you insert on line 21 is significantly lower than the sum of your W-2G's?

..... bl

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Posted by: bornloser1537@yahoo.com
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Re: [vpFREE] Re: Bob Dancer's LVA - 20 JAN 2015

 

There are several ways to avoid or reduce the extra Medicare premiums. You can file as a professional gambler on schedule C so only your net profit is reported on 1040 line 12 (business income).

Most of us will not qualify as professional gamblers, but you can report your winnings on line 21, (other income), using the Session method instead of your W-2G total.. Your total winnings per session should be lower than your total W-2Gs. You can manage your gambling to minimize session winnings. Do not leave the casino with a small win. Play until you reach breakeven or a small loss. If you win big early continue playing as long as you can as this will usually greatly reduce your net win for the session.

If you have health insurance and they do not require you to get Medicare Part B you can refuse it. You can always file for it later. There is an open season each year and a slight penalty for each year you delay. Be sure to take Part A Hospital insurance at age 65 because it is free.

Chris



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Posted by: cy4873@hotmail.com
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Re: [vpFREE] Re: Bob Dancer's LVA - 20 JAN 2015

 

>Can you not avoid the Medicare increase problem by filing as a professional?

It is my understanding that the Medicare premium increase depends only on the value of your MAGI (Modified Adjusted Gross Income), which is a slight modification to the last line on page 1 of your Form 1040.

I do not know how filing as a professional affects what ends up on your Form 1040. I am guessing it depends on how Schedule C treats your gambling income.

..... bl

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