Living on a cloud.

"Janet Wilder" <kelliepoodlem> wrote in message
news:454bb17b$0$25385$c3e8da3@news.astraweb.com...
> Lon VanOstran wrote:
>
>> Dapper Dave wrote:
>>
>>> You ARE filing a 1099G to report these winnings, right?
>>>
>>
>> Actually, that's not necessary. They can be reported on your 1040.
>>
>> Lon
>
> How do you report the losses against the wins? I know in horse racing and
> playing the lottery you can save the losing tickets. How do you account
> for what you've lost in a poker machine or a black jack table when filing
> your taxes?


If you don't hit a jackpot of more than $1199. it isn't reported to the
IRS, therefore, no tax info required. If you do hit one over that limit,
you simply report that you lost more. A diary showing daily play is
sufficient proof of losses although these days you can get an official
report from most casinos if you use a club card.

Bruce

On Fri, 03 Nov 2006 15:15:15 -0600, Janet Wilder
<kelliepoodlem> wrote:

>Lon VanOstran wrote:
>
>> Dapper Dave wrote:
>>
>>> You ARE filing a 1099G to report these winnings, right?
>>>
>>
>> Actually, that's not necessary. They can be reported on your 1040.
>>
>> Lon
>
>How do you report the losses against the wins? I know in horse racing
>and playing the lottery you can save the losing tickets. How do you
>account for what you've lost in a poker machine or a black jack table
>when filing your taxes?

If you use a comp card you can go online a get your losses as well as
wins. You can also call the 800 number on the card and get your
losses and wins.

You can only claim as much loss as you have won. So if you don't have
any 1099s you can't file any losses.

"Rick Onanian" <groups.theholycow@xoxy.net> wrote in message
news:0yO2h.104$Es5.102@trnddc07...
> bruce wrote:
>> If you don't hit a jackpot of more than $1199. it isn't reported to the
>> IRS, therefore, no tax info required. If you do hit one over that limit,
>> you simply report that you lost more. A diary showing daily play is
>> sufficient proof of losses although these days you can get an official
>> report from most casinos if you use a club card.
>
> If they're going to tax you on your winnings, shouldn't they credit the
> people who previously lost the money that you won?

I suspect that was an attempt at humor so I should skip the question. But,
just in case it was serious - you can only claim losses equal to your
winnings. Losses are the price you pay for the entertainment value of the
game. Do you expect to claim a deduction for the cost of going to the
movies? Same entertainment value.

Bruce

"Janet Wilder" <kelliepoodlem> wrote

> bruce wrote:
>>
>> If you don't hit a jackpot of more than $1199. it isn't reported to the
>> IRS, therefore, no tax info required. If you do hit one over that limit,
>> you simply report that you lost more. A diary showing daily play is
>> sufficient proof of losses although these days you can get an official
>> report from most casinos if you use a club card.
>>
>> Bruce
>>
>>
>>
> Thanks, Bruce. I should be lucky enough to need that information some day.
> <g>

I am currently in great envy of Lon. I have lived in LV for almost 20 years
and hit only 3 royals - also one $1199 jackpot on a four of a kind bonus
machine. I am way behind and I should hit more since I never play nickels -
only quarters where the odds are better. (Of course I play so little that
any win is huge.)

If you want to learn to play video poker properly and give yourself a better
chance of winning check out Bob Dancer's website (bobdancer.com I think) He
provides playing tips and sells both booklets and a computer poker game that
corrects your play until you get it right.

Bruce

"Janet Wilder" <kelliepoodlem> wrote in message
news:454cf1aa$0$22845$c3e8da3@news.astraweb.com...
> bruce wrote:
>
> > If you want to learn to play video poker properly and give yourself a
> better
>> chance of winning check out Bob Dancer's website (bobdancer.com I think)
>> He provides playing tips and sells both booklets and a computer poker
>> game that corrects your play until you get it right.
>
> I've taken several tutorials on video poker. I play quarters, Jacks or
> Better where it's 1, 2, 3. 1 for a pair, 2 for two pair and 3 for 3 of a
> kind. I'm a conservative player with a $50 limit. I mostly come away
> winning a little, but then I know when to walk away. I don't gamble to
> make money. If I need to make money, it's time to get a job. <g>

The 1, 2, 3 that you mention is far less important than finding a 6-9 where
6 is for a flush and 9 is for a full house. There are a lot of 1, 2, 3 that
only pay 5-7 or 5-8 where it really counts.

And I fully agree - I gamble only for the entertainment value. If I need
the money, I stay home. Even finding a 101% payback machine and playing
perfect is too imprecise for me to count on to make a living. These days,
if you want to live off playing poker machines it means lots of play at lots
of different casinos and taking advantage of all the bonuses offered by the
players clubs - too much like work for me to be interested. <g>

Bruce

I see where "bruce" <bruce.snell@> contributed:

>Exactly right - even if you are playing a machine that pays back 99.99%, you
>are going to lose 100% if you play long enough. The only difference is that
>playing well and playing on a machine that gives better odds means that it
>takes longer for the casino to get your money. <g> Playing badly on poor
>payback machines is just giving your money away.

FYI, I have discovered a sure-fire system for beating the odds at
casinos and gummit-run lotteries. It is foolproof and GUARANTEED. If
you follow my system you will never lose as much as a nickel.

If you don't know my system, I'll be happy to explain.

Will Sill
Don't worry about what people think, they don't do
it very often.

"Will Sill" <will@epix.anet> wrote in message
news:k2qrk29o5aivlnp656c89797unod0i53du@...
>I see where "bruce" <bruce.snell@> contributed:
>
>>Exactly right - even if you are playing a machine that pays back 99.99%,
>>you
>>are going to lose 100% if you play long enough. The only difference is
>>that
>>playing well and playing on a machine that gives better odds means that it
>>takes longer for the casino to get your money. <g> Playing badly on poor
>>payback machines is just giving your money away.
>
> FYI, I have discovered a sure-fire system for beating the odds at
> casinos and gummit-run lotteries. It is foolproof and GUARANTEED. If
> you follow my system you will never lose as much as a nickel.
>
> If you don't know my system, I'll be happy to explain.
>
> Will Sill

I believe I fully understand your system and use it frequently. However,
when I play, I don't call the money spent "losses", I call it the cost of
entertainment. No more than going to a movie and certainly less than a
concert or stage show.

Bruce