Frugal Fannie posted an article and a corresponding IRS document a few years ago
on using the session method for claiming gambling winnings. This can
significantly reduce state taxes since the state taxes the income numbers from
the fed. E-mail me privately if you would like a copy of the document.
Joel
···
________________________________
From: veepdave <dhoppell@yahoo.com>
To: vpFREE_NewEngland@yahoogroups.com
Sent: Wed, February 23, 2011 6:38:09 PM
Subject: [vpFREE_NewEngland] Re: Tax Time Again
I too have been working on my taxes, and the 5% CT income tax on gambling wins
makes advantage play impossible in Connecticut. I try to play the best games
that return over 99% with perfect play, but lopping off 5% from the return means
I'm really playing 9/6 JoB at 94.54%. Not exactly up to professional standards.
Good thing the comp's (players points, free rooms, free player lounge privileges
etc) aren't taxable.
Which gets me thinking, since I've been shying away from my favorite game, the
LV Airport Deuces Wild game because it only returns 98.91%, maybe I should
reconsider. I'll be playing DW at 93.91% (after 5% CT tax) rather than 9/6 Job
at 94.54 (after 5% CT tax). Both are big time losers. Might as well enjoy
myself while I'm working for Hartford...
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