Law of Averages 0-6

[BillyJoe]

[QUOTE=billslim] I know how you feel,  I was up as well at first of year and even had a 7 streak going and then .. BAM!    last 3 trips have sucked!



The worst part will be when the bill is due to Uncle Sam. We'll probably have to take $ out of our retirement accounts to pay and that will bump our income up again for next year.    [/QUOTE]
You know LL that you can claim gaming losses up to your winnings on Federal (not sure on state - live in FLA). W2Gs do 'artificially ' inflate your AGI, so some of your normal deductions (ie Health Insurance costs) get whacked, but as far as paying taxes on winnings - Naw.
Like my accountant told me years ago - "You can claim anything you want on a tax return. You only need to PROVE it if you get audited"
 
So tell us, LL, are you feeling lucky ?

[Lucky Larry]

[QUOTE=Lucky Larry] [QUOTE=billslim] I know how you feel,  I was up as well at first of year and even had a 7 streak going and then .. BAM!    last 3 trips have sucked! The worst part will be when the bill is due to Uncle Sam. We'll probably have to take $ out of our retirement accounts to pay and that will bump our income up again for next year.    [/QUOTE]
You know LL that you can claim gaming losses up to your winnings on Federal (not sure on state - live in FLA). W2Gs do 'artificially ' inflate your AGI, so some of your normal deductions (ie Health Insurance costs) get whacked, but as far as paying taxes on winnings - Naw.
Like my accountant told me years ago - "You can claim anything you want on a tax return. You only need to PROVE it if you get audited"
 
So tell us, LL, are you feeling lucky ? [/QUOTE]

I generally try to weigh the odds on the games I play and the risks/rewards-high return and low volatility. We always claim our gaming losses and take our legitimate deductions but also pay our share when its due. Some risks/rewards games aren't worth playing.