Re: [vpFREE] Stimulus check/IRS issues

 

"i dont think im a winner for the year on machines i know i lost more than i won."

I can say pretty definitively from reading your blog that you've never been a winner for ANY year on machines.



On Wed, Apr 22, 2020 at 4:08 PM, Tony Bigcharles tonybigcharles@yahoo.com [vpFREE]
<vpFREE@yahoogroups.com> wrote:
 

what will happen to the $1200 ive been waiting for about 2 weeks now? i filled out a form with the irs and claimed i dont earn enough to file and insisted it be sent to my bank account (and gave them my acct number and bank routing information for deposit) instead of a paper check, because i feared ill run out of funds for my hotel thats costing me about $250 a week and end up living with my mother out of state until i can get back to earning some money. ive lived out of hotels my whole life because ive been homeless a lot, though ive been lucky enough to sleep inside, ive never had an apt. if i didnt have mental health issues due to autism, id bought an RV to live in but i couldnt get the hang of learning how to drive. so i gave up learning how to drive over 20 years ago. 

i fear it looks odd to be over 50, yet never filed taxes before. ive got anywhere from $1000-2000 in w2g per year, to around 10k in w2g the last year due to a $5000 river dragon machine thats a plus EV game if u play it right but i couldve lost and i spent over $3500 waiting for it to hit. ill never play it again because it brings too big a w2g. and i also had a few others of $1000-2000. i dont think it was over 10-11k

but since i claimed i made under 12k, will they think im lying? im actually not. all the money i won playing plus ev vulterable machines like river dragon, golden egypt, ocean magic, scarabs, etc i lost playing blackjack like a donkey. and most of the money i won playing poker i lost it too and the rest all went for hotels to keep a roof over my head. i am in terrible shape physcially and dont even have health insurance. i dont think im a winner for the year on machines i know i lost more than i won. 

its a shame people lose more than they win, and yet the irs will think theyre winning money and be after them for taxes when theyre living on the streets. do i have any hope of getting my $1200 i deserve for having so little income and now unable to earn a dime in any casino hustling?

On Wednesday, April 22, 2020, 05:43:46 PM CDT, Derek Franks gamb00ler@yahoo.com [vpFREE] <vpfree@yahoogroups.com> wrote:


 

I have filed as a professional for about 25 years.  After about 10-12 years, someone at the IRS decided that I was under reporting my income.  They insisted that the income I showed on Sched. C MUST exceed the total of my W-2G's.  They also wanted to deny my ability to file as a professional.  I sent them a copy of my gambling log showing all W-2G's and session results and a copy of the IRS Memorandom regarding the session reporting method.  They still insisted and said they wished to proceed to Tax Court.  I wrote another letter stating that I had filed in the same manner for many years, that I had no W-2 income during that time and that I had about 600 gambling sessions per year.  I had very little other income.  I asked them what filing method I should use.  About a month before the Tax Court date, I actually received a phone call from the IRS.  The stated they accepted my tax filing with no adjustments.  I've never had a problem since.

The PDF of the IRS sessions memo can be found at:  https://www.irs.gov/pub/irs-utl/am2008011.pdf

G'luck all,
Gamb00ler


BP bjbigplayer > wrote:

Jeffery,

Gamblers are already aware of what you are saying here except that W2-G's create specialized reporting issues in that if you don't report at least the sum of your W2-G's as Other Income any loss offset looks suspect and if you don't itemize and report less than the sum of your total W2-G's as income you're looking at a nasty letter from the IRS and a likely assessment by your state.   Yes there is now a way to create session results from multiple W2's but the IRS is still having a tough time believing them and States an even worse time believing them..  

Facts are, casual gamblers do not report their wins and most do not win anyway.  Also facts are professional gamblers are not playing to beat the game, they're playing to beat casino marketing. 

__._,_.___
Posted by: garelli5k <garelli5k@yahoo.com>
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (50)
vpFREE Links:

http://usma1955.com/20228//V/Links.htm

                            ***************************************

vpFREE Messages (since 10 OCT 2019):

https://groups.google.com/forum/#!forum/vpfree-archives

                            ***************************************

Old vpFREE Yahoo archives:

http://usma1955.com/20228/V/Yahoo/vpFREE_Yahoo_Archives.htm

.

__,_._,___

Re: [vpFREE] Stimulus check

 

That was a really good, informative post, Correna.

--Dunbar

From: vpFREE@yahoogroups.com <vpFREE@yahoogroups.com> on behalf of Correna correna2@yahoo.com [vpFREE] <vpFREE@yahoogroups.com>
Sent: Wednesday, April 22, 2020 10:00 PM
To: vpfree@yahoogroups.com <vpfree@yahoogroups.com>
Subject: Re: [vpFREE] Stimulus check
 
 

There is no where in the tax code that mandates W2-Gs be added up and reported; the tax code mandates that all wins be reported. While I started gambling in 1986, I did not start generating significant amounts of W2-Gs until 2008, and because of that, I started using the session method that year (and have every year since then). My session wins are always considerably less than the sum of my W2-Gs.

I keep detailed contemporaneous records - and yes, it can be a pain in the butt. On the upside, it forces me to "face reality" as to wins and losses. It is all too easy to only remember the great days and fool ourselves into believing we lose much less than we really do. A "session" for me starts from the moment I start playing and ends when I quit for the day. If I go to more than one casino in a day, that is another session. I record and claim ALL wins - whether it was a $5 win or a $20k win. While I do track all W2-Gs, that total for the year is not reflected anywhere on my 1040.

In those 11 years, I have been audited twice. The envelopes the audits came in were thick - about 20 pages or so. Besides the "love letter" included, there were pages and pages listing every W2-G I had received for the year - and they of course, let me know that my "wins" claimed did not add up to the W2-Gs they had received from the casinos. The part that I found quite surprising, was that on both audits, they were missing W2-Gs!  I actually had more than they listed. In both audits, I pointed out their errors - telling them they were missing W2-Gs. Both audits required 3 responses from me before they "saw the light" and closed the audits, accepting my explanations and letting me know I owed -0-.

I am not afraid of the IRS - I am honest and keep very good records - but I can assure you that if you are audited it will take a great deal of your time addressing it. I am certain I spent at least 20 hours each time gathering up the information I needed to send them and then writing and rewriting responses. And it is frustrating that you have 30 days to respond, but they have 60 days to respond to you.

Correna

__._,_.___
Posted by: "H. Dunbar ." <h_dunbar@hotmail.com>
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (49)
vpFREE Links:

http://usma1955.com/20228//V/Links.htm

                            ***************************************

vpFREE Messages (since 10 OCT 2019):

https://groups.google.com/forum/#!forum/vpfree-archives

                            ***************************************

Old vpFREE Yahoo archives:

http://usma1955.com/20228/V/Yahoo/vpFREE_Yahoo_Archives.htm

.

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