Backed off at Gold Coast after winning big

[aslan]

Originally Posted by Sharky

true, tax software can be helpful, but the point was that the irs expects those taking standard deductions to only claim wins...gambling loses must be part of their formulae for calculating the standard deduction

(note: of course, if you have any substantial win, is makes sense to itemize for this reason)

Correct. I have always itemized for other reasons, so the problem of W2G wins without offsetting losses never came up. You're right, there's no way out. Sucks, doesn't it? There seems to be a bias in the tax law against gamblers. You should be able to claim your net profit/loss from gambling on either a simple 1040 form (with attached schedule), or use the business form, what is it, Schedule C? But they don't seem to feel the need to treat gamblers fairly. Occupational hazard.

[Billy C1]

Originally Posted by aslan

Now that states "approve" of gambling, since nearly all of them have lotteries (I think), isn't it time that the government lets us declare gambling losses on our tax returns to their full extent. I mean, if you lose all your money gambling, you may be a sucker, or you may have a psychological addiction, but one thing you won't have is enough money to pay your tax bill. Talk about squeezing blood out of a turnip! C'mon IRS, lighten up. No ploppy or addict wants to lose all his money, and the pain of the tax man is the last thing in his mind when he's in the process of doing so. So be real, and a little compassion wouldn't hurt either.

Compassion from a tax collector-----------never happen. This is a "cash cow" for states that they are not about to give up.

BillyC1

[blackjack avenger]

Government directly involved in gambling is horrible. It's a hidden tax, it negatively impacts the poor and probably greatly erodes the work ethic.

[Billy C1]

Originally Posted by blackjack avenger

Government directly involved in gambling is horrible. It's a hidden tax, it negatively impacts the poor and probably greatly erodes the work ethic.

The bj dealers at my local "store" joke about knowing when the welfare checks are received and the resulting increase in players.
It's sad but true that MANY poor people drink, smoke and gamble. That's why they should get a plastic card for benefits that is negotiable for necessities only. It would take some "fine tuning" to prevent abuses but it would save all of us some tax money. Guess that would make too much sense!!!!!

BillyC1

[Mewtwo]

Originally Posted by aslan

Turbo Tax does it all for you. It's the easiest way to file taxes I have been able to find, and I've tried a lot of them.

Seconded. TurboTax has gotten me back every penny I have ever had witheld from W-2G over the course of 5-6 years.

[aslan]

Originally Posted by Billy C1

The bj dealers at my local "store" joke about knowing when the welfare checks are received and the resulting increase in players.
It's sad but true that MANY poor people drink, smoke and gamble. That's why they should get a plastic card for benefits that is negotiable for necessities only. It would take some "fine tuning" to prevent abuses but it would save all of us some tax money. Guess that would make too much sense!!!!!

BillyC1

Would an AP on welfare get a pass?

[zengrifter]

Originally Posted by alwayssplitaces

On my last day in Vegas I was playing the DD game heads up and spreading aggressively, 5-100. At TC +12, I had a $100 bet and $10 on the Lucky Ladies. Got 3 20's in a row, and the third 20 was 2 queens of hearts (I would have not been able to control myself if the dealer showed Ace, but the dealer didn't have BJ). The pit boss had to come to pay out $2000 for winning the lucky ladies bet. Then he said that I am no longer allowed to play blackjack at any Boyd Gaming casino.

Two questions -

1. Has the GC penetration really improved, and what was it?
2. Geez f**king Loueez!!! Max bet of 100 and you ONLY BET 10 on LL??

[alwayssplitaces]

I found a dealer with 66% pen and had it heads up. I didn't get a W2 from the pit boss, but he said that I would get one in the mail. Then I was backed off. Maybe a 1-20 spread for DD is a bit too strong, but I didn't expect much heat for a max bet of just $100. I realize my mistakes and was playing with no cover and if one watched closely, they could figure out the true count just based on the size of my bet. As I said before, the reason I only bet $10 on the Lucky Ladies is because the max payout was $10000. I got the 2 queens of hearts, the dealer was showing a 7 so I stayed, dealer had 17 and then we had to wait for the pit boss.

Since I'm a winning player, I won't have any losses to deduct my gambling wins against. I don't report my blackjack and poker winnings on my taxes, so do I have to report all of my winnings or just the big Lucky Ladies win? I mean, the government won't know that I'm a winning player. Harrah's shows that I'm a losing player because of ratholing and having other people play slots on my card. Most people don't keep any records of their wins and losses. I'm sure I'll still come out ahead after taxes if I report all my winnings from this year including the Lucky Ladies, than if I didn't win the Lucky Ladies and didn't report any gambling income. At most, I can deduct about $5 for this year's losing lottery tickets that I purchase just for entertainment. I have a day job so blackjack isn't my sole source of income, I just treat it like an investment.

[aslan]

Originally Posted by alwayssplitaces

I found a dealer with 66% pen and had it heads up. I didn't get a W2 from the pit boss, but he said that I would get one in the mail. Then I was backed off. Maybe a 1-20 spread for DD is a bit too strong,

Ya think!

Originally Posted by alwayssplitaces

but I didn't expect much heat for a max bet of just $100.

Nor would you on a $25 table.

Originally Posted by alwayssplitaces

I realize my mistakes and was playing with no cover and if one watched closely, they could figure out the true count just based on the size of my bet. As I said before, the reason I only bet $10 on the Lucky Ladies is because the max payout was $10000. I got the 2 queens of hearts, the dealer was showing a 7 so I stayed, dealer had 17 and then we had to wait for the pit boss.

Since I'm a winning player, I won't have any losses to deduct my gambling wins against. I don't report my blackjack and poker winnings on my taxes, so do I have to report all of my winnings or just the big Lucky Ladies win? I mean, the government won't know that I'm a winning player. Harrah's shows that I'm a losing player because of ratholing and having other people play slots on my card. Most people don't keep any records of their wins and losses.

Any casino where you played will be happy to provide you with a win/loss statement after the year end, which you can use for the purpose of corroborating your losses. Most authorities recommend that you also keep a personal record of your wins and losses. I never have, but if I was a larger gambler I certainly would.

You must itemize deductions in order to offset gambling losses against gambling winnings. You have only to declare the W2G winnings on your tax return. It is not unusual that people lose every time they play except for those instances where the IRS requires a W2G filing. Most ploppies soon lose whatever they won in these instances. So, if asked, which you won't be, just say your were behind before you won this money and you were behind after you won it.

Originally Posted by alwayssplitaces

I'm sure I'll still come out ahead after taxes if I report all my winnings from this year including the Lucky Ladies, than if I didn't win the Lucky Ladies and didn't report any gambling income. At most, I can deduct about $5 for this year's losing lottery tickets that I purchase just for entertainment. I have a day job so blackjack isn't my sole source of income, I just treat it like an investment.

[Craps Master]

Moral of the story: don't waste your time with LL in a count game @ the Gold Coast.