[vpFREE] Scot Krause's LVA Players Club Bonus Points Update - 24 DEC 2017

 

Scot Krause's LVA Players Club Bonus Points Update - 24 DEC 2017

http://www.gamblingwithanedge.com/players-club-bonus-points

or

<a href="http://www.gamblingwithanedge.com/players-club-bonus-points">
http://www.gamblingwithanedge.com/players-club-bonus-points</a>

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This link is posted for informational purposes
and doesn't constitute an endorsement or approval
of the linked article's content by vpFREE. Any
discussion of the article must be done in
accordance with vpFREE's rules and policies.
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Posted by: vpFREE3355 <vpfree3355@gmail.com>
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (1)
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Re: [vpFREE] Possible tax changes

 

That is true. good catch.


On Sunday, December 24, 2017 3:54 PM, "C clementiyn@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com> wrote:


 
Child tax credit doubled from $1000 to $2000 per child. Credits are substantially better than deductions.

On Dec 24, 2017, at 6:31 AM, Howard Stern pyiddy@att.net [vpFREE] <vpFREE@yahoogroups.com> wrote:

 
Also be aware that the elimination of the personal exemption hurts! If you are a senior, I think the second exemption is lost too.
Also no exemption for the kids? If so non itemizers with three kids for a married couple is barely better than a push under the new law.
Any more kids is a loser!


On Sunday, December 24, 2017 6:58 AM, "Hing Tan mikeam7788@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com> wrote:


 
Good information. Excellent example.

Do you know the mortgage interest is deductible under the new tax law?

Thanks 


Sent from Yahoo Mail for iPad

On Saturday, December 23, 2017, 7:38 PM, harry.porter@verizon.net [vpFREE] <vpFREE@yahoogroups.com> wrote:
 


For the sake of a concrete example, here are my circumstances (filing jointly):

2017 itemized deductions were $25000.  Taxes paid to state and local authorities (referred to as SALT - state and local taxes) were $15000.

Under the 2018 SALT cap of $10000, I'll lose the benefit of $5000 in tax deductions.  My allowable itemized deductions are reduced to $20000.  In absence of gaming activity, I would take the standard deduction of $24000, gaining $4000 in deductions.

Now, let's add some modest gaming activity and presume that during the year $12k in w-g jackpots were hit, that these wins are reported as gross winnings, and that overall gaming activity netted a loss (so a offsetting gaming loss deduction of $12k is taken).

Here's where things get a bit ugly.  Yes. gaming losses can be declared to the extent of going wins, thus a wash in this case.  However, to the extent that total itemized deductions are increased to the $24000 standard deduction through declared gaming losses, the benefit of otherwise taking the standard deduction is reduced $ for $.

In the above example, the added $4000 deduction benefit (via the standard deduction) is lost with the first $4000 in gambling losses.  Assuming a 35% marginal tax rate, gambling activities impose an effective tax penalty of $1400.



---In vpFREE@yahoogroups.com, <onetime7500@...> wrote :

Since gambling losses are not subject to the 2% AGI floor, they are still allowed under the new law.

The problem for many folks will be the much higher $24,000 standard deduction if married, $12,000 if single. If you need to deduct losses, you will miss out on this higher standard deduction. Given that state and local taxes are limited to $10,000, this is likely to be a hidden tax on gambling for many people.




__._,_.___
Posted by: Howard Stern <pyiddy@att.net>
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (12)
Have you tried the highest rated email app?
With 4.5 stars in iTunes, the Yahoo Mail app is the highest rated email app on the market. What are you waiting for? Now you can access all your inboxes (Gmail, Outlook, AOL and more) in one place. Never delete an email again with 1000GB of free cloud storage.

.

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Re: [vpFREE] Possible tax changes

 

Child tax credit doubled from $1000 to $2000 per child. Credits are substantially better than deductions.

On Dec 24, 2017, at 6:31 AM, Howard Stern pyiddy@att.net [vpFREE] <vpFREE@yahoogroups.com> wrote:

 

Also be aware that the elimination of the personal exemption hurts! If you are a senior, I think the second exemption is lost too.
Also no exemption for the kids? If so non itemizers with three kids for a married couple is barely better than a push under the new law.
Any more kids is a loser!


On Sunday, December 24, 2017 6:58 AM, "Hing Tan mikeam7788@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com> wrote:


 
Good information. Excellent example.

Do you know the mortgage interest is deductible under the new tax law?

Thanks 


Sent from Yahoo Mail for iPad

On Saturday, December 23, 2017, 7:38 PM, harry.porter@verizon.net [vpFREE] <vpFREE@yahoogroups.com> wrote:
 


For the sake of a concrete example, here are my circumstances (filing jointly):

2017 itemized deductions were $25000.  Taxes paid to state and local authorities (referred to as SALT - state and local taxes) were $15000.

Under the 2018 SALT cap of $10000, I'll lose the benefit of $5000 in tax deductions.  My allowable itemized deductions are reduced to $20000.  In absence of gaming activity, I would take the standard deduction of $24000, gaining $4000 in deductions.

Now, let's add some modest gaming activity and presume that during the year $12k in w-g jackpots were hit, that these wins are reported as gross winnings, and that overall gaming activity netted a loss (so a offsetting gaming loss deduction of $12k is taken).

Here's where things get a bit ugly.  Yes. gaming losses can be declared to the extent of going wins, thus a wash in this case.  However, to the extent that total itemized deductions are increased to the $24000 standard deduction through declared gaming losses, the benefit of otherwise taking the standard deduction is reduced $ for $.

In the above example, the added $4000 deduction benefit (via the standard deduction) is lost with the first $4000 in gambling losses.  Assuming a 35% marginal tax rate, gambling activities impose an effective tax penalty of $1400.



---In vpFREE@yahoogroups.com, <onetime7500@...> wrote :

Since gambling losses are not subject to the 2% AGI floor, they are still allowed under the new law.

The problem for many folks will be the much higher $24,000 standard deduction if married, $12,000 if single. If you need to deduct losses, you will miss out on this higher standard deduction. Given that state and local taxes are limited to $10,000, this is likely to be a hidden tax on gambling for many people.


__._,_.___
Posted by: C <clementiyn@yahoo.com>
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (11)
Have you tried the highest rated email app?
With 4.5 stars in iTunes, the Yahoo Mail app is the highest rated email app on the market. What are you waiting for? Now you can access all your inboxes (Gmail, Outlook, AOL and more) in one place. Never delete an email again with 1000GB of free cloud storage.

.

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[vpFREE] Vegas Values Report - 24 DEC 2017

 

Vegas Values Report - 24 DEC 2017

https://www.americancasinoguide.com/vegas-values/vegas-values-report-for-december-24-2017.html

or

https://goo.gl/ZxEbdW

or

<a href="https://goo.gl/ZxEbdW">
https://goo.gl/ZxEbdW</a>

*************************************************
This link is posted for informational purposes
and doesn't constitute an endorsement or approval
of the linked article's content by vpFREE. Any
discussion of the article must be done in
accordance with vpFREE's rules and policies.
*************************************************

__._,_.___
Posted by: vpFREE3355 <vpfree3355@gmail.com>
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (1)
Have you tried the highest rated email app?
With 4.5 stars in iTunes, the Yahoo Mail app is the highest rated email app on the market. What are you waiting for? Now you can access all your inboxes (Gmail, Outlook, AOL and more) in one place. Never delete an email again with 1000GB of free cloud storage.

.

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[vpFREE] LV Sun: Casino promotions - 24 DEC 2017

 

LV Sun: Casino promotions - 24 DEC 2017

https://lasvegassun.com/news/2017/dec/24/casino-promotions-dec-24-30/

or

<a href="https://lasvegassun.com/news/2017/dec/24/casino-promotions-dec-24-30/">
https://lasvegassun.com/news/2017/dec/24/casino-promotions-dec-24-30/</a>

*************************************************
This link is posted for informational purposes
and doesn't constitute an endorsement or approval
of the linked article's content by vpFREE. Any
discussion of the article must be done in
accordance with vpFREE's rules and policies.
*************************************************

__._,_.___
Posted by: vpFREE3355 <vpfree3355@gmail.com>
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (1)
Have you tried the highest rated email app?
With 4.5 stars in iTunes, the Yahoo Mail app is the highest rated email app on the market. What are you waiting for? Now you can access all your inboxes (Gmail, Outlook, AOL and more) in one place. Never delete an email again with 1000GB of free cloud storage.

.

__,_._,___

Re: [vpFREE] Possible tax changes

 

Also be aware that the elimination of the personal exemption hurts! If you are a senior, I think the second exemption is lost too.
Also no exemption for the kids? If so non itemizers with three kids for a married couple is barely better than a push under the new law.
Any more kids is a loser!


On Sunday, December 24, 2017 6:58 AM, "Hing Tan mikeam7788@yahoo.com [vpFREE]" <vpFREE@yahoogroups.com> wrote:


 
Good information. Excellent example.

Do you know the mortgage interest is deductible under the new tax law?

Thanks 


Sent from Yahoo Mail for iPad

On Saturday, December 23, 2017, 7:38 PM, harry.porter@verizon.net [vpFREE] <vpFREE@yahoogroups.com> wrote:
 


For the sake of a concrete example, here are my circumstances (filing jointly):

2017 itemized deductions were $25000.  Taxes paid to state and local authorities (referred to as SALT - state and local taxes) were $15000.

Under the 2018 SALT cap of $10000, I'll lose the benefit of $5000 in tax deductions.  My allowable itemized deductions are reduced to $20000.  In absence of gaming activity, I would take the standard deduction of $24000, gaining $4000 in deductions.

Now, let's add some modest gaming activity and presume that during the year $12k in w-g jackpots were hit, that these wins are reported as gross winnings, and that overall gaming activity netted a loss (so a offsetting gaming loss deduction of $12k is taken).

Here's where things get a bit ugly.  Yes. gaming losses can be declared to the extent of going wins, thus a wash in this case.  However, to the extent that total itemized deductions are increased to the $24000 standard deduction through declared gaming losses, the benefit of otherwise taking the standard deduction is reduced $ for $.

In the above example, the added $4000 deduction benefit (via the standard deduction) is lost with the first $4000 in gambling losses.  Assuming a 35% marginal tax rate, gambling activities impose an effective tax penalty of $1400.



---In vpFREE@yahoogroups.com, <onetime7500@...> wrote :

Since gambling losses are not subject to the 2% AGI floor, they are still allowed under the new law.

The problem for many folks will be the much higher $24,000 standard deduction if married, $12,000 if single. If you need to deduct losses, you will miss out on this higher standard deduction. Given that state and local taxes are limited to $10,000, this is likely to be a hidden tax on gambling for many people.


__._,_.___
Posted by: Howard Stern <pyiddy@att.net>
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (10)
Have you tried the highest rated email app?
With 4.5 stars in iTunes, the Yahoo Mail app is the highest rated email app on the market. What are you waiting for? Now you can access all your inboxes (Gmail, Outlook, AOL and more) in one place. Never delete an email again with 1000GB of free cloud storage.

.

__,_._,___

Re: [vpFREE] Possible tax changes

 

Good information. Excellent example.


Do you know the mortgage interest is deductible under the new tax law?

Thanks 


Sent from Yahoo Mail for iPad

On Saturday, December 23, 2017, 7:38 PM, harry.porter@verizon.net [vpFREE] <vpFREE@yahoogroups.com> wrote:

 



For the sake of a concrete example, here are my circumstances (filing jointly):

2017 itemized deductions were $25000.  Taxes paid to state and local authorities (referred to as SALT - state and local taxes) were $15000.

Under the 2018 SALT cap of $10000, I'll lose the benefit of $5000 in tax deductions.  My allowable itemized deductions are reduced to $20000.  In absence of gaming activity, I would take the standard deduction of $24000, gaining $4000 in deductions.

Now, let's add some modest gaming activity and presume that during the year $12k in w-g jackpots were hit, that these wins are reported as gross winnings, and that overall gaming activity netted a loss (so a offsetting gaming loss deduction of $12k is taken).

Here's where things get a bit ugly.  Yes. gaming losses can be declared to the extent of going wins, thus a wash in this case.  However, to the extent that total itemized deductions are increased to the $24000 standard deduction through declared gaming losses, the benefit of otherwise taking the standard deduction is reduced $ for $.

In the above example, the added $4000 deduction benefit (via the standard deduction) is lost with the first $4000 in gambling losses.  Assuming a 35% marginal tax rate, gambling activities impose an effective tax penalty of $1400.



---In vpFREE@yahoogroups.com, <onetime7500@...> wrote :

Since gambling losses are not subject to the 2% AGI floor, they are still allowed under the new law.

The problem for many folks will be the much higher $24,000 standard deduction if married, $12,000 if single. If you need to deduct losses, you will miss out on this higher standard deduction. Given that state and local taxes are limited to $10,000, this is likely to be a hidden tax on gambling for many people.

__._,_.___
Posted by: Hing Tan <mikeam7788@yahoo.com>
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (9)
Have you tried the highest rated email app?
With 4.5 stars in iTunes, the Yahoo Mail app is the highest rated email app on the market. What are you waiting for? Now you can access all your inboxes (Gmail, Outlook, AOL and more) in one place. Never delete an email again with 1000GB of free cloud storage.

.

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