Originally Posted by
Rob.Singer
This is where I have a problem. If the living expenses occurred outside of your professional play, how did you justify them as business expenses? Something is not right here. Maybe you told the IRS they were all BUSINESS expenses, and maybe the IRS believed they were all BUSINESS expenses? But what you are telling us is they were NOT all business expenses.
You're having a problem with it because you don't do it like I did, you never researched what can and cannot be done in professional gambling filing, and it is a different approach than what you do within your business. I've already explained it but I'll try again with an example.
I win $300. I go home and take my wife to dinner; price: $280. I write it off as a business expense, citing next week's schedule review or having something similar to do with or vaguely similar to do with my profession. And here's what you're not seeing: 1. You may THINK this is cheating but it in fact is not. I would never have utilized such a deduction had I been advised by my IRS contact that it was completely out-of-bounds. 2. I WOULD HAVE TAKEN MY WIFE OUT FOR THE EXACT SAME DINNER ANYWAY, whether I played vp or sang amateur karaoke at a yuppie bar. And the same goes for most of my deductions--they would have been expended either way. THAT is what I mean by having a bunch of cash leftover to spend. If my play netted me $90,000, the majority of that income was written off as business expenses on basic everyday living that would have occurred either way. And this is what I mean when I say you are either fully prepared to be a professional gambler or you are not. Business people give up thousands and tens of thousands every year because they don't know the IRS code deeply enough. Exactly why there are countless pages in the system. GE beat that nonsense....I beat that nonsense, and for sure there are plenty of others who dig that deep as well. Most don't.
Then you wrote this:
How did I buy one normal and one luxury RV? Here it is again---ever hear of a 401K?
Regarding the second RV -- I admit I never heard of it before. I am not clear about this but redietz seems to be taking credit for baiting you into adopting the idea of a second RV to give you a way out to explain what you did with your money and how the "luxury" RV was bought. I have a hard time understanding things that are written on forums, sometimes I read them wrong, other times they are not written correctly.
Anyway, I thought the luxury RV was bought with video poker profits.
Yes, it basically was. I consider the fact that because I mostly did not have to withdraw funds from my 401k to live on during those 10 years of winning, when I withdrew them to buy the RV's it was due to my vp profits. And there is no "baiting by redietz" or any "way out". It's basic simplicity. Remember the picture I posted of my wife holding Porsha in front of our RV in that N. Nevada RV park? That was our first one--one we didn't care that much for. We had already ordered our 2nd by then also. As I said, what would be the reason to announce something like that, esp. to a select bunch of posters who come off as jealous haters. Now that our full time RV living is over, I don't really care about it other than the fact that we have a very nice RV set aside waiting for our vacationing.
If people like redietz are so inquisitive as to where or how I spend my money, ask him why he isn't so into how much money arci spent on adult diapers over the past 5 years. Or how much mickeycrimm spends on online porn, for masturbating devices, and in adult book stores. People won't want to believe me anyways; but they'll believe THESE guys....
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