yes, very few are taxable
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Tax Issues
Care to clarify that statement and put it into perspective? On the surface, it's meaningless.
Assuming you replied to my post, are you suggesting that you'd advise your client to depreciate a $50K basis, rather than reduce the basis by the rebate? (That would put you in a slim minority, even among internet based authorities).
If you would reduce the basis, explain why a similar reasoning wouldn't call for a reduction of gross gambling losses by received "rebates".
---In vpFREE@yahoogroups.com, <e_mayhorn@...> wrote :
yes, very few are taxable
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For non professional players who don't itemize they have no gambling losses for rebates to reduce. For players who do itemize I can see the argument that cashback is a rebate reduce losses. I don't think mailed promotional freeplay is income or a rebate because it's mailed to you at the whim of the casino. It's an inducement which has no cash value until after its played. Whatever you cash out from it could be a session win. Funny how if MGM gives you 100 in freeplay and you cash out 80 of it you have an 80 win. Caesars gives you 100 in freeplay if you cash out 80 their system shows a 20 loss.
Sounds like another reason CZR is going bankrupt and MGM is not.
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"Sounds like another reason CZR is going bankrupt and MGM is not."
What? Assuming you're serious, what in the world are you talking about? Neither's "accounting" of anyone's free play results has any effect on its bottom line.
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Yes it was meant as a joke, but since CZR's provides completely inaccurate win/loss statements it makes you wonder how accurate they are in running their business.
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