Tax Questions Solicited

On Thursday of next week we're interviewing Russell Fox, our resident tax expert. We're looking for questions.

Also on Thursday of next week, we're taping the second "Bob and Richard Questions" segment. If you have any questions over and above what's already been asked, they will be considered

Bob

If you play enough to be invited on a seven day cruise, is that a taxable event? How do you reconcile losses on the time played to qualify for the cruise tax wise??

Quote: BobDancer

On Thursday of next week we're interviewing Russell Fox, our resident tax expert. We're looking for questions.

Also on Thursday of next week, we're taping the second "Bob and Richard Questions" segment. If you have any questions over and above what's already been asked, they will be considered

Bob

Question about writing off w2-g's.

Someone I met in the Diamond lounge said he had about $15k worth of w2-g's last year.
he wrote them all off because the annual win/loss statement from the casinos showed he has more than $15k worth of losses.

i told him that the IRS probably wont accept that win/loss statement as proof and that you need to keep a daily diary of wins/losses.
he starts to get all worried when another patron in the lounge chimed in that the odds of the IRS auditing him for $15k worth of w2-g write offs is near 0.

he said he regularly writes off $20k worth of w2-g's w/o proof and hasn't been audited yet.
i said 'yet' is the keyword.
He seemed confident it's not going to happen.


Are the odds of getting audited by the IRS = low if the write off of w2-g's is $20k or below?
What is the real world general threshold for w2-g write offs before your odds of being audited goes above low/near 0?

1) What is the correct shape of the Laffer Curve?

2) How widespread is "taxation without representation" in America today?

3) Is ending prohibition on weed enough to offset the added taxes to keep the prices from rising?

4) What negatives would come from eliminating tax loopholes and instead just lowering tax rates? (other than no longer having a need for "tax experts")

If someone files as a professional gambler and gambles outside the U.S.and stays out of the U.S. for 11 months or more can they take the exemption? I believe you can make up to 130k tax free.

I am wondering what are the implications of giving a casino an address different from your physical address for a w2g (for example a UPS box or PO Box). This comes up when I need to use a local address to maximize the mail at casinos, using a passport as my ID. If I hit a w2g, they print it out with the mailbox address. Is it acceptable to have an address on the w2g different from your residence? Are there any implications, possibly a state claiming me as a resident when I am not, or possibly an audit being more likely if I do this. Is this technically not allowed or does it not matter?

In Florida, the Seminole casinos have a self-pay w2g in which patrons can choose to have jackpots downloaded directly to a machine and not receive a w2g form immediately. The casino says that the patron can ask for the forms by mail. I have two questions related to this option. First, if you get the w2gs after the fact and some of the information is wrong, can you do anything to correct it? Second, what would be the implications if the casino refused to provide a copy of the w2gs after the fact? This could come up if a casino 86s a patron and doesn't respond to the request for a physical copy of the w2g forms. Do they have a legal obligation to provide the forms no matter what?

so what were the answers to our questions?

Quote: 100xOdds

so what were the answers to our questions?

Usually you need to listen to the podcast at Gamblingwithanedge.com. The new shows are usually posted on Thursdays.

Quote: DRich

Usually you need to listen to the podcast at Gamblingwithanedge.com. The new shows are usually posted on Thursdays.

Oddly enough, there are 2 identically titled threads, one says recording Tues, the other Thurs.

Site for the podcast, which is not yet up.

https://www.lasvegasadvisor.com/gambling-with-an-edge/category/podcast/