Re: [vpFREE] 1099's

 

This isn't clearly stated by the IRS, but most tax preparers recommend that you lump 1099s with your W-2Gs if they are related to your "general" gambling activities. For example, you win a VIP tournament you were invited to because of your previous play. You win a drawing that you earned tickets for by playing. You usually don't need to establish a specific loss is directly related to a specific bet. However, some people occasionally have had to explain this when they were questioned. This seemed to be more of a problem in the past. Nowadays IRS personnel are a little more knowledgeable about gambling issues, but one can never be 100% sure in these gray areas.

This issue is coming up again for those who do regular gambling AND daily fantasy sports betting, in which you can get 1099s. I discuss this in the new edition of the tax book.

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

From: mailto:vpFREE@yahoogroups.com
Sent: Monday, April 13, 2015 3:25 PM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] 1099's

><<I've been told that losses can't be deducted against what
>income is reported on 1099s.>>
>
>That is wrong information as a general "rule." It depends on what the 1099 is from.

I was thinking of tournament winnings, drawing winnings, winning a
car, etc. Doesn't a loss have to be due to a bet that's directly
related to the win to be deductible?

[Non-text portions of this message have been removed]

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Posted by: "Queen of Comps" <queenofcomps@cox.net>
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[vpFREE] Re: Xvp digest 9014 tax question

 

How long does a PLR take to get these days? Oil and gas MLP K-1's are still worse than any gambling return.

[Non-text portions of this message have been removed]

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Posted by: cdgnpc@aol.com
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[vpFREE] Xvp digest 9014 tax question

 

Yes deducts taken and later recoverable are ax able.
Unless you are C Subchapter S with gambling as your
Profession this is not a major factor.
1. Remeber reading about how comps are calculated?
A percentage of what the casino can expect to get from you (theo)?
2.If you believe corporations personally give you gifts.Please give out
Your name and casinos giving these gifts so stockholders can show up
And raise hell .A corp. is the only business entity with a business reason(10
Percent)to give to charity.You are not a charity.
3. Get your own definition of de minis.Having to get support for a deferent
Value for a prize' Have you ever watched a game show? Appraisles are only professional demanded if the amount justifies the cost.
4.I will go out on a limb on the total picture.If you go around spending hundreds
Of dollars on fifty dollar items keeping you up at night you are bankrupt
Look up forgiveness of debt. In IRS. Publications.
5.If you believe that a none gray answer is going to suddenly pop up
and you are not going to ask for a letter ruling and can not find
A session of congress with your name on it.Go with everything
Is taxable except by legisative grace.Pony up on the rebate you
Got on the SUV you got the air miles you used and any groceries you
Ever got on sale used coupons on and if you ever travel in or out of
California please pay thier sales tax for them They need help.
Yes the circumstances are very different if you are in the business
Otherwise mind your on business You having fun and leave construct
Recite questions to those it applies .
PS. It was a long tax season been at it probably longer then
You been alive.I wonder what happens when you play Video Poker
that long ?

Sent from my iPad

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Posted by: Dave Breslin <cbres77376@aol.com>
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Re: [vpFREE] Scot Krause's Slot Club Report - 7 APR 2015

 

I believe Bob Dancer stated recently on his show that it is still occasionally on his play list when there is a good promotion. I haven't played Gamblers Bonus since I was 86'd from all Village Pub locations for playing the Deuces Plus game several years ago. It's my understanding that Gamblers Bonus made Village Pubs, against their wishes, remove the Deuces Plus game because GB no longer wished to offer a game with such a high return. Village Pubs wanted to offer the game but 86 players that had an IQ higher than their shoe size. Sound familiar? Village Pubs have the same owner as Ellis Island, Gary Ellis.

Sent from my iPhone

> ---In vpFREE@yahoogroups.com, <queenofcomps@...> wrote :
>
> A great column, Scot!
>
> My question to the group. I wonder, are there any games in any of these places that are good enough to combine with these great slot club benefits and allow play with even a small advantage?
>
>
>
>

[Non-text portions of this message have been removed]

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Posted by: Vegasvpplayer <vegasvpplayer@gmail.com>
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[vpFREE] Harrah's Southern California Database Update

 

Some of the Diamond Lounge bartops still have $1 9/6 DDB in 1/3/5/10- lines.

Sent from my iPhone

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Posted by: Vegasvpplayer <vegasvpplayer@gmail.com>
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Re: [vpFREE] 1099's

 

><<I've been told that losses can't be deducted against what
>income is reported on 1099s.>>
>
>That is wrong information as a general "rule." It depends on what the 1099 is from.

I was thinking of tournament winnings, drawing winnings, winning a
car, etc. Doesn't a loss have to be due to a bet that's directly
related to the win to be deductible?

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Posted by: 007 <007@embarqmail.com>
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[vpFREE] why CE is better than EV

 

EV is an ok beginner's way to rank plays but it doesn't take into account variance and bankroll. CE takes into account EV, plus variance and bankroll:

CE = EV - variance/2xBankroll

Example:

FPDW hand: 22299

holding all five returns 15 bets

holding just 222 returns:

deuces: 46/1081 x 200 = 8.511
wrf: 40/1081 x 25 = 0.925
5k: 67/1081 x 15 = 0.930
sf: 108/1081 x 9 = 0.899
4k: 820/1081 x 5 = 3.793
total EV = 15.058

deuces: 46/1081 x (200-15.058)^2 = 1455.470
wrf: 40/1081 x (25-15.058)^2 = 3.657
5k: 67/1081 x (15-15.058)^2 = 0
sf: 108/1081 x (9-15.058)^2 = 3.667
4k: 820/1081 x (5-15.058)^2 = 76.738
total variance = 1540

solve for when CE>15:

15.058 - 1540/2xBankroll > 15
Bankroll > 13,276 bets > 16.6 royals

So, even though just holding 222 is the maxEV play, it's not a Kelly overlay unless your current bankroll exceeds 13,276 bets or 16.6 royals. Gamblers might typically play FPDW with a 5 royal bankroll, so 16.6 royals represents a much larger bankroll (more than 3x) than typical. For a quarter player, 13,276 bets is $16,595.

[Non-text portions of this message have been removed]

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Posted by: nightoftheiguana2000@yahoo.com
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Re: [vpFREE] 1099's

 

<<I've been told that losses can't be deducted against what
income is reported on 1099s.>>

That is wrong information as a general "rule." It depends on what the 1099 is from.

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

From: mailto:vpFREE@yahoogroups.com
Sent: Monday, April 13, 2015 1:42 PM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] 1099's

>No need to get it changed. I always total them with my W-2G's and report them under gambling winnings. Most years I just put a note "Includes all W-2G's and gambling related 1099's". Others have advocated this method and I have yet to get an IRS inquiry letter.

This may be another area where doing it wrong is unlikely to get
flagged. I've been told that losses can't be deducted against what
income is reported on 1099s.

[Non-text portions of this message have been removed]

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Posted by: "Queen of Comps" <queenofcomps@cox.net>
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Re: [vpFREE] 1099's

 

>No need to get it changed. I always total them with my W-2G's and report them under gambling winnings. Most years I just put a note "Includes all W-2G's and gambling related 1099's". Others have advocated this method and I have yet to get an IRS inquiry letter.

This may be another area where doing it wrong is unlikely to get
flagged. I've been told that losses can't be deducted against what
income is reported on 1099s.

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Posted by: 007 <007@embarqmail.com>
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[vpFREE] 1099's

 

<<<. He won and was issued a 1099 instead of a W2-G. This meant he was on the hook for the full amount of taxex. He couldnt write off losses against the 1099. He tried hard to no avail to get them to change it to a W2-G.>>>

No need to get it changed. I always total them with my W-2G's and report them under gambling winnings. Most years I just put a note "Includes all W-2G's and gambling related 1099's". Others have advocated this method and I have yet to get an IRS inquiry letter.

Sent from my iPhone

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[vpFREE] Re: DreamCard Return Question

 

im interested to know the answer here, anyone??

[Non-text portions of this message have been removed]

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Re: [vpFREE] Re: Tax question

 

This was several years ago. I cant remember the specific details. Because of his slot play a friend of mine was entered into a drawing contest at Ramada Express/Laughlin. He won and was issued a 1099 instead of a W2-G. This meant he was on the hook for the full amount of taxex. He couldnt write off losses against the 1099. He tried hard to no avail to get them to change it to a W2-G.

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