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Posted by: "John Douglass" john.douglass@yahoo.com john.douglass
"but I believe rebates are not considered taxable income, but simply money
being returned. Can't cashback be considered a rebate of your initial wager and
not additional income?"
Jean Scott replies"The IRS does not address these specifically so each
player (and each tax preparer) does what they think is the spirit of the law since
there is no letter of the law. I know players who do count it all as income
and those who count none of it - and all choices in-between!"
Excellent advice and it gives the reason why so many of
the well meaning members trying to get exact tax advise are frustrated but
in general your method of reporting (accounting) must show clearly the
way you conduct your business(or hobby) so with apologies to Ebanezer:
If you think there is more Gravy than the grave if your reporting to
the tax nightmare you should declare the gravy.
If you view your gambling as a meat and potatoes operation and you can't
digest
the way they treat the potato your in a rebate nightmare.
If you are waiting for the IRS to have a change and keep
free enterprise in their hearts better than anyone remember
happy endings are not tax deductible.
"does what they think is the spirit of the law since there is no letter of
the law. "
Correction Jean:If you get the Alistair? version of scrooge go to the
understudy
scene where Jean is in the restaurant reading all the free law she can and
trying
put in black and white in bad candle light crank up the volume and you can
Hear:Frugal/Scrooge:"more Gambling Law"Waiter"Personal Letter
ruling on your gambling facts $250"
Jean " No more letter law"
It would be a thoroughly forgettable understudy performance
expect the great enthusiasm she puts into enjoying
her comped bowl is worth the view alone.
so keep Marley's money if you can get it. and a Bah Humbug to all
who are trying to get my casino money.
[Non-text portions of this message have been removed]
ยทยทยท
Date: Tue Oct 10, 2006 12:17 pm (PDT)