Video pokee + taxes

[stevel96a1]

Very well put bottom line the less uncle sam knows the better your bank account is!

[advantage playe]

the prob is they know just about everything!!

[billryan]

[QUOTE=stevel96a1]Its usually 1/3 of your winning 1/3 of 2000 is 300 hows that hard to understand?I guess it's been a while since I was in math class. [/QUOTE]


You've never studied CS math, have you?

[FloridaPhil]

[quote=olds442jetaway]All gross gambling winnings are taxable. Technically, that has nothing to do with getting a W-2G or not. [/quote]Correct.  That is why the Government requires record keeping.  If you are audited, you will be asked to produce your documentation.In video poker the house edge is determined by the game's odds and your accuracy.   Mathematically any errors you make add to the house edge.  There is also a "Federal" tax edge.  Some states have a "State" tax edge as well.  The Federal Government currently allows you to offset your taxable wins with losses.  In order to do this, you must itemize your taxes and fully document your play.The short story is you have partners in every gambling win, the house (assuming the game is negative) and the governments.   If you are given a W2G and you choose not to itemize your return,  you will pay Federal income tax on 100% of your W2G.Taxes are commonly overlooked in Advantage Play discussions.  Professional gamblers don't talk about taxes because they are in the full time gambling business.  Like any business person, they pay taxes.   They can also deduct expenses related to their business.  For example, if Bob Dancer flies to Black Hawk Colorado to meet with the casino's management on a business trip, his air fare and expenses are deductible.   If he plays video poker while he is there, he pays taxes on his wins.  If he loses he can use them to offset the taxes on previous wins.   His gambling wins are on a different line on his tax form, but the business deduction is allowed.  The new tax law changes some of this.  Like they say "There are only two things for certain, Death and Taxes".The real question is "Will anyone stop playing VP because of taxes?"  Personally, I don't think so.  The allure of "Quick Money" is too strong.