Vegas Impressions and little snags

[scorpio2]

gas 1.98 here,1.80's in ac.do you all keep all expenses to and from a casino,to go against your winnings,gas,food,etc.,or is that just for the professionals,who fill out the self employed form?

[MikeA]

gas 1.98 here,1.80's in ac.do you all keep all expenses to and from a casino,to go against your winnings,gas,food,etc.,or is that just for the professionals,who fill out the self employed form?

I'm pretty sure that ONLY applies to the Pros. I'm afraid about the only thing that us amateurs can do is claim losses up to our winnings and that doesn't include expenses.

I know that Ken Smith (World Class Blackjack Tournament Blackjack player) keeps meticulous records. He told a story of another "Pro" who was probably claiming legitimate expenses, but he didn't have the records and got into a lot of hassle with the IRS.

I also recall another story about a lawsuit of a non-professional who claimed expenses beyond actual losses to make up the difference and had to prove that she was a professional.

The definition of "professional" was very nebulous. Her claim was that she was gambling to make a profit and that made her a professional even though she had another job I believe. I don't remember how that lawsuit ended.

[shadowman]

I would bet she lost. I've heard of similar cases and it's got to be more than playing to win. You need to show it is your primary occupation and you actually have a very good chance of making money.

[MikeA]

The IRS is very anal about the gambling regulations for income tax purposes. I'm quite sure she lost. I just don't remember the details...but it sounded very logical to me <LOL>

I mean, who would gamble unless they though they could win!

[faygo]

I mean, who would gamble unless they though they could win!
 
Ah, did you ask that I take a step forward.

[scorpio2]

yeah,the table texas holdem people were very happy when the irs changed to labeling their winnings as regular income,but don't know if that is for all gambling winnings.

[EDC1977]

Ah, did you ask that I take a step forward. Do you really think that's necessary faygo? I bet the IRS knows who you are and how much you hate to lose! Are the AC casinos similar to the older Nevada properties?

[bigsteve5273@yahoo.c]

Time for a classic:  The new administration is desperate to fill government positions with people with brilliant new ideas for fixing the economy and have resorted to walking up to complete strangers on the streets of Washington D. C. and asking  them, " Brother, can you paradigm?"

[scorpio2]

ha ha,i save me dimes for tips!i did see a vp player writing down all wins/losses every time he played,that would be hard.easier i think just to ask casino for a year ending win/loss statement.i'll try to win less then $250,000 next year,now that obamas in.

[faygo]

[QUOTE=faygo] Are the AC casinos similar to the older Nevada properties? [/QUOTE]
 
I would say they are some 70-80% of what the current Vegas offering is.  Great restuarants, Shows, Hotels and , of course, hard to top an Ocean just outside your room. The VP gamble is definately not as lucrative as the Vegas paytables. Slot wins very competitive to Vegas.