<<<<The savvy player does NOT automatically cash out his points each time
he
leaves a casino. Lots of factors enter into the decision--to cash out or
not to cash out!>>>>>>
While controversial, for those of us who consider CB to be taxable you
might not want to decide whether to take CB until the end of the year
when you know if it will be a winning or losing year. Near the end of a
losing year you can collect CB up to the amount of your losses and not
owe additional taxes on it. If you are having a winning year you might
chose to defer taking the CB until after the first of the next year. I
have heard some tax advisors suggest that all CB should be declared in
the year in which it is earned but most will concede that as long as you
are consistent in ALWAYS using the same method of declaring the CB in the
year in which it is collected, it should stand up to an audit. I think
further support for this argument comes from the fact that some casinos
give CB OR comps for points so how can you be required to pay taxes
before they are redeemed since you don't yet know if they will be used
for CB (taxable) or comps (not taxable)?
BTW I am not a tax expert and am only offering these views as food for
thought. Always do exactly what your tax advisor suggests so at least if
you go to jail you will have company.
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ยทยทยท
On Fri, 10 Jun 2005 17:19:03 EDT bjaygold@aol.com writes: