vpFREE2 Forums

US Tax Question - paying off mortgage a good/bad idea?

#1

In a message dated 6/22/2003 6:39:40 PM Pacific Standard Time,
vpFREE@yahoogroups.com writes:

  Date: Sun, 22 Jun 2003 13:58:56 -0000
  From: "mklpryy24" <mklpryy24@yahoo.com>
Subject: Re: US Tax Question - paying off mortgage a good/bad idea?

......
You can claim losses up to the amount of wins, keep your own diary
or records to verify, printouts from the casino slot club are good
for BACKUP only,
If your wins are higher than the standard deduction, file the sch.A
Always pay off the house if you can, peace of mind offset any
deduction, in the future more &more people are goin to get caught by
the AMT, Alternative Minimum Tax, W's give away to the top brackets
assures no reform, where all deductions &credits are eliminated or
cut way back , a lot of tax payers with mortgage interest &kids are
goin to be shocked at their tax bill in the near future.
M J Perry

Re diaries, read somewhere where Jeff Compton sends a form letter (for
win/loss statement) to every casino that he plays in every year but have also read
that IRS does not use these as a reliable source so have not gotten many
win/loss statements from casinos but have kept a good diary from day one.

Can anyone make a case for getting the win/loss statements for every casino?
I only get it from the ones where I have significant play.

As for paying off the mortgage, have to disagree here. You pay off a debt if
you have no better investment. Similar to gambling, your investment portfolio
should be diversified to reduce volatility & results viewed over a long period
of time. The downturn in the stock market hurt many people, me included. But
I'd venture to say that many of us who have been in it for a long time still
have a decent rate of return that exceeds what we could have gotten by paying
off the mortgage.

However, peace of mind is a powerful benefit if you have a low risk
tolerance. From all the emails that have been submitted so far, I'd have to say that
this is the only case that I can think of where paying off the mortgage is a
good idea.

[Non-text portions of this message have been removed]

#2

Having not checked the database yet, can anyone tell me the status of FPDW machines (quarter level) downtown? I'll be staying at the GN for about 10 days at the end of July, and I'm trying to plan a little VP action (my main reason for the visit is poker). Since I only know deuces well, I'd like to stick with that.

Last I heard, there were a few machines at LVC, and perhaps a couple at MSS. I don't think this violates the whole pros/$1 FPDW/burnout rule, so if anyone can assist, I'd be grateful.

Thanks. I hope to be able to contribute to the group soon. Still learning, but you all have helped quite a bit.

scottro

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#3

see http://www.west-point.org/users/usma1955/20228/VP/CD_DW.html

Having not checked the database yet, can anyone tell me the status

of FPDW machines (quarter level) downtown? I'll be staying at the GN
for about 10 days at the end of July, and I'm trying to plan a little
VP action (my main reason for the visit is poker). Since I only know
deuces well, I'd like to stick with that.

Last I heard, there were a few machines at LVC, and perhaps a

couple at MSS. I don't think this violates the whole pros/$1
FPDW/burnout rule, so if anyone can assist, I'd be grateful.

Thanks. I hope to be able to contribute to the group soon. Still

learning, but you all have helped quite a bit.

···

--- In vpFREE@yahoogroups.com, "Scott Harker" <scottro77@n...> wrote:

scottro

#4

I had no idea there was a cross-reference. I apologize to the group for missing this.

thanks for the info!

scottro

···

----- Original Message -----
  From: John Levandowski
  To: vpFREE@yahoogroups.com
  Sent: Wednesday, June 25, 2003 10:39 AM
  Subject: [vpFREE] Re: Quarter FPDW downtown?

  see http://www.west-point.org/users/usma1955/20228/VP/CD_DW.html

  --- In vpFREE@yahoogroups.com, "Scott Harker" <scottro77@n...> wrote:
  > Having not checked the database yet, can anyone tell me the status
  of FPDW machines (quarter level) downtown? I'll be staying at the GN
  for about 10 days at the end of July, and I'm trying to plan a little
  VP action (my main reason for the visit is poker). Since I only know
  deuces well, I'd like to stick with that.
  >
  > Last I heard, there were a few machines at LVC, and perhaps a
  couple at MSS. I don't think this violates the whole pros/$1
  FPDW/burnout rule, so if anyone can assist, I'd be grateful.
  >
  > Thanks. I hope to be able to contribute to the group soon. Still
  learning, but you all have helped quite a bit.
  >
  > scottro

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[Non-text portions of this message have been removed]