[vpFREE] Re: Sam's Town Tier Credit Formula

 

A lot of Boyd's increase in revenue is due to their acquisition of and takeover of properties like Ameristar in St Louis. That said, slot players are being rewarded generously for their play much better than under the old system. That is where the money is. I've quit playing at Boyd but I'm pretty close with the rollover points to Sapphire renewal so I'll probably earn the 350 points I need just to keep the status in case something changes.

__._,_.___
Posted by: vpbp2002@yahoo.com
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.

SPONSORED LINKS
.

__,_._,___

Re: [vpFREE] Tax question number 1,565,876

 

I am not a lawyer, I am not an accountant, I am not an IRS enrolled agent, I am not a tax preparation specialist. I couldn't give advice, and you would have no reason to listen if I did.

I believe the overwhelming, effectively unanimous consensus among people who actually *do* know what they are talking about (once again, I am not such a person), is that the filer in question would be obliged to report the sum of *all* of his winning sessions, taken individually, as "other income." The exact meaning of what constitutes a "session" is open for some dispute, but certainly no less than one each gaming day at a particular casino. In addition, the filer in question would be permitted to report the sum of all of his losing sessions, up to be not exceeding the sum of all of his winning sessions, as an itemized deduction on a Schedule A; of course, this would mean forgoing the standard deduction, which could well exceed said some, in which case the filer would be money ahead by taking the standard deduction instead of itemizing.

As far as I know, *no* responsible commentators on gambling taxes would advise someone whose yearly total losses exceed his or her yearly total wins to chalk it up to a losing year and fail to report anything. *Especially* considering the issuance of a W2-G for a jackpot, such a strategy would be doomed to getting seriously crosswise with the IRS.

Again: I am not a lawyer, I am not an accountant, I am not an IRS enrolled agent, I am not a tax preparation specialist. I couldn't give advice, and you would have no reason to listen if I did.

On Sat, Mar 9, 2019 at 3:54 PM melbedewy1226@hotmail.com [vpFREE] <vpFREE@yahoogroups.com> wrote:
 

My ne'er do well cousin is 44 years old, delivers pizza for a living and spends all his excess money on cigarettes and beer.  He makes barely enough money to file a tax return and obviously does not itemize.
For the last several years he has taken his parents on a weekly basis to the local casino.  The parents are upper middle class, pay reasonably high stake slots and itemize- with their jackpot wins easily offset by their total losses.  They also keep a diary as does the son, at their insistence. They throw him $200 to play with.  Sometimes he scratches up a 20 dollar bill or 2 to add to his stake.  They then go to a restaurant in the casino before heading home.
Back in August he hit an Adorned Peacock jackpot for about $1250 and got a tax form.  However both his diary and the records from the casino show that he is, even when factoring in the jackpot, a LOSER for the year.
Several tax preparers have each given different "advice".
I am an attorney but have no knowledge of tax law.  My best opinion is that all gambling winnings are taxable and the jackpot tax form is not some separate taxable trigger but rather since both his legitimate diary and casino records show a total LOSS for the calendar year he need not report any "gambling win", since he has none.
Any comments welcome.


__._,_.___
Posted by: Martin Veneroso <slickmv@gmail.com>
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (3)
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.

SPONSORED LINKS
.

__,_._,___

[vpFREE] Scot Krause's LVA Players Club Bonus Points Update - 9 MAR 2019

 

Scot Krause's LVA Players Club Bonus Points Update - 9 MAR 2019

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>

*************************************************
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.

SPONSORED LINKS
.

__,_._,___

[vpFREE] Re: Sam's Town Tier Credit Formula

 

"I am a former Sam's Town regular customer, who hasn't risked a dime there in over a year.  They are doing fine without me."


unfortunately you are probably right, however the last quarter results did not have the full impact of the changes to reward benefits...we''ll see what next quarter looks like ... In the meantime I am not travelling to Vegas until some offers are received. I haven't played in Laughlin in 5 years and still get offers for rooms...Overall, I believe Vegas is killing the golden goose that lays the golden eggs....

__._,_.___
Posted by: glenbob@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.

SPONSORED LINKS
.

__,_._,___

[vpFREE] Re: Tax question number 1,565,876

 

If he itemized he can put the $1250 win on form 1040 as other income and use a loss offset on Schedule A to offset the W2-G. If he doesn't itemize the Standard Deduction you take is assumed to include gambling losses so he has to report the full $1250 jackpot as income. If he doesnt he can expect to get a bill from the IRS for the missing W2-G. Some may attempt to net the W2-G and losses all on the same line on form 1040 calling it all one session. I don't think the IRS is going to buy it in his case. Is he reporting all of his other gambling wins and losses during the year? He may be a loser for the year but chances are those losses didn't happen on the same trip and if he doesn't itemize he can't use them to offset the W2.

__._,_.___
Posted by: vpbp2002@yahoo.com
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (2)
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.

SPONSORED LINKS
.

__,_._,___
Subscribe to: Posts (Atom)