Poker Poker Poker!: 04/24/19

[vpFREE] Re: gambling loss deductions broadened under new tax law

Your insults about gamblers are insulting.

I would concede that some gamblers are scum, and maybe even more than average.

On the other hand, I have met and am close friends with a number of APs who are of high character and are generally solid individuals. Compared to the average moron on the street, who lives from paycheck to paycheck no matter how much money he or she earns, APs (at least ones who last more than a few months) are far more financially secure and responsible than this. While opportunities for an AP can fade, they are not likely to be laid off. Another thing going for most APs is that they are very intelligent and can probably make a transition to another field if their game or games are no longer profitable. In many cases, an AP's "job" is more secure than a normal job. Look back at 2008 and consider how many people lost their jobs and how many APs lost their job.

As for letting a gambler marry your daughter...? You really are a neanderthal if you think you have any business trying to make that decision for your daughter. It is also quite telling that you restricted this to your daughter. Would it be OK for your son to marry a gambler? And if so, do you think daughters are just not capable of making intelligent choices even if they are not aligned with your ideas. I could understand a bit of healthy skepticism, but you probably ought to at least meet the person before deciding he (or she) is unworthy.

QZ

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Posted by: James Morgan <what7do7you7want@yahoo.com>

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Re: [vpFREE] Re: Binion’s Mothers Lode

are u in the Phils group

On Wednesday, April 24, 2019, 7:09:25 AM PDT, dds2124@centurylink.net [vpFREE] <vpFREE@yahoogroups.com> wrote:

My wife and I received the same letter.

The first drawing will be held on Friday May 3rd at 10am. 60 winners of $2,500 cash and you can win more than once. You do not need to be present to win.

I think its a good solution to the issue.

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Posted by: Nicholai Ciszewski <n_ciszewski@yahoo.com>

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[vpFREE] Re: Binion’s Mothers Lode

My wife and I received the same letter.

The first drawing will be held on Friday May 3rd at 10am. 60 winners of $2,500 cash and you can win more than once. You do not need to be present to win.

I think its a good solution to the issue.

__._,_.___

Posted by: dds2124@centurylink.net

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

Thanks for the folflow-up, Jean. I fully appreciate the considerations involved -- it's easy to envision that the suggested thread might easily take a turn where people ask for input on situations specific to themselves. It's inappropriate to look to you, or anyone else in this group, for individual tax advice (even in areas where you're fully qualified to comment).

I also recognize that such a thread might easily go "off the rails" through well-intentioned, yet half-informed, input from other group members (such as myself ;) ).

Nonetheless, if your contributions are limited to posts that illuminate the background details and general considerations behind what's presented in the book, I see much potential value. Plus, I'd hope that the discussion might highlight valuable content that might prompt players who can benefit to delve deeper.

Unless someone beats me to it, I'll start a thread with the suggested title "Tax Issues" and pose a couple of generally-targeted questions that arose as I read select passages from "Tax Help". (I'm gearing up for a couple of weeks "on the road", after having broken from play the last 6 weeks to attend to personal matters, so it may be a day or two before I respond.)

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

Thank you, Harry, for a positive review of "Tax Help for Gamblers."

I am hesitate to open a discussion about taxes here on this forum. First, it can get pretty long and involved. Simple questions usually require long answers. I don't have unlimited time to spend on this - I do still play VP!!! :) But more importantly I have to be careful not to get into legal areas - I am not a lawyer. And although it would be nice for Russ for enter into the conversation, he has a very busy practice and would not have the time for it. And he would be the first to say to many questions, "That depends on your individual circumstances of which I do not know the details."

I doubt that I could clarify any portions in the book - that would probably run into mostly "it depends." We tried to take many of the thorny issues and give a number of possible ways gamblers and/or professionals might cope or interpret. Remember, some issues are so nebulous that different IRS employees will give different opinions.

If someone wants to start a thread on "Tax Issues," I will comment/answer/discuss when I can. I always read all posts. But I don't want to be considered the "final-word expert."

Jean Scott

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Posted by: harry.porter@verizon.net

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

Thank you, Harry, for a positive review of "Tax Help for Gamblers."

You brought out a needed point that perhaps I have not emphasized in the past - that I didn't put out a new edition until there were major/important updates. The first edition was put out in 2007 so that means an average of every 3 years. (I didn't realize it had been that long ago!!!!!)

Dealing with technical subjects like taxes is not my favorite subject to write about - stressful for a perfectionist who wants all facts totally accurate and the IRS is "fuzzy" on so many issues. Also I had planned to retire from writing books. But the major changes in the tax law for 2018 seemed to make a new majorly-updated tax book absolutely necessary. Since Marissa no longer wanted to work on this project, I was so happy to find Russell Fox, who agreed to jump on board to give the technical help I had to have. And he is good - I recommend him highly for any gambler who needs professional help with their taxes. He has been doing this for almost 20 years, keeping up on all the twists and turns of the laws and the courts cases.

If someone wants to start a thread on "Tax Issues," I will comment/answer/discuss when I can. I always read all posts. But I don't want to be considered the "final-word expert."

Jean Scott

On April 23, 2019 at 1:51 PM "harry.porter@verizon.net [vpFREE]" <vpFREE@yahoogroups.com> wrote:

Your (Jean Scott's) post on the 19th served as a reality check for me; I had contributed a couple of "shoot from the hip" posts to this thread by which, in hindsight, I'm more than a little embarrassed. (I hope I have a track record that suggests I more typically post from solid fact rather than "informed" opinion ...)

So, yeah, I immediately set aside the tightwad within me and shelled out for the updated "Tax Help For Gamblers" (4th Ed). I lapped up the first ed. when it was published, but have had a "been there, done that" attitude re the updates as they've been subsequently issued.

The book arrived this morning and the topic discussion contained within is, again, a brilliant and satisfying read.

Now, I appreciate that the book contents are intended to serve as general guidance where it comes to tax reporting of gamblin g activity, and that readers are responsible for their own interpretation (or that of their tax advisor) when applying that guidance. That said, in my sampling of the book I found a couple of topics/issues that I yearn to explore to a greater length.

Jean, would you be willing to open a thread here for that purpose (fielding questions that you're comfortable with, and perhaps soliciting Marissa's or Russell's input to whatever extent is feasible)?

The intent wouldn't be to seek out pat answers, but instead, for example, provide opportunity for added context that might help clarify some discussion points in the book.

(And, as an aside, I hope no one would fault any potential "promotional" benefit that might arise as a consequence of such a thread. Jean regularly gives (and would give) more added value to group members here through her contributions than she& #39;s ever likely to glean for herself in return.

vpFREE mod take on this reigns supreme, of course ... deservedly. But, I would hope a similar discussion thread would be appropriate for any gambling resource of value to the group members.)

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

I have refrained from entering this discussion earlier since I might be accused of using this forum for commercial gain. (I could make more money working at McDonalds :) ) However, although there has been some very good information given, there has also been some very bad advice. And even some of the good information needed more details. Short answers on tax issues are rarely helpful - there are so many exceptions and so much depends on varying personal circumstances.
So - I would like to suggest that if you want a complete discussion of these tax subjects, you can download the eBook, at a very frugal price, Tax Help for Gamblers. I brought on board for this brand-new 4th edition Russell Fox, an EA who has specialized in tax preparation for gamblers for almost 20 years. He knows all the details of the new tax rules, and together we have included all the up-to-date regulations and court cases. We spent many many pages discussing the biggest and most complex problem facing gamblers, the issue of how to report gambling wins and losses on a tax return.
It seems many gamblers are totally confused by varying opinions, even giv en by tax professionals. Sad to say, some of them may be good in other tax areas. but have no personal experience with gambling and/or have done no or few returns for gamblers and haven't kept up with the changes in this area. So many of them have bought this book (or a gambling client gave it to them), because Russell is a respected expert in this field.
And one last caution: There are many tax questions that have no one-fits-all answer. That is why in the book we often have to discuss a range of options - and then leave it to the taxpayer (+ his tax professional, if he is using one) to decide which options fit his individual circumstances.
Just trying to be helpful,
Jean Scott