Bad Omen?

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notes1
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Re: Bad Omen?

Post by notes1 »

congrats.

seems only fair that those of us who encouraged you to go, despite your bad omen, would get a cut of the win.

Lionqueen
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Post by Lionqueen »

I completely agree Notes! The check is in the mail. 😂😂

notes1
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Post by notes1 »

great response, glad you had a good time.

alpax
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Post by alpax »

Thank you. That is probably the second time I've played $5 and was really nervous. I stay away from high limits because I know one big win can get you hooked which is how I've come to play dollars. 🙄

Good for you on the win! Those guys are wise to make the recommendation without letting superstitions bother them.

Occasionally I do the same, I play 1 or 2 hands at high denomination stakes. I have never been bailed out like that.

It is called "potshotting", definitely gives you an adrenaline rush when you make that bet.

You do not want get into the habit of playing Double Bonus, DDB, or TDB at $5 denominations unless you could handle the tax burdens for every quad you get.

Lionqueen
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Post by Lionqueen »

I agree on the tax burden on a simple 4 of a kind. I will most likely never do it again.

alpax
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Post by alpax »

On a state level, some states have it worse than others, such as the inability to deduct taxable winnings with losses or mandatory state tax.

On a federal level, Mr. Dancer stated on a GWAE episode in the past with a tax expert as a guest that it is not good for non professional gamblers (full time or part time) to rack up too many W2Gs. Even though you are allowed to deduct taxable winnings with reported losses up to the same amount, the taxable jackpots will add towards a player's Adjusted Gross Income (AGI).

A person who regularly plays $5 DDB will have about more than $300,000 worth of W2G winnings. That would boost them to the higher tier tax brackets (33%, 35%, 39.6%); although they will not pay taxes for winning the jackpots, it will be an increased tax rate than normal on the income from the job or retirement programs. That alone would scare me off from playing DDB or TDB regularly, though I think attempting potshots are ok.

The challenge of being a professional gambler part or full time is that by the end of the calendar year, you must at least show profit. Otherwise that benefit is not available.

Come Back Kid
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Post by Come Back Kid »

I once had a morning where nothing went right...Including almost backing into someone and a black cat crossing my path. I had a great day at the casino! Go figure...Glad you had a good trip, congrats!

Vman96
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Post by Vman96 »

Told you it's better to get the bad luck out of the way early!   Congrats!

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