darkoz
darkoz
Joined: Dec 22, 2009
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October 12th, 2020 at 12:58:30 PM permalink
Quote: billryan

Are you saying that if I am playing my freeplay and get a dealt Royal on a $1 hundred play, it is not a taxable event?



I answered that question above
For Whom the bus tolls; The bus tolls for thee
DRich
DRich
Joined: Jul 6, 2012
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October 12th, 2020 at 1:00:12 PM permalink
Quote: billryan

Are you saying that if I am playing my freeplay and get a dealt Royal on a $1 hundred play, it is not a taxable event?



Of course it is.
Living longer does not always infer +EV
darkoz
darkoz
Joined: Dec 22, 2009
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October 12th, 2020 at 1:23:37 PM permalink
Quote: DRich

Of course it is.



Not according to IRS rules.

But those rules don't mention JACKPOTS.

They simply say rebates are not taxable. And Freeplay is considered a rebate if it's based on past performance.

Now it probably would be challenged and would need to go to tax court.

You might win in court but most likely any aspect of the law found to be malleable will be used to make you lose.

You better have a good tax attorney.
For Whom the bus tolls; The bus tolls for thee
DRich
DRich
Joined: Jul 6, 2012
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October 12th, 2020 at 1:25:07 PM permalink
Quote: darkoz

Not according to IRS rules.

But those rules don't mention JACKPOTS.

They simply say rebates are not taxable. And Freeplay is considered a rebate if it's based on past performance.

Now it probably would be challenged and would need to go to tax court.

You might win in court but most likely any aspect of the law found to be malleable will be used to make you lose.

You better have a good tax attorney.



Money won off of a rebate isn't a rebate. It is taxable.
Living longer does not always infer +EV
darkoz
darkoz
Joined: Dec 22, 2009
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October 12th, 2020 at 1:34:20 PM permalink
Quote: DRich

Money won off of a rebate isn't a rebate. It is taxable.



https://www.irs.gov/publications/p525#en_US_2019_publink1000229502
For Whom the bus tolls; The bus tolls for thee
billryan
billryan
Joined: Nov 2, 2009
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October 12th, 2020 at 1:34:51 PM permalink
Quote: darkoz

I answered that question above



As I read your responses, one seems to contradict the other.
DRich
DRich
Joined: Jul 6, 2012
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October 12th, 2020 at 1:50:11 PM permalink
Quote: darkoz

https://www.irs.gov/publications/p525#en_US_2019_publink1000229502



Exactly, gambling winnings are taxable.
Living longer does not always infer +EV
darkoz
darkoz
Joined: Dec 22, 2009
  • Threads: 244
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October 12th, 2020 at 1:57:35 PM permalink
Quote: DRich

Exactly, gambling winnings are taxable.



You must be reading something different about cash rebates than I am
For Whom the bus tolls; The bus tolls for thee

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