True, there is that.Quote:
Originally Posted by SLaPiNFuNK
But in response we toot our own horn.
No worries, I suspect we're all a bit jittery about all the madness in the country these days.
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True, there is that.Quote:
Originally Posted by SLaPiNFuNK
But in response we toot our own horn.
No worries, I suspect we're all a bit jittery about all the madness in the country these days.
dupe
Then why didn't you call it before boz stepped in?Quote:
Originally Posted by accountinquestionDon't need to be an expert in prop-money.Quote:
Originally Posted by mickeycrimmNope, no one here said anything about prop money until boz. And Boz didn't accuse Rob of buying prop money. He said only that prop money could be bought. Then you guys pounced, becoming overnight prop money experts, at least in your own minds. Boz would verify if he could.Quote:
Originally Posted by accountinquestion
Next to be an expert in real bills, son.
stacked.
It is pretty obvious when you see prop money in a high res photo.
Explain to us what a contemporaneous logbook is?Quote:
Originally Posted by SLaPiNFuNK
Yes, two certified public accountants that specialize in gambling taxes have appeared on Gambling With An Edge. Their way of doing it is totally different from your way. They are considered experts. You are not conisered an expert.Quote:
Originally Posted by SLaPiNFuNKQuote:
Originally Posted by kewlJ
There are videos of tax professionals and professional gamblers who have looked into this...
The casino industry is not going to speak out against this as they want you to keep feeding the machines...
It would be great if they overturn it but I am not holding my breath.
The law is pretty clear.... "You can only write off 90% of your losses"
In gambling, you can not write off more than you have won. Then you start needing to prove where those additional funds came from for one, and there is no benefit for writing off more as you are not going to get any additional deductions.
Note, that the 90% of losses is against REPORTED WINS... Reported wins are W2G or Stated Income...
If you are a slot player, your wins are shown on W2G's...
If you are a professional black jack player, your wins come from what you state...
IF you were to report EVERY WIN, and EVERY LOSS, the amount would be crazy that you would owe... Say you are a professional black jack player and you decide to be a fuckass and report every win and every loss, itemized... Based on the new law, say you won $1,000,000 worth of hands, and lost $900,000 worth of hands.... Not only are you paying tax on $100,000 worth of income but also an additional $90,000 for your losses you decided to report. Do you think you are better off itemizing and paying taxes on $190,000 worth of income even though you only made $100,000?
I'm tired of repeating myself. You guys are in denial if you think this isn't going to effect you. But if you are playing $0.25 video poker and lower it wont... $0.50 video poker player will only effect you if you hit a royal... etc etc...
It applies to W2G payouts mainly... Judging by the "Big Casino Wins and Jackpots" thread, majority of you aren't playing enough for this to matter...
Fact is, 10% of W2G's are now taxable... No additional "writing off losses" is going to cancel that out...
If you aren't getting W2G's it doesn't apply to you.
If you have gotten W2G's in the past, you know how to handle the taxes with them...
I know very very well about W2G's... Unfortunately my tax guy in 2015 tax year neglected to account for about $120K worth of W2G's... I found out when I got a tax bill for about $35K... They said I could file an amended return so I did.. They denied it because they said "I could not file additional losses"... Lawyers involved etc, we tried to explain to the IRS how it worked where you could get a W2G for a "Win" but it actually just get you even or you still have a loss for that session etc... No luck... I got fucked and had to pay $35K plus penalties etc on W2G income I didn't actually have... So I've been there before and it fucking sucks...
For you brokeass fucks, this doesn't matter to you.
For those of you who are playing, winning or not, every W2G you need to keep in mind, unless this bill changes, 10% of that win is going to be taxable winning year or not...
Fucks...
https://youtu.be/VGmFf1FI5IE
https://youtu.be/ZT0JU88mzoE
BTW, Slappy, these two accountants did these recent interviews specifically about the new gambling tax law.
Kew, all of your lying and fabrications isn't ever gonna cover up the known fact that you want everything I've said, shown and have done that makes you envious of my gambling successes, is a simple result of my having pegged you as a phony the moment I saw your first post. You do the same thing with everybody who doesn't accept or believe your constant flow of bullshit.Quote:
Originally Posted by kewlJHow would one go about proving or verifying it, short of a visit to Rob's safe. :confused:Quote:
Originally Posted by mickeycrimm
being one that you think jumped on the prop money band wagon, I will say this. When Boz mentioned the amazon prop money, if you look closely, the money looks a slightly different shade. I think Rob attempted to fix this by placing a single real $100 on top of a stack of prop money. That makes the top bill look more real because it is. But it also shows more contrast to the slightly different shade of the edge of the rest of the stack, IMO. It just sort of looks phony.
But none of the really even matters. Let's say for sake of argument the money was real. It was still staged. Rob posted a picture of a safe with a stack of 100's and a gun, was all staged. For what purpose....I don't even know. Rob always wants people to think something that isn't so or true. ;)
I am pretty sure almost anyone on this forum could get their hands on 10k, or even 40, 50K without much trouble, even Rob. So I don't know why Rob would post a picture of fake money. But I think he did! :D That is Rob Singer! That is what MAKES him Rob Singer! I mean go try to figure out why Rob does any of the shit that he does. You will go loony trying.
And besides, the point mickey makes on this idiotic "prop money" (and who would even buy that kind of stuff just to show some in a safe having $100k+ worth of guns & ammo and watches worth hundreds of thousands??) claim stands: boz was punking you guys because he knows how to spin you like a top...and he knows me. When I met with him at Tahoe I asked him if he cared to come over to our RV park so he could meet my wife & see the Newell. He couldn't because he right then got a call saying he had to get home to accept some new furniture, and I believe he verified that. But things like that and what mickey says about the cash and the du play, go straight thru that hole in your head because that's just not the way you want things to be.
So let's hear more of your dumb explanations about how you want everything to be what you say it is. You still think you look intelligent to ANYBODY when you spew your lies?
And by the way....you couldn't come up with $10k in cash like you're trying so hard to make others think you can. You don't even know what a stack of new bills looks like!
I think Munchkin was still confused about things.Quote:
Originally Posted by mickeycrimm
With the IRS you never know, because you don't know the competency, personal beliefs about gambling, or the level-of-knowledge of the person who first reviews your filing, and then if you have an audit you are faced with the same situation. An issue may get resolved favorably in tax court, but who even wants to go that far.
Kew, you're SO SO dense....and so very predictable. You claimed to wonder why I even posted a pic of my safe with cash on the bottom, which means you either didn't read why at the time---or as per usual, you just couldn't live with the reason.
I clearly stated, in response to another poster who was a gun advocate, that I was showing the difference in size between a 50 cal magnum round to a 9mm. (think of it as showing my dick vs. yours). I didn't expect or even think about the cash or anything else getting under your skin, but apparently it certainly did....until boz planted an escape route into your empty head. Which, BTW, WAS funny.
You also keep asking why I changed my mind, somewhat, about mdawg's claims. Yes at first I was skeptical. However, I have great respect for ANYBODY who agrees to a face-to-face meet with a known and respected personality to discuss and witness them realistically applying their trade--something your phony ass would never do. That goes a long way towards credibility, and it goes a long way towards explaining why you've gone to such extreme lengths to try and discredit that event---and why you continued to fabricate false scenarios about shack's reporting ever since.Just as with me, when shit gets real, you run to the nearest safe space and concoct as many phony feel-good scenarios as you possibly can.
Oh....some interesting current events news. File it under "Kill A Queer/Have A Beer"
Yesterday an Ice Agent FINALLY SHOT & KILLED one of these moronic queer/trans freaks IN SELF DEFENSE, who've been assaulting conservatives for some time now. The lesbian asshole got exactly what she asked for. We need more of it--don'tcha think?
And I think I'll celebrate with a beer! A Bud Light, of course. :)
A couple of points for Slap:
1. w2gs are not intended to be a proxy for machine play income. Legally you are obliged to declare all gambling income, and if you are filing as a professional you are supposed to keep a session log. This is relevant to your belief that w2g total = reportable income. The IRS has the same means of discovering non-w2g gambling income as they do any other cash income.
2. You can and indeed are instructed to DECLARE your true gambling losses, if you itemize, even if they exceed your wins. Ordinarily this doesn't accomplish anything because as you said you can't "write off" (e.g. use to lower your tax burden) losses in excess of wins. But under the new law there will be a practical benefit to declaring losses in excess of wins.
3. You were not legally obliged to declare wins up to the w2g amounts. I don't know if your lawyers gave up too early or not but I personally, and kther professional gamblers I know of, have successfully contested the IRS when we declared total wins that were less than total w2gs.
However because the IRS tries to fight you on this it's best to just treat each w2g as a session (ensuring that your total winning sessions will match or exceed total w2g amounts), even though this contradicts the IRS' explicit instructions about sessions.
Re: #1: In the GWAE program Munchkin brought up a question about what happens when there's sessions where you win $$ without any W2G's. (this does happen A LOT). I thought it was surprising that the Tax guy said he's never had a client who said they won w/o getting signers. That seems to point to there being a bunch of tax cheats out there.Quote:
Originally Posted by smurgerburger
Yeah, that caught my eye too: I think he said or implied that his client base is professional gamblers, and presumably a VP pro will receive at least one W-2G per year.Quote:
Originally Posted by Rob.Singer
I suspect that folks who don't receive any W2-G's during the year have no incentive to report gambling income and itemize gambling losses: they legally should but it could result in a greater tax burden.
Don't ask, don't tell?
Out of sight, out of mind?
I've never known a professional gambler to also not pay their taxes. If a pro gambler is in a bad mood it typically means they have to go pay their taxes. Otherwise life is good and we all know this.Quote:
Originally Posted by Rob.Singer
I'll listen to those podcasts...
Quote:
Originally Posted by MisterVYeah, that caught my eye too: I think he said or implied that his client base is professional gamblers, and presumably a VP pro will receive at least one W-2G per year.Quote:
Originally Posted by Rob.Singer
I suspect that folks who don't receive any W2-G's during the year have no incentive to report gambling income and itemize gambling losses: they legally should but it could result in a greater tax burden.
Don't ask, don't tell?
Out of sight, out of mind?
It's the same situation as anyone with cash income faces. You certainly can get away with massive underreporting, although conventional wisdom is that this places constraints on what you can safely do with that income.
I believe you missed the point. Professional gamblers who play slots and vp receive many signers, but--and if you were one like I was you'd know this--they also have a bunch of sessions where they profit w/o getting a single W2G.Quote:
Originally Posted by accountinquestionI've never known a professional gambler to also not pay their taxes. If a pro gambler is in a bad mood it typically means they have to go pay their taxes. Otherwise life is good and we all know this.Quote:
Originally Posted by Rob.Singer
Bad moods and all your other emotional stuff? I wouldn't know about any of that, because I'm always in great spirits. It comes with the good health and loving family territory.
Here's a little teaser question for the very confused people who want it to be that I'm broke, we live in houses we didn't pay for, we drive junkers, my cash is prop money, I don't hit BIG jackpots, and I'm a stone cold losing degenerate gambler. :)
I don't play all that much, but I do play only hi-level vp. This pic is the top level card from Monarch, with casinos in Reno (Atlantis, for the under-initiated) and Blackhawk (Monarch Casino/Hotel, for those unable to get around much). And when I get back there this summer they're giving me the invite-only Black Diamond card. The question: how does Singer, whose a big fat broke loser living off his kids, come up with the cash to play what it takes to do such a thing!? And this, between 2 east coast road trips where we went to Resorts World NYC, and Ocean Casino Resort by invitation. Hmmmm.........
I must be using other people's money...or this must be FAKE
WTF?????
A players card proves NOTHING about whether a player won or hit jackpots or who owns the house they live in. It PROVES they gamble and nothing else. Just the same as a stack of cash and/or chips proves nothing about whether a player won or lost.
Why do you guys do this shit. Do you really think you are fooling anyone at all. Everyone on this forum knows what a players card means and doesn't mean.
I also remember Rob saying he didn't play on players cards or deal with players clubs. He didn't need point. He won by his magic system and potions. Anyone else remember that?
BBBBBUUUUTTTT....I thought you said I have no money, and I gambled our retirement away!Quote:
Originally Posted by kewlJ
Care to adjust that lie?
I NEVER said you don't have some retirement income. I doubt it is the amount you claim, but your wife worked her whole life and you worked half your life until you started gambling, so you both should be receiving SS (her's higher than yours).Quote:
Originally Posted by Rob.SingerBBBBBUUUUTTTT....I thought you said I have no money, and I gambled our retirement away!Quote:
Originally Posted by kewlJ
Care to adjust that lie?
Here is the facts Rob. You aren't required to prove anything about any of your ridiculous claims. NOTHING. But if it is/was so important to you to do so, you could have done so at any time in the last quarter century with real documents that would really prove something. You have never done that. Instead, you have attempted to prove things by some means as ridiculous as the claims themself. And each time you do, your "proof" is proven to be fake or made up. EACH and EVERY time!
So in a sense your attempts to prove your ridiculous claims, actually disproved them and proves you made it up in the eyes of every member here.
And Rob, all of that, claims and attempts at proof and all the name calling are just the actions of a troll...a guy who has trolled the gambling community, particularly real winning players for more than a quarter century. Do you really think posting a picture of a players card changes any of that? No wonder you are drinking beer at 6am. :rolleyes: