vpFREE2 Forums

Bob Dancer 10/27/09 Column

#1

Bob Dancer's column this week reminded about something which had nothing to do with his article.

In the opening paragraph Bob writes about accumulating at least $7500 in W2Gs and being "about even". I am conservatively estimating $7500 as the six taxable jackpots he said he hit x $1,250 for each. The actual amount was no doubt higher.

Now, imagine having an entire year that played out this way. Lots and lots of play, and you break even. After all, if you are playing a game that pays you back almost 100%, you could end up the year "about even", couldn't you?

The problem, of course, is those W2Gs you are accumulating along the way.

I keep a fairly detailed record of my gambling. It shows when and where I played (machine number included), what I won or lost, and a separate tally of W2Gs that I know I must meet or exceed on my tax return reported as other income.

I've never been audited. But I sure wonder if it doesn't look suspicious to report, say, $300K as gambling winnings and then later itemize $300K as gambling losses. Even if those numbers are accurate and substantiated.

Does anyone know if there is a threshold in gambling winnings above which suspicions are raised?

#2

Does anyone know if there is a threshold in gambling winnings above which suspicions are raised?

···

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

Threshold is your key word. It certainly throws a .7 play out the window when you are stuck with a 30% tax bill. Fighting it will cost thousands with no guarantee of prevailing.

#3

I've never been audited. But I sure wonder if it doesn't look
suspicious to report, say, $300K as gambling winnings and then later
itemize $300K as gambling losses. Even if those numbers are accurate
and substantiated.

Does anyone know if there is a threshold in gambling winnings above
which suspicions are raised?

Never had a problem with $10 million.

Cogno

#4

I think Cogno would agree that the more documentation you have that you are a professional gambler, the better it is to state your case to the IRS.

The one thing which does bother me about posting the weekly Dancer column, is why give a man who wants to be the ONLY video poker professional in the world, an audience on this board?

I have yet to see anyplace he's "consulted" at, where the VP ended up better than before he was employed there. And if you don't believe me, Google "Bob Dancer", "IGT" and "smart players", and see what you come up with.

In our business, which can be pretty cutthroat, there are many unwritten rules. When we're cutthroat, we're usually in the sense of burning down plays or getting to plays before someone else can. Bob's deal is to wise up the house, make himself more famous, and out stuff he would never consider playing (like that gas station play a couple of months back). Most of the really successful guys in this deal understand that it's the anonymity that gives you success in this business. Bob's got it backwards, his own ego gets in the way. I know quite a few egotistical pros...but they check that ego at the door before playing.

If Bob wants to work the casino side, that's fine with me, but this is a player's forum, not a slot suit's one.

···

--- In vpFREE@yahoogroups.com, "Cogno Scienti" <cognoscienti@...> wrote:

> I've never been audited. But I sure wonder if it doesn't look
> suspicious to report, say, $300K as gambling winnings and then later
> itemize $300K as gambling losses. Even if those numbers are accurate
> and substantiated.
>
> Does anyone know if there is a threshold in gambling winnings above
> which suspicions are raised?

Never had a problem with $10 million.

#5

I never had a problem with $10 million either.

Chandler

···

--- In vpFREE@yahoogroups.com, "Cogno Scienti" <cognoscienti@...> wrote:

> I've never been audited. But I sure wonder if it doesn't look
> suspicious to report, say, $300K as gambling winnings and then later
> itemize $300K as gambling losses. Even if those numbers are accurate
> and substantiated.
>
> Does anyone know if there is a threshold in gambling winnings above
> which suspicions are raised?

Never had a problem with $10 million.

Cogno

#6

I think Cogno would agree that the more documentation you have that you
are a professional gambler, the better it is to state your case to the
IRS.

I don't think the OP was talking about filing as a professional gambler, but
rather asking if a large gambling win on line 21 raised red flags. I have no
evidence that it does.

Cogno

#7

Where is your software or articles that we can use as a substitute?

···

--- In vpFREE@yahoogroups.com, "WP SF" <paladingamingllc@...> wrote:

--- In vpFREE@yahoogroups.com, "Cogno Scienti" <cognoscienti@> wrote:
>
>
> > I've never been audited. But I sure wonder if it doesn't look
> > suspicious to report, say, $300K as gambling winnings and then later
> > itemize $300K as gambling losses. Even if those numbers are accurate
> > and substantiated.
> >
> > Does anyone know if there is a threshold in gambling winnings above
> > which suspicions are raised?
>
> Never had a problem with $10 million.

I think Cogno would agree that the more documentation you have that you are a professional gambler, the better it is to state your case to the IRS.

The one thing which does bother me about posting the weekly Dancer column, is why give a man who wants to be the ONLY video poker professional in the world, an audience on this board?

I have yet to see anyplace he's "consulted" at, where the VP ended up better than before he was employed there. And if you don't believe me, Google "Bob Dancer", "IGT" and "smart players", and see what you come up with.

In our business, which can be pretty cutthroat, there are many unwritten rules. When we're cutthroat, we're usually in the sense of burning down plays or getting to plays before someone else can. Bob's deal is to wise up the house, make himself more famous, and out stuff he would never consider playing (like that gas station play a couple of months back). Most of the really successful guys in this deal understand that it's the anonymity that gives you success in this business. Bob's got it backwards, his own ego gets in the way. I know quite a few egotistical pros...but they check that ego at the door before playing.

If Bob wants to work the casino side, that's fine with me, but this is a player's forum, not a slot suit's one.

#8

Darn, just my luck. I got audited on a lousy $6.3 million. You high rollers always get treated better! ; )

···

________________________________
From: Chandler <chandler_re@comcast.net>
To: vpFREE@yahoogroups.com
Sent: Fri, October 30, 2009 6:42:47 AM
Subject: [vpFREE] Re: Bob Dancer 10/27/09 Column

--- In vpFREE@yahoogroups. com, "Cogno Scienti" <cognoscienti@ ...> wrote:

> I've never been audited. But I sure wonder if it doesn't look
> suspicious to report, say, $300K as gambling winnings and then later
> itemize $300K as gambling losses. Even if those numbers are accurate
> and substantiated.
>
> Does anyone know if there is a threshold in gambling winnings above
> which suspicions are raised?

Never had a problem with $10 million.

Cogno

I never had a problem with $10 million either.

Chandler

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