Re: [vpFREE] Re: Can't deduct winnings against losses, IS it true??

 

Do you work for the IRS?

On Tue, Apr 16, 2019, 7:27 PM bobbartop@yahoo.com [vpFREE] <vpFREE@yahoogroups.com> wrote:
 

W-2Gs or not, you're supposed to pay income tax on income..  Playing for stakes that does not generate a W-2G is not an excuse to avoid reporting profit.



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

Hi Walter,

Sounds exactly like what my accountant said.  He handled it same way.  "Just pay it, it's easier." , accountant said .  In my case, last year was an unusually small amount of W2Gs.  Played a lot of Joker wild in AC with natural Royal the jack pot.  I hit a lot of Wild Royals for $500. Unfortunately no Natural ones. May have saved me $$ on taxes.  Also last year in Vegas played lot of quarter and $1 Deuces.  about 3 @ $1 Deuces for $1000.  Played 50 cents too.  Did OK 2018 not many signers.

 Played a lot of quarter in Vegas 2019.  Played lots of Deuces.  Went to M to look see.  Never been there before.  Caught a $1 Natural Royal causing a signer.  Really liked the place for 4 hours I was there.  We were in town for 10 days.  Came out about even whole trip, including all expenses.   I like u're idea of 100 play @ .05.  If you'r trying to avoid W2Gs  though, you may get upset if you catch a dealt Royal??

Don't understand new Standard deduction fully yet.  I will ask my tax guy when I see him on out of tax deadline season.  It makes sense to explore standard deduction in advance of 2020 tax file time.

Thanks for the info.......Cheers   Jeep



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Posted by: Dennis Soucy <dlvseuss@gmail.com>
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[vpFREE] Bob Dancer Column - 16 APR 2019

 

Bob Dancer Column - 16 APR 2019

Safety Precautions

https://www.lasvegasadvisor.com/gambling-with-an-edge/safety-precautions/

or

<a href="https://www.lasvegasadvisor.com/gambling-with-an-edge/safety-precautions/">
https://www.lasvegasadvisor.com/gambling-with-an-edge/safety-precautions/</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.
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Posted by: vpFREE3355 <vpFREE3355@gmail.com>
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[vpFREE] Re: Can't deduct winnings against losses, IS it true??

 

W-2Gs or not, you're supposed to pay income tax on income.  Playing for stakes that does not generate a W-2G is not an excuse to avoid reporting profit.



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

Hi Walter,

Sounds exactly like what my accountant said.  He handled it same way.  "Just pay it, it's easier." , accountant said .  In my case, last year was an unusually small amount of W2Gs.  Played a lot of Joker wild in AC with natural Royal the jack pot.  I hit a lot of Wild Royals for $500. Unfortunately no Natural ones. May have saved me $$ on taxes.  Also last year in Vegas played lot of quarter and $1 Deuces.  about 3 @ $1 Deuces for $1000.  Played 50 cents too.  Did OK 2018 not many signers.

 Played a lot of quarter in Vegas 2019.  Played lots of Deuces.  Went to M to look see.  Never been there before.  Caught a $1 Natural Royal causing a signer.  Really liked the place for 4 hours I was there.  We were in town for 10 days.  Came out about even whole trip, including all expenses.   I like u're idea of 100 play @ .05.  If you'r trying to avoid W2Gs  though, you may get upset if you catch a dealt Royal??

Don't understand new Standard deduction fully yet.  I will ask my tax guy when I see him on out of tax deadline season.  It makes sense to explore standard deduction in advance of 2020 tax file time.

Thanks for the info......Cheers   Jeep



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Posted by: bobbartop@yahoo.com
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Re: [vpFREE] Can't deduct winnings against losses, IS it true??

 

Walter wrote: "For example, play 100-play 9/6 JOB .05 ($25 bet) instead of single line 9/6 JOB $5 ($25 bet).  Same bet size and EV - but far fewer W-2Gs over the course of a year.  I know that you can follow this strategy in Reno, but the options are likely limited in other areas."

Also, change your strategy to maximize the non-W2G hands, for example if the royal on jacks is W2G, set royal value to zero in strategy generator like wizard's, resulting strategy is something like:
HP+>4FL>LP>4STo>3FL3H>3SF0>4STi4-3H>3FL2H>3SF1>KQJ>2H>1H>3SF2
You lose a bit not chasing the royal draws (I think about a half percent) but you make it back and then some in less heat from the casino and less W2G's that you have to wait for and tip and then pay taxes on, so overall it's the more optimal strategy.


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Posted by: nightoftheiguana2000@yahoo.com
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[vpFREE] Re: Can't deduct winnings against losses, IS it true??

 

Hi Walter,


Sounds exactly like what my accountant said.  He handled it same way.  "Just pay it, it's easier." , accountant said .  In my case, last year was an unusually small amount of W2Gs.  Played a lot of Joker wild in AC with natural Royal the jack pot.  I hit a lot of Wild Royals for $500. Unfortunately no Natural ones. May have saved me $$ on taxes.  Also last year in Vegas played lot of quarter and $1 Deuces.  about 3 @ $1 Deuces for $1000.  Played 50 cents too.  Did OK 2018 not many signers.

 Played a lot of quarter in Vegas 2019.  Played lots of Deuces.  Went to M to look see.  Never been there before.  Caught a $1 Natural Royal causing a signer.  Really liked the place for 4 hours I was there.  We were in town for 10 days.  Came out about even whole trip, including all expenses.   I like u're idea of 100 play @ .05.  If you'r trying to avoid W2Gs  though, you may get upset if you catch a dealt Royal??

Don't understand new Standard deduction fully yet.  I will ask my tax guy when I see him on out of tax deadline season.  It makes sense to explore standard deduction in advance of 2020 tax file time.

Thanks for the info......Cheers   Jeep



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Posted by: whitejeeps@yahoo.com
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