[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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Posted by: jasimonetta@yahoo.com
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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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Posted by: bornloser1537@yahoo.com
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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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Posted by: cy4873@hotmail.com
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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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Posted by: joel0457 <joel0457@yahoo.com>
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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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Posted by: bornloser1537@yahoo.com
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