Re: [vpFREE] Tax question

 

I filed with him a number of years ago when I was playing poker professionally, so I know him well. I am filing an extension anyway and I'm going to send in a chunk of money, but I'm more curious about those specific issues for when I do finally file the full return later this year.

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Posted by: aonsf@reallymymail.com
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Re: [vpFREE] Tax question

I have a friend that is a tax accountant in LV. A big chunk of his
practice is with professional gamblers, including some well known poker
pros.

He might be able to help. I have no idea what his fees are, or if he can
take on a client this close to the filing date. Since my wife and I live
in Texas, we've never had to deal with pro gambling taxes, or use his
services.

Here is his web site. http://www.claytontax.com/

Edmund Hack


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[vpFREE] Re: Tax question

 

Any chance you can send these questions off to Marissa or speak to how you specifically deal with them? I acknowledge that I am just asking for informational purposes, there is no engagement letter, there is no formal relationship between me and anyone else that offers advice, etc.

1. A casino gives me a $50 dining coupon via mailer - it has an expiration date. Is this taxable income when I use it?

2. A casino gives me a $50 dining coupon after I played for an hour - it has an expiration date. Is this taxable income when I use it?

3. I earn 1000 points at a casino and can use them to get $10 freeplay or $20 worth of food at the restaurant. Are either of these taxable income when I use them, and if spending my points on food is, do I say that was $20 (food value) or $10 (cash value) worth of income?

4. I earn 1000 points at a casino and can ONLY spend the points on gifts at the gift shop. Is this taxable?

5. I earned $50 in gas gift cards while playing (did not spend points on them), are these taxable?

In my mind, prior to reading the book, I would have thought that only 3 (both food & freeplay) was taxable, and 5 was taxable. However, after reading the book, especially when it says gifts are not taxable, I'm pretty strongly inclined to believe 5 is not taxable, and 3 may only be taxable if you take the freeplay.

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Re: [vpFREE] online poker bot, supposedly unbeatable ...

 

It's limit.
And, each hand, you start off with the same chips.240 chips per player each hand.Limit to bet or raise is 10 chips pre and post flop.Turn and River bet or raise is 20 chips.
Wish it was No Limit, because there were a lot oftimes I wanted to shove all in.
From: "mickeycrimm@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com>
To: vpFREE@yahoogroups.com
Sent: Saturday, April 11, 2015 1:49 PM
Subject: Re: [vpFREE] online poker bot, supposedly unbeatable ...

  Is it heads up limit or no limit. BTW, not knowing anything about it I'm gonna have to with Ed Miller's opinion on this one. #yiv0329074942 #yiv0329074942 -- #yiv0329074942ygrp-mkp {border:1px solid #d8d8d8;font-family:Arial;margin:10px 0;padding:0 10px;}#yiv0329074942 #yiv0329074942ygrp-mkp hr {border:1px solid #d8d8d8;}#yiv0329074942 #yiv0329074942ygrp-mkp #yiv0329074942hd {color:#628c2a;font-size:85%;font-weight:700;line-height:122%;margin:10px 0;}#yiv0329074942 #yiv0329074942ygrp-mkp #yiv0329074942ads {margin-bottom:10px;}#yiv0329074942 #yiv0329074942ygrp-mkp .yiv0329074942ad {padding:0 0;}#yiv0329074942 #yiv0329074942ygrp-mkp .yiv0329074942ad p {margin:0;}#yiv0329074942 #yiv0329074942ygrp-mkp .yiv0329074942ad a {color:#0000ff;text-decoration:none;}#yiv0329074942 #yiv0329074942ygrp-sponsor #yiv0329074942ygrp-lc {font-family:Arial;}#yiv0329074942 #yiv0329074942ygrp-sponsor #yiv0329074942ygrp-lc #yiv0329074942hd {margin:10px 0px;font-weight:700;font-size:78%;line-height:122%;}#yiv0329074942 #yiv0329074942ygrp-sponsor 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Posted by: Bruce Cohen <brucedcohen2002@yahoo.com>
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RE: [vpFREE] Re: BJ and VP hands per hour

My experience at the HRH Las Vegas is more like 30-45 hands per hour.

James Thompson

To: vpFREE@yahoogroups.com
From: vpFREE@yahoogroups.com
Date: Sat, 11 Apr 2015 14:44:41 -0700
Subject: [vpFREE] Re: BJ and VP hands per hour


























With 3 players at a blackjack table, the game speed is more like 100 hands/hour.





IMO, 450-550 hands per hour would be a better estimate for "the average dollar and up rec VP Player"








--Dunbar











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





Please correct me if I am wrong...








This came up in a discussion...








I figure that the average dollar and up rec. VP player plays approx. 550- 600 hands per hour.








At a BJ table with at least 3 players , the customer plays approx. 70 hands per hour..








Is this a good estimate ?








Thanks,








Larry F.








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[vpFREE] Re: BJ and VP hands per hour

 

With 3 players at a blackjack table, the game speed is more like 100 hands/hour.

IMO, 450-550 hands per hour would be a better estimate for "the average dollar and up rec VP Player"


--Dunbar



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

Please correct me if I am wrong...


This came up in a discussion...


I figure that the average dollar and up rec. VP player plays approx. 550- 600 hands per hour.


At a BJ table with at least 3 players , the customer plays approx. 70 hands per hour..


Is this a good estimate ?


Thanks,


Larry F.


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Posted by: h_dunbar@hotmail.com
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Re: [vpFREE] online poker bot, supposedly unbeatable ...

 

bp asks: "NOTI, are you playing max EV or min-cost royal vs the bot?"

You're probably just joking but in case you're not:

If there are payouts for specific hands, like badbeat jackpots or aces cracked, etc., then strategies that minimize the cost of hitting the jackpot can come into play.

Otherwise, my standard routine is to start with maxEV, but paying attention to the plays that are close in EV, in which case the variance can come into play. You can use the Certainty Equivalence to determine which is the better play from the Kelly perspective. Mostly I play Kelly optimal strategies. In the case of the Cepheus bot, you can't play it for money, therefore you can assume your bankroll is infinite.

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Re: [vpFREE] online poker bot, supposedly unbeatable ...

 

Yes, I assume there's something wrong with the Cepheus bot, too bad you can't play it for money. Either that or the UofA poker team is trying to pull off one gigantic fraud. Or they may have been fooled by their own massive computers, you know what the IBM salesmen always said: "garbage in, garbage out." The UofA preflop looks about right to me, of course I say that because it basically matches what I thought was optimum preflop as well, essentially made pairs and suited connectors are big and you don't cap the raises preflop. It's just funny, everybody swore the IGT bot was unbeatable, until Sklansky couldn't stop playing it for some reason, and now everyone says Cepheus is unbeatable. Sometimes a little bit of skepticism is a good thing.

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Posted by: nightoftheiguana2000@yahoo.com
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Re: [vpFREE] online poker bot, supposedly unbeatable ...

 

Is it heads up limit or no limit. BTW, not knowing anything about it I'm gonna have to with Ed Miller's opinion on this one.

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Posted by: mickeycrimm@yahoo.com
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[vpFREE] Taxables

 

Reporting of comps and free play is a gray area because The IRS code does not talk about it at all. But from my understanding a comp of food or a gift of free items such as anything from a potato peeler (I've gotten them) to a cruise or a iPad, is considered a gift and not reportable. On the other hand I personally believe that when you receive actual cash that is a slightly different category and should be reported. If I receive hundred dollars of free play I don't report it as a plus $100 instead I report whatever cash I take out from those free play coupons for example if I receive $100 of free play coupons and after I play them through once I have $50 that I have plus $50 if I have $200 afterwards then I have plus $200.

Again this is a gray area but that is how I personally report.

I recommend that anyone who is getting W2G's follow the IRS regulations for doing a contemporary gaming diary and list the casino you are in, the time you sit down, the time you get up, the money you put in, the money you take out, your total win or loss for that machine, and the machine number if possible.

I always include any free play or cash received in this diary. If I win any sort of cash or free play in a drawing, whether I receive a 1099 form or not, I also include it.

By these rules if you have $1000 worth of comps which could also be taken as cash, you would only include it when you've taken it as actual cash. And if your points are just sitting in the account and not doing anything they don't count it all, They only count on the day that you take them out as cash.

Good luck everyone because tax day is April 15.

By the way they say that if you get an extension for your taxes you're slightly more likely to be audited.

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Posted by: Misscraps <misscraps@aol.com>
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Re: [vpFREE] online poker bot, supposedly unbeatable ...

 

I beat Cepheus handily.
I played non-deceptive 'ABC' Poker anddespite paying a few times to see it's cardsand making one big 'mistake', I ended up555 Chips ahead in the 100 hand game.
I absolutely cannot agree it's either unbeatableor the best, because it's certainly not very good.
From: "nightoftheiguana2000@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com>
To: vpFREE@yahoogroups.com
Sent: Friday, April 10, 2015 1:44 PM
Subject: [vpFREE] online poker bot, supposedly unbeatable ...

  but I can beat it most of the time, give it a try, if you can beat this you can probably beat the even easier IGT Heads Up video poker machine:

Cepheus Poker Project http://poker-play.srv.ualberta.ca/

Cepheus Poker Project http://poker-play.srv.ualberta.ca/


View on poker-play.srv.ualberta.ca http://poker-play.srv.ualberta.ca/
Preview by Yahoo




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Posted by: Bruce Cohen <brucedcohen2002@yahoo.com>
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[vpFREE] BJ and VP hands per hour

 

Please correct me if I am wrong...


This came up in a discussion...


I figure that the average dollar and up rec. VP player plays approx. 550- 600 hands per hour.


At a BJ table with at least 3 players , the customer plays approx. 70 hands per hour..


Is this a good estimate ?


Thanks,


Larry F.

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Posted by: lfcmja@verizon.net
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Re: Re: [vpFREE] Tax question

 

"Free play, gifts, comps" These are all gray areas – not specifically mentioned in any IRS rules or regs. They are discussed in my tax book, with how different people look at them in different ways. Then you have to decide your own personal decisions, depending on your particular opinion – or consult a tax preparer professional who will give you an opinion based on his past experiences with these issues.

------------------------------------------
Jean $¢ott, Frugal Gambler
http://queenofcomps.com/
http://jscott.lvablog.com/
UPDATED TAX BOOK
(Download 2015 eBook now)

From: mailto:vpFREE@yahoogroups.com
Sent: Saturday, April 11, 2015 4:38 AM
To: vpFREE@yahoogroups.com
Subject: [SPAM]Re: [vpFREE] Tax question

>Also, with respect to freeplay, gifts, and comps it was an eye opener to me that gifts and comps really don't have to be reported. A couple of questions though... say I get a coupon for $50 dining in my mailer or through some kiosk promotion. Does this have to be reported if I use it?

I was audited a long time ago and I volunteered the information that I
hadn't included comps in my income. The auditor said "I didn't hear
that" and never made an issue out of it.

>Also, a much bigger question, what about points that you have? For example say you have 1000 players club points that can be turned into $1000 freeplay, $1000 dining, $1000 cash back, or $1000 in gift certificates. For each of these scenarios, would it be proper to report or not report it?

I account for these on a cash basis and have never had a problem.

Accounting for comps and points probably both fall into the large
category of issues for which there may be a technically correct way to
do it, but, for practical purposes, you might as well do it the way
you want to, since the most you're going to risk is to be billed,
possibly with interest and penalties, which, generally, has a tiny
chance of happening. It's not in the same league as, say, having many
$9900 transactions with banks.

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Posted by: "Queen of Comps" <queenofcomps@cox.net>
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