2012 Off topic thread(basketball,movies,etc whatever)

[poopoo333]

What's the point of paying taxes on your winnings?

[MMA_scientist]

The question is how to deduct losses (if at all).


edit: As I understand it, you need to pay taxes separately on each "gambling session". So there is also the question of what constitutes a session. I am figuring that all bets placed in a given day can count as a session, but that's just my own uninformed guess.

I see what you mean. You can't "deduct" your losses, but you can reduce your winnings by your losses for a given session. But even if you are down for teh year, you still owe if you won in a given session. That I do not know.

Poopoo, the point is not going to jail or being monetarily penalized for tax evasion. For svino, it is probably because he is communist.

[Svino]

I see what you mean. You can't "deduct" your losses, but you can reduce your winnings by your losses for a given session. But even if you are down for teh year, you still owe if you won in a given session.

I believe you can deduct gambling losses (up to the amount of gambling income) but of course: 1) You have to be already itemizing deductions for it to be worth it, and 2) Presumably, you have to provide documentation of said losses and I'm not sure what would be adequate here.

Alternatively, one can file as a "professional gambler" and total income and expenses as a business would, but again I assume there's a lot of documentation required here.

[SPX]

I am especially thankful for the socks that make your feet cold idea.

Some lurker is probably going to do that now and make a billion dollars. And Vandelay will be happy because his feet are cold.

[Svino]

It's still too hot. My body goes as my feet go. If my feet are too cold, it doesn't matter how warm the rest of my body is and vice versa.

Really tight socks might restrict the blood circulation enough to make your feet colder. Not sure how much colder.

[SPX]

That's a distinctly Svino kind of suggestion.

[MMA_scientist]

I believe you can deduct gambling losses (up to the amount of gambling income) but of course: 1) You have to be already itemizing deductions for it to be worth it, and 2) Presumably, you have to provide documentation of said losses and I'm not sure what would be adequate here.

Alternatively, one can file as a "professional gambler" and total income and expenses as a business would, but again I assume there's a lot of documentation required here.

You're right. I always thought you could not deduct losses from subsequent sessions. I don't see how they could possibly track that, I looked at the IRS guidelines, and a record is all they require. I am pretty sure I can fabricate a record of losing, the same way I fabricate my business mileage log book at the end of the year.

So with that, it seems pretty clear that the total winnings are based on the year. So I don't see any way to claim it other than miscellaneous income (or as you mentioned, business income). The benefit to claiming it as a business is that you can deduct your expenses from operating your business (internet, pay out fees, plane tickets to vegas).

[edman5555]

Random fact: There is essentially no such thing as an overweight physicist. I have no idea why this is the case.

Working in a field (optical physics) where some people come from a physics background and others come from an electrical engineering background, I can often tell who came from which field based solely on girth.

What did you major in?

[edman5555]

What is the best way to conceal the income?

[MMA_scientist]

What is the best way to conceal the income?

cash. If you go to a casino, it is virtually impossible to get caught. I would think it would be nearly impossible to track the WU money too, which is why I don't pay taxes on it.

[Mr. IWS]

I saw a good movie last night, Margin call

http://www.imdb.com/title/tt1615147/

Anyone else see this?

[Vandelay]

cash. If you go to a casino, it is virtually impossible to get caught. I would think it would be nearly impossible to track the WU money too, which is why I don't pay taxes on it.

Does 5d have a western union withdrawal option? I'd be less worried depositing 300 or so dollars each week instead of one lump sum in a check form.

[sbjj]

They have me on file @ the M. And they do seem to somewhat track me(closer than they did @ the Venetian). But I keep COPIES of all my winning tickets and keep the actual stubs of all my losing bets. If the IRS does ding me( I seriously doubt it), I will have all my losing tickets, and they better hope they have ALL my winning tickets. Because the only tickets I will provide them are the losers.

[MMA_scientist]

Does 5d have a western union withdrawal option? I'd be less worried depositing 300 or so dollars each week instead of one lump sum in a check form.

Yes, as long as you have deposited with WU, they'll let you WD with WU

[Vandelay]

hmmmm. I deposited via cc. So i'll just ask them next time i withdraw.