#21
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One of my ex-girlfriends, who's very cool, spent her summers in the Hamptons ( obviously without me ) and her friends used to give her a hard time about me being a horseplayer and hanging out at the track. She was very happy when they once snidely asked her how I was doing at the track and she got to tell them I hit a Pick-6 for $141K a few days earlier. They stopped asking her about me.
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Just more nebulous nonsense from BBB |
#22
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I've had many four digit wins in a single day at blackjack in Nevada, but never a five digit. I may be mistaken, but somehow I thought that if cashing in a large enough amount of chips at the window at one time there was some tax transaction of note that would take place. Not a "holier than thou" thing, but I always declare my annual gambling winnings......and the offsetting losses. Candidly, most of the time I declare "a wash" for year end by my estimates and keep enough supporting detail around to have a reasonable defense if audited. If playing at a casino on a regular basis with monitored play for comps, I'd highly recommend making an effort to acknowledge in some way on tax filings. |
#23
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Especially good with the "spent her summers in the Hamptons" detail! True story, I was in a bar with some horse players a few days ago and was razzing some guy in his mid-20's when he inquired about a bottle of "chartreuse" that had somehow made it behind the bar in this non-uppity establishment. It was one of those great gambling story and trivia sharing late afternoons, and the totally cool kid let me know that "chartreuse" was a favored drink component of F. Scott Fitzgerald (The Great Gatsby guy). Points to the kid. I was impressed with the off the cuff trivia. He knew nothing of Nashua and the Woodwards, however. |
#24
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I got the year end summary from TVG and in addition to the amoutn wagered it shows how much I won and how much i deposited and withdrew. I thought it might pose a problem because it shows that I won even if the amount wagered is defintely more than amount won. They might say its some taxable income even if it isnt a signer, that im not sure of. But since TVG keeps track of wagers, i think i can just show the list of wagers that didnt win that will offset what was actually "taxable". Thanks for all the advice and help guys, it had really helped. I appreciate it |
#25
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please use generalizations and non-truths when arguing your side, thank you |
#26
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Speaking of the IRS
Got this e-mail yesterday. I cannot believe anyone would believe this crap. These Nigerians are sharp.
This is Francis V. from the Refund Operations Department at Internal Revenue Service (United States Department of the Treasury). After the last annual calculation of your fiscal activity we have determined that you are eligible to receive a tax refund of $184.23. Please submit the tax refund request and allow us 3-9 days in order to process it. A refund can be delayed for a variety of reason. For exemple (invalid records or applying after the deadline). The good news is that Internal Revenue Service will make this refund directly to your visa and/or mastercard linked to your checking/savings account instead a check or a direct deposit. To access the form for your tax refund, please continue to our secure server attachment form. Important: Do not use credit and/or american express or discover cards. Only cards that are linked to your checking/savings account are accepted. Regards, Francis V. Internal Revenue Service - Tax Refund Specialist
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Don't sweat the petty things and don't pet the sweaty things. |
#27
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West Coast,
The amount is 10k. Anything over 10k in chips triggers a great deal of paperwork you dont want to do. My advice is to cash it in slowly over the course of the day.
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Inveniemus viam aut faciemus |
#28
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#29
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Exactly, I declare the winnings and itemize the losses, but the winnings effect your adjusted gross income before you can itemize the losses. So basically gamblers are screwed (with W2-G's) unless you can claim professional gambler status. A lot of deductions are reduced or phased out based on AGI, and the signers effect your AGI before you can deduct/itemize your losses. |
#30
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So I finally went down to the IRS to get to the bottom of this, guy at his computer recrunched the numbers told him I certainly lost more than i wont but that you can only deduct the losses up to the amount won. So final verdict after 10 minutes of inputing things into his IRS computer, is that since I dont own any property, pay any other taxes, no state income tax, and basically nothing else. It wasnt enough to offset the taxes from the reported gambling income's taxes. He was like all ready for my check, and im like I didnt come here with the intention of paying, he had a good laugh and was like I understand and I am sorry. I should pretty much trust the IRS?
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#31
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I had a similar situation to yours only in that I didn't own property but did pay state taxes. It wouldn't hurt to try a different representative. |
#32
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__________________
"I don't need nice horses at Philly, just ones with conditions."---Cannon Shell |
#33
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I had a notice that some gambling income was not reported, and that i owe taxes for those winnings. They are asking me to fork over a few thousand |
#34
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#35
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First, any ADW should be able to provide you with a statement. Second, don't you keep losing tickets from the track, and on days when you hit for a signer, collect more from what is laying around?
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"I don't need nice horses at Philly, just ones with conditions."---Cannon Shell |
#36
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“Once there was only dark. If you ask me, light’s winning.”–Rust Cohle – True Detective |
#37
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I showed all of this to the IRS man, but he said it wouldnt be worth my while to file an amendment because basically dont pay for anything nor do I own anything. WA state doesnt have an income tax as well. Even if I did show him documentation I certainly lost more than I won, that I could only claim up to the winnings, also stating that since gambling isnt my profession that was nothing more he could do for me.
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#38
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Let's say you made $50,000 in non-gambling income in 2007, and you signed for $4000 in gambling wins. Your adjusted gross income on lines 37 and 38 of your 1040 would be $54,000. If you took the standard deduction on your 2007 return, which if you're single was $5300, your taxable income would be $54,000 - $5,300 = $48,700. If you try to itemize so that you can offset your losses, then your taxable income is $54,000 - $4,000 = $50,000. You end up with more taxable income by itemizing. So you're better off just biting the bullet and taking the standard deduction. You end up with lower taxable income that way. This is why the agent pointed out that you have no other deductions (no state income tax, no mortgage interest, etc). Other deductions would have tipped the balance in favor of itemizing. If you had signed for something like $20K or more of winnings, then you would definitely be better off by itemizing--but you'd still be effectively paying tax on your first $5K or so of those winnings. --Dunbar
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Curlin and Hard Spun finish 1,2 in the 2007 BC Classic, demonstrating how competing in all three Triple Crown races ruins a horse for the rest of the year...see avatar photo from REUTERS/Lucas Jackson |
#39
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"I guess it comes down to a simple choice, really. Get busy livin' or get busy dyin'." |
#40
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__________________
please use generalizations and non-truths when arguing your side, thank you |