vpFREE2 Forums

W2s, taxes and tips

#1

My understanding is that tips (while playing, to slot personnel) ARE
deductible if you file Schedule C.

Tax experts?

Brian

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In a message dated 11/21/2005 9:11:00 AM Pacific Standard Time,
John.G.Zaroff@delphi.com writes:

Pesach, it sounds like adhere to " All wins are taxable" but you make a note
of the size of the tip you pay on your W2s. Do you deduct this tip amount
as a loss? I don't think the IRS will buy that. Even if you file
professionally, I think tips would be hard to take as an expense.

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

#2

<<My understanding is that tips (while playing, to slot personnel) ARE
deductible if you file Schedule C.

Tax experts? >>

I put this question to Marissa who co-authored with me "Tax Help for the Frugal Gambler." Here is her answer:

"As a professional gambler, I'd make the argument that tips would be a deductible expense (of course only to the extent of gambling winnings)."

Marissa is a financial planner and an EA (enrolled agent) who does tax preparation. The fact that she herself is an advantage player has given her a lot of experience with gamblers tax returns and the problems connected with them. Her business is listed in the "Commercial Products" section of this Web site.

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