The G'Curse on AGI - Taxes What do We Do?

Discuss proper hold strategies and "advantage play" and ask questions about how to improve your play.
seemoreroyals
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Re: The G'Curse on AGI - Taxes What do We Do?

Post by seemoreroyals »

LL, Did you ever have eat at Frenchy's fried chicken on Scott Street? We used to have to wait in line on Fri and Sat nights sometime over an hour. At the time it was worth the wait. Doubt that it is still there. If it is they would have to rebuild as it was in an old decrepit white wooden shack that had seen it's better days.

The game against Joe Montana and Notre Dame was before my time. Great that you were able to see it live. Was it in the Astrodome? All of the games when I attended UH were in the Astrodome. We won the SWC three out of four years while I was there. My most memorable game I went to was actually a road game in Austin against UT. Although they were favored we won the game 30-0.

Carcounter
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Post by Carcounter »

I think that game was outdoors in pretty cold miserable weather as I remember. At the Cotton Bowl?

OTABILL
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Post by OTABILL »

Getting back to the subject matter, if you go to UH or UConn football, basketball and baseball games rather than the casino fpr your entertainment recreational activity, you need not worry about the increase on the AGI line of your 1040. :) :)

Antebellum Reb
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Post by Antebellum Reb »

This may be my first post but I find it really annoying that the so called "tax cut" essentially wiped out the possibility for serious gamblers to achieve some relief on their taxes for all the money we lose. It is even more annoying that the incompetent chief executive who rammed thru the tax cut was a disaster at actually managing his casinos when he had them. It's almost like he is spiting all the people who once supported his business...and the worst part is the federal government is racking up record deficits and debt in the middle of what deluded people call the greatest economy ever. We gamblers are being punished for absolutely no good reason...anyone remember in 2011 when the republicans we all set to send the entire world economy off the cliff by not raising the debt ceiling? Funny how none of those idiots are saying the same thing today, and no one remembers, or wants to remember that moment of American stupidity.

I only play table games now as it allows a gambler far more latitude to win significant sums without dealing with tax forms and stuff....video poker was ruined a long time ago by shortsighted casino executives.

Player422738
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Post by Player422738 »

The gambling loss really should be allowed to carry over indefinitely like the investment loss for tax deducts.

Lucky Larry
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Post by Lucky Larry »

The SWC Championship was an automatic placement to the Cotton Bowl in the Old Cotton Bowl Stadium in Dallas. The "Ice Bowl" game was played in below zero wind chill temperatures. Our UH charted buses arrived before half time after hours on icy roads. We literally chipped ice from the seats and it took us over 13 hours post game to get from Dallas to Houston (3 1/2hour drive) due to ice. It was so cold the lavatory on our bus froze solid and volunteers had to chip the ice loose to drain the toilets.

We shared the same "pleasure" of watching the 30-0 beat down of Texas. We were seated were by the fourth quarter we were drenched with beer from the Texas fans who accidentally dropped their beer on us. We arrived at our car post game and found it defaced by someone - probably due to our UH stickers and plate cover.

Otabill, great idea, the tickets are less than an hour on the machine and I get some great memories. No "G" statements and extra money.
But, I'd give up those two hour trips counting the hawks on the roadside and back highway to Lake Charles (great for keeping our eyes sharp) the weekly food credit, and comps, and those great memories with Sweet C.
But, what would I do with my free time besides the "Honey Do" list?
But, where would we stay when we travel around the US and Canada and what would we do during the evenings?
And, all that saved $$$ what would I do with it?
And, ....you had a great suggestion....I'll think about it.... ;)

seemoreroyals
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Post by seemoreroyals »

LL, that game against UT was the best football game I have ever seen. Very good representation of UH fans in Austin that day.

Back to AGI. Between my wife and I since they have made the recent tax changes we are in the same boat as you. We usually get upwards of 10K worth of handpays every year. I am not sure exactly how much this has cost us last year and we have yet to file this years taxes but I am sure it is significant. The problem is if you don't play at a high enough level to risk getting w2g's there is not enough hours in the day to accumulate enough tier credits to achieve the card status that gives you the best advantage at whatever casino you happen to play at.

In our case we gamble exclusively at CZR properties. In a normal year we are comped close 50-60 free nights sometimes in suites, probably at least $10,000 in free meals, $5 -$10,000 in free airfare, and another $5-$10,000 in misc such as concert tickets, giveaways etc. I think the IRS is aware of all this and this is their way to levy some tax on some of this. It would seem much easier for us to provide a win loss statement to offset the w2g windfalls. I think though I would rather pay a little extra in income tax than to have them charge income tax on all the free perks we extract from the casinos. At some point they may figure out a way to tax these as well. Whenever that happens we will start looking for a different hobby.

Webman
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Post by Webman »

This topic has gotten far away from the original subject. I was looking to split it up into two separate topics, but I can't find a clean way to do so. Some may fine the original subject interesting and want to discuss it further. If so, please start a new topic with that subject.

Lucky Larry
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Post by Lucky Larry »

Webman,
My bad...

seemoreroyals,

I understand your Tier concerns. At $10 coin in/point at GNLC VP ($4/point slots), i'm looking at $1M coin in/year for my current tier. I hate playing slots but at $4 coin in/point I may have to find a slot(s) that gives enough play to build up my tier points and switch to VP. This may also reduce my G's but I've got to figure something out to reduce the "G" induces AGI and maximize the tier points. Part of our dilemma is that our previous fav. Coushatta had $4 coin in/point for VP ($2/point slots) but requires 250K per year or the same $1M coin in on VP. While Coushatta has the better VP 1-2% pay tables it is generally much lower in all other aspects.

Our comps are about the same. We spend probably 60+ nights/year at GN, eat weekly and use our comp points for food back home at Landry's restaurants. So our definite preference if GNLC. Our "G" are generally much greater than your and your wife's. Mainly because we play lots of multi-hand and we are both seem to be really lucky on getting big hits on a regular basis. One, two or even three royals per trip is not uncommon with our play. Those 25¢ royals are ok unless multiple on a hand and when times are good we often move to 50¢....ding!...ding!....G statement. So part of my current strategy is more 5-10 play 25¢ and less 50¢.

So are you flights to LV or Laughlin? We have offers through Sweet C but rarely go while our daughter Carrie does more frequently.

seemoreroyals
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Post by seemoreroyals »

Larry, I think your strategy to play 5-10 play quarter in your best bet to avoid hand pays. Don't change anything. What you are doing seems to be working. That way the only time you will get a w2g is if you draw a royal on the deal.

We seldom go to Vegas or Laughlin anymore. Other than our home property Horseshoe Bossier City, the CZR properties we visit the most are Lake Tahoe, Atlantic City, and New Orleans. We are currently in Ak Chin staying at Harrah's which is about an hour from Phoenix. Perfect weather here today. Lows in the mid 40's and highs in the mid 70's.

The older we get the less we like to fly. But I think we will always go to Lake Tahoe a couple of times a year. My wife likes it there. We usually go where she wants to go and I am just along for the ride.

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