A Vegas Local�s "Trip Report" - Part 2
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4 NOV OCT Jean Scott Frugal Fridays Column
With regards to a stolen $625 TITO voucher, Jean writes....
<<<<<<So we just added it to our regular play losses and I tried not to
think about it. >>>>>>
Would this be acceptable from an IRS standpoint? I was thinking a
stolen voucher would have to be declared as a casualty or theft loss
versus an offset of gambling wins, although I am not knowledgable
enough of tax codes to know if the financial ramifications are the same
for both methods (ie deductions are not subject to some percent of
adjusted gross income limitation). Perhaps Jean's professional filing
status makes her situation different from how we recreational players
would have to treat the matter?
She wasn't talking about taxes, she was talking about a situation.
If I was looking at it from a tax point , I could honestly say it was a loss that happened
while gambling in a casino. The other thing is that the amount would be insignificant when you look
at her total play for the year. Jean is not to my knowledge a registered agent, she consults with one for writing
tax books and articles.
Regards
A.P.
···
----- Original Message -----
From: vegasvpplayer
To: vpFREE@yahoogroups.com
Sent: Saturday, November 05, 2005 3:51 AM
Subject: [vpFREE] Re: 4 NOV OCT Jean Scott Frugal Fridays Column
With regards to a stolen $625 TITO voucher, Jean writes....
<<<<<<So we just added it to our regular play losses and I tried not to
think about it. >>>>>>
Would this be acceptable from an IRS standpoint? I was thinking a
stolen voucher would have to be declared as a casualty or theft loss
versus an offset of gambling wins, although I am not knowledgable
enough of tax codes to know if the financial ramifications are the same
for both methods (ie deductions are not subject to some percent of
adjusted gross income limitation). Perhaps Jean's professional filing
status makes her situation different from how we recreational players
would have to treat the matter?
[Non-text portions of this message have been removed]
<<With regards to a stolen $625 TITO voucher, Jean writes....
<<<<<<So we just added it to our regular play losses and I tried not to
think about it. >>>>>>
<<Would this be acceptable from an IRS standpoint? >>
Probably not - and I wasn't meaning it as a tax statement - I was thinking about the "emotional" end - to count it this way in my head made the whole thing seem less painful. Then that seemed "small" considering the thousands of dollars I have lost at other times.
···
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