In a message dated 3/8/2004 10:09:36 AM Pacific Standard Time,
vegas_iwish@yahoo.com writes:
Have to go through a few hoops before can file Schedule C for
gambling. Must show it is not just a hobby & the like. Certainly is
better but not always an option.
Why wouldn't you file a Schedule C, since this would allow
deduction of various expenses? My horseracing friends have done this
in the past. Perhaps Jean could address this; while I am a lawyer, I
haven't researched it.
From: ggman444
To: vpFREE@yahoogroups.com
Sent: Sunday, March 07, 2004 7:03 PM
Subject: [vpFREE] NYNY VP Inventory UpgradeQ#1: I'd like to play those machines, BUT how could anyone play
PE
higher than $1 unless that person files a Schedule C as a
professional gambler? Otherwise, even at the $2 level and
assuming
that you have offsetting losses to itemize on Schedule A, more
than a
few W-2s for quads @$1,200 would cause you to forfeit your other
itemized deductions AND pay the dreaded Alternative Minimum Tax.
[That's before even considering state income taxes for most non-
Nevadans.] In other words, a non-pro who played the game very
long
would go bankrupt paying taxes on non-existent income. Am I
missing
a legal tax tactic?
Q#2: If Bally Mfg. and casinos want losers/amateurs to play $2
PE,
they could take a great leap forward by reducing the pay on quads
to
599 units. [I think I recall IGT doing something similar with
the SF
pay on some $5 JOB machines.] And if Bally wanted to be sporting,
they could give some of the shorted-pay back by paying a ?? coin
bonus when you're dealt quads and must discard one.GGMan
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Date: Thu, 04 Mar 2004 10:42:01 -0800
From: John Kelly <jwkelly@f...>
Subject: Re: NYNY VP Inventory Upgrade?
The author verified this personally. He was being obtuse about
the
denominations because he didn't want to alert pros and/or NYNY.
However, on his last two visits, both machines were being played
by
the same gentleman, very rapidly, at the hightest denom, so he
thinks
his concerns have become largely moot. The denoms are $1, $2, and
$5.
···
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Whatever Schedule is used--many people simply file a guesstimate on April
15--and then "reconstruct" like crazy if they lose at Audit roulette and get
audited (roughly a 1% chance).
Rick, former IRS agent.
vpFREE Links:
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