It's Vegas Baby!!

[notes1]

all the tax questions related to income and property.

most folks have no net income from gambling. that is why I did not bother mentioning it.

[FloridaPhil]

[quote=onemoretry]Gambling and lottery winnings are not considered to be taxable income in Canada. Therefore, there are no taxes.[/quote]We play VP in Winsor CA on occasion and there are no taxes.  You do get paid in Canadian Money (they'll exchange it for you if you ask).  Currently, the Canadian dollar is stronger.  I seriously doubt many people pay federal income tax on VP since it can be offset by loses and most comps aren't taxed.    State taxes are another matter.  In Mississippi they deduct State taxes out of your hand pay.  Good luck ever getting it back.  Never going to happen...

[OTABILL]

[quote=onemoretry]Gambling and lottery winnings are not considered to be taxable income in Canada. Therefore, there are no taxes.We play VP in Winsor CA on occasion and there are no taxes.  You do get paid in Canadian Money (they'll exchange it for you if you ask).  Currently, the Canadian dollar is stronger.  I seriously doubt many people pay federal income tax on VP since it can be offset by loses and most comps aren't taxed.    State taxes are another matter.  In Mississippi they deduct State taxes out of your hand pay.  Good luck ever getting it back.  Never going to happen...


[/QUOTE]

Phil, it is true for most of us losses offset winnings regarding federal taxes. However, because of the way deductions are calculated, reported winnings raise adjusted gross income thus lowering the amount of medical and other deductions one can claim. This is my understanding.

[FloridaPhil]

[quote=OTABILL]Phil, it is true for most of us losses offset winnings regarding federal
taxes. However, because of the way deductions are calculated, reported
winnings raise adjusted gross income thus lowering the amount of medical
and other deductions one can claim. This is my understanding.[/quote]This is a question for your accountant as everyone's returns are different.  I am not an accountant, but I use one to file my returns.  I have had gambling entries on my Federal tax return every year since 2008.  I have never had more than 20K in W-2Gs in any one year.  I have never been audited for any gambling issue.I realize most forum members already know how this works.   I'm
explaining it for anyone who doesn't know how gambling wins/losses are
reported.Slot machine wins are taxable, but you can deduct losses. Gambling losses that exceed winnings are not deductible.  You must itemize your return to deduct gambling losses.    W-2Gs forms are given on all wins $1,200 or over.   Total annual gambling wins appear on a separate line of your return identified as gambling winnings.  There is also an entry identified as gambling losses.  You are taxed on the difference if any.  I keep records showing the dates, locations, win/loss, machine numbers, Etc. in case I'm audited.  I only did it once so far, but you can ask for a report from your casino.  There is normally no reason to pay Federal income tax on VP winnings unless you have a positive year, but you must be prepared to produce your records in case you are audited.  Information on the records accepted by the IRS  can be found on the Internet.  As many VP players do not itemize their returns, they must bear that additional cost as well.It's my understanding that there are certain states where gambling losses can not offset wins on State taxes.  Florida does not have State income tax.Specific tax questions should be addressed to a qualified CPA or Tax Attorney.

[case]

  Currently, the Canadian dollar is stronger.





The Canadian dollar is weaker. Canadian dollar is worth about .78 to an American dollar.

[FloridaPhil]

You are correct.   Sorry for the mix up.

[notes1]

You are correct.   Sorry for the mix up.


he was quick to point out your mistake, but refuses to admit his misquoted me on another post.

[case]

Give up notes. You are a broken record. Your credibility on this forum is at an all time low. You just want to argue with everyone. Maybe you should get off retirement and get a job.

Why do you think people just quit talking and answering the same questions over an over? You just don't understand how things work. You have a way of saying things to imply one thing while meaning another.

Quit your stupid games...it is getting old.

[notes1]

most of the threads on this forum, I have never commented.

most of the posters on this forum, I have never responded to, other than to agree or offer congrats.

when I have made a mistake, I have admitted it.

there are some posters who enjoy pointing out mistakes/errors from others, but do not like it when it is done to them. who is lacking credibility?

[case]

ya, you have done a lot of agreeing on this topic..

~and the beat goes on and on and on~