Originally Posted by quahaug View Post
Alan I don't understand what you're saying. Rob uses all those other deductions to offset his profit so he doesn't owe taxes on his vp winnings which I thought was your whole point of wanting to see how one could have 100.000 in deductions on 100.000 gross income. Total win-total loss=gross income, gross income-total deductions= net income.
Yes, you don't understand.

We aren't really interested in Rob's other deductions for parties, groceries, travel, tips, phone calls, postage. The entire "challenge" was based only on one thing: does his style of play make him a winner. Therefore we are not concerned if he offsets his wins with other deductible expenses. His Schedule C will show his gross revenue (winnings) and it will show his other deductions (groceries, office, travel, tips, advertising). Take a look at what a Schedule C is quahaug and you'll have a better idea of what I'm talking about.

The one thing we want to see is if he makes money using his strategies. What he does with the tax law to minimize his tax liability on his winnings is a separate issue.

Frankly, I am interested in what deductions he actually claimed but unless Rob gives me permission to release them, I won't. And since his Schedule C might not include his "professional years" they might not actually show what he fully claimed in his "professional years."

quahaug, you never filed a Schedule C, did you?

Originally Posted by quahaug View Post
As a matter of fact schedule A is irrelevant isn't it? Gambling wins or losses (if a professional) go right on Schedule 1040 don't they?
Do you file an itemized return with a Schedule A or do you file a 1040A or 1040EZ for your job at McDonalds?

Here are the IRS instructions for how to handle gambling wins and losses:

Gambling Losses Up to the Amount of Gambling Winnings

You must report the full amount of your gambling winnings for the year on Form 1040, line 21. You deduct your gambling losses for the year on Schedule A (Form 1040), line 28. You cannot deduct gambling losses that are more than your winnings.


So yes, quahaug, we need the Schedule A unless Rob Singer never lost a bet.

By the way, quahaug, every time you question taxes I have to question more and more just what kind of casino advantage player you claim to be?