Questions for the Veterans

[olds442jetaway]

Comps are in a really gray area tax wise. Tax court cases are all over the place and are available for public review. The IRS is specific in defining gambling income in some areas and even lists prizes and awards as taxable income. The gray area comes in where things like free rooms and food are given to the player. Most agree that these are just an incentive to play or gamble by the casino and the term rebate of players losses is even used. Each one should consult their own tax adviser on these issues. One thing the IRS is very clear on and that is in the reporting area of reporting gross winnings and not netting them out. Losses are taken as an itemized deduction on SCH A. Defining what a session really is is another booby trap and controversial area the IRS is working on. One can read the several IRS pubs and rulings on the internet or send for these publications yourself. Please note that anything I post here should not be taken as gospel and is my opinion only from what I have read. Consult your own tax advisors.

[ukaserex]

"Be careful about the advice you get here" - that's just classic. (and appreciated)


Bankroll management is the hardest part, I think. We can all memorize the right holds on a given 5 cards. Having the discipline to not go through your entire bankroll is also tough. You'll have to ask yourself if you were beyond three standard deviations, or did you miscalculate what your bankroll should have been.

For me, the toughest part is, once I have a large enough bankroll, I'd rather buy an index fund than play vp. A lot less work!

My best advice for anyone is to have no debt and max out your IRA before you go - unless you've got the math skills on Bob Dancer's level. But, I'm probably more conservative than most folks.

[FloridaPhil]

[quote=ukaserex]My best advice for anyone is to have no debt and max out your IRA
before you go - unless you've got the math skills on Bob Dancer's level.
[/quote]Excellent advice. I believe there's a lot more going on in Dancer's video poker world than math.   Anyone can learn to play the right games perfectly.  Doing the rest of what it takes is the hard part.  The best way for most people to gamble is with money they don't give a damn about and don't expect to ever see again. 

[kennybobby]

offering myself as case in point...with hopes bob can point me to the correct asylum I should look for.....so, what do ya do with 162k in taxables, but a win/loss statement of neg 13k??? i've attempted twisting it every way I can think of, yet I still end up, well, not sure what you call this state of mind I end up at....hahaha
but...
crab legs were good

[FloridaPhil]

The gambling industry is selling dreams and Bob is part of the industry.  There's absolutely nothing wrong with that as he is doing a bang up job in my opinion and has every right to make a living anyway he chooses.  I listen to his radio show often, read his books and most everything else he writes.  I find his musings immensely entertaining as he exists in a bizarre world where gamblers are elevated to hero status. Personally, I find this strangely fascinating.  It's kind of like looking into a brothel through a peep hole (not that I have ever done that).  

[kennybobby]

agreed phil---hoping mine wasnt misunderstood--it was totally crackn on myself
my bad....carry on

[FloridaPhil]

I'm not defending or minimizing Bob Dancer as a gambling expert, he obviously knows what he is talking about. The question of whether someone believes everything he says or writes is a personal decision.  I think using his knowledge to your advantage is well worth the effort as long as you keep everything in it's right perspective.  I'm OK with video poker as recreation.  Where I personally have a problem is when someone promotes gambling as a legitimate career path.  Enough of that...