|3 votes (33.33%)|
|5 votes (55.55%)|
|1 vote (11.11%)|
|No votes (0%)|
9 members have voted
Yes, I suppose this is somewhat of a tax scam. I should have added an option to the poll: This is highly immoral, who would ever want to cheat the government out of your hard earned winnings.
If you are correct then what a gyp the gov. gives us... They tax us on all our winnings, but we can only claim our "expected" losses.
I suspect this isn't about comps, but an AP cover.
Regardless, it's clever.
And yes, they attempt to record your actual profit/ loss, not just the theoretical. The theoretical is shown, and then your actual. Then there's sometimes a standard deviaton for how far you are outside the norm on the form. Over a period of time, when APs get to far outside the norm. the casino host will sometimes begin to refuse airfare reimbursements, etc. Adding the losses helps keep you where you "belong" among the other players.
I realize you can't use it to get a big deduction on your income taxes. But it will offset gambling winnings so you don't pay taxes on those.
If I were gonna do this, I would place the $5000 on a single number in roulette while hunting down my player's card. That way I either get the demonstrable $5000 loss that I wanted, or I win $175,000.
But I tend to agree with others that being able to demonstrate a $5000 loss is of questionable utility.