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

 

Cogno,


I had not seen that ruling thanks for posting it.  I believe any rational person would consider gambling tax laws absurd because they require people to pay taxes when their gambling generates no income even with the session rule.  The "session rules" established by court decisions are still often not followed by the IRS.  Without the session rule many regular gamblers would easily generate millions in wins and owe millions in taxes which makes "absurd tax laws" a huge understatement.  The session rules just allow you to pay less tax on your imaginary gambling income.  

__._,_.___
Posted by: cy4873@hotmail.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.

SPONSORED LINKS
.

__,_._,___

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

 

Here is a DC Circuit appellate ruling from 2013 (you may recognize the name of the Judge) that upholds the per-session limit on netting out wins and losses (the IRS actually wanted to tax every winning bet on this poor guy).

 

https://www.cadc.uscourts.gov/internet/opinions.nsf/F80DD179A16F848285257BA3004EA6D1/$file/12-1058-1445657.pdf

 

This rule against netting wins and losses for the year is well established. See Schollenberger v. Commissioner (US Tax Court):

 

"To permit a casual gambler to net all wagering gains or losses throughout the year would intrude upon, if not defeat or render superfluous, the careful statutory arrangement that allows deduction of casual gambling losses, if at all, only as itemized deductions, subject to the limitations of section 165(d)."

 

Cogno

 

 

From: vpFREE@yahoogroups.com <vpFREE@yahoogroups.com>
Sent: Thursday, March 21, 2019 7:31 PM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Re: Re: Tax question number 1,565,876

 




 

 

My point is that "the law" is not absurd at all-it taxes winning in a calendar year.  If you have no winnings over the calendar year, and you can prove it with a diary and legitimate casino records, you have no winnings.

Another poster states there is "plenty" of citation evidence supporting.  As a lawyer I would like to see just ONE tax law appellate case upholding such a bizarre result! Using such logic that a single bet is a "winning" if one were to make 100 $100 bets on "Player" in Baccarat, win 50, lose 50, one would have made zero profit but would have to report $5000 in "winnings" on Line 21. That is, like taxing slot machine handpays when one has proof he has lost money over the year, is simply not an interpretation any appellate court would entertain- in my opinion.




__._,_.___
Posted by: Cogno Scienti <cognoscienti@hotmail.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
.

__,_._,___

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

 



My point is that "the law" is not absurd at all-it taxes winning in a calendar year.  If you have no winnings over the calendar year, and you can prove it with a diary and legitimate casino records, you have no winnings.
Another poster states there is "plenty" of citation evidence supporting.  As a lawyer I would like to see just ONE tax law appellate case upholding such a bizarre result! Using such logic that a single bet is a "winning" if one were to make 100 $100 bets on "Player" in Baccarat, win 50, lose 50, one would have made zero profit but would have to report $5000 in "winnings" on Line 21. That is, like taxing slot machine handpays when one has proof he has lost money over the year, is simply not an interpretation any appellate court would entertain- in my opinion.

__._,_.___
Posted by: melbedewy1226@hotmail.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: Tru Rewards

 

I play at ACD. 4x, 5x, 6x, 7x.. Epic.


Don the Dentist

__._,_.___
Posted by: dds2124@centurylink.net
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (4)
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] Caesars Atlantis Benefit

 

As a Seven Stars, I was recently getting ready to schedule our trip to Atlantis and noticed two things:


1. The Experience Pass is no longer included.  This was a valuable benefit that included one entry to the Dolphin Encounter, a round of golf, and several drinks in the restaurants.


2. In the fine print, I noticed this sentence which I don't recall from previous years:  "If you accept this offer and do not show any rated casino play, the Atlantis may charge you for some or all of your upfront complimentaries including rooms, food & drink, limos, etc."  I play very little when I go to Atlantis, so this worries me.


Has anyone been to Atlantis through the Caesars Rewards program since 2-1-19?  How much "rated casino play" is required--$1? $10,000?


Max

__._,_.___
Posted by: maximumbett@yahoo.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
.

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