The party of fiscal responsibility

Hey, stupid...you're showing your ignorance over and over. My "rented room" is actually a very nice two-bedroom apartment, one bedroom of which I use as a home office--and thereby get to deduct a portion of my rent as a business expense. Furthermore, I DO in fact deduct travel expenses for trips that are primarily to gamble (AP play).

You are too ignorant to understand that if you file a Schedule C, that doesn't mean you need to or even should itemize. And as far as "failed" gambler goes--yeah, right, I've paid taxes on my "failed" winnings for all but two years since 1992. You may think that .25 VP is the only forrm of gambling there is. God, what a fucking idiot you are.

Just because my situation is too complex for you to understand doesn't mean you should share your ignorance with all of us. Jackass.

You share the same obsession with sicko PackerFucker.

I've paid taxes on my "failed" winnings for all but two years since 1992.

Another kevin lie.  It is impossible to have only 2 losing years out of 31.

That may indeed be what stupid Tommie-poo thinks.

You're the one that posted about renting a room in Portland. My fault for accepting that you were actually telling the truth for once. Actually, come to think of it, the room is probably the real truth of the matter.

You were the one that posted about your bad run of luck in Las Vegas when you went belly up and lost your entire gambling stake. Now you pretend to have had winning years for all but two since 1992? What about that fictitious trip to Las Vegas in October and November where you cobbled together enough coin to go for a value trip? Does that sound like a professional gambler taking a business trip? Why would you use schedule C for the few trips you actually do take to Las Vegas? That would be the few real trips, not including any of the fictitious ones. Why would you put yourself through all the bookeeping and paperwork of pretending to be a professional gambler when you don't have enough tax liability to make it work for you? You are the one that said you gamble quarters so you won't ever get a W2G. That certainly meant that you wouldn't report any winnings of yours. Of course, I don't expect you to testify against yourself in this forum by admitting that. The few actual trips that you report your gambling outcome is always in the hundreds of dollars. Sometimes a win and sometimes a loss. That sure as heck doesn't even come close to what you would need to file as a professional gambler. Once again I ask: is it more likely than not that you don't file as a professional gambler? Once again, the answer is an overwhelming yes. Depending on Oregon law you, in all probability, don't even file taxes. Why should you since you have no taxable income from your pension and nonexistent gambling winnings?

My god Lewis, stop posting nonsense that only makes you look like an idiot. You're a professional gambler, a CPA, and a tax preparer in need of psychological intervention. Please get help for your pathological lying.

You are the one that said you gamble quarters so you won't ever get a W2G. That certainly meant that you wouldn't report any winnings of yours.

He actually makes a really good point, Kevin.  Why bother to file a schedule C if you limit your W2Gs?  You did say you play quarter to avoid them. 

Let's say you hit some W2Gs with other stuff.....are you claiming wins on quarter play?  Why?  

There are court cases that allow the IRS to use certain criteria to determine if a person is a casual or professional gambler. Lewis wouldn't pass any of the criteria for professional which would certainly get him audited. Number one on the list is amount of time working at gambling. He doesn't go anywhere near enough to be found a professional. Maybe he's so far down the rabbit hole that he claims those fictitious trips on his schedule c.

It just amazes me that he persists in clinging so desparately to the fallacies he posts. Never being able to admit to posting a lie is the sad proof of him being a pathological liar. I really believe that he'd be happier if he were to seek help for it.

God, PackerFucker is ignorant. I report ALL my winnings as taxable income, whether a W2G was generated or not. He's stupid enough to think that you don't owe taxes if you don't get a W2G! LOL dumbass Trumper!!

Furthermore, both you idiots are assuming that .25 VP is the only gambling I do/did. When did i ever say that? Dumb PackerFucker ASSUMED that. He's a moron. I'm not going to detail the totality of my gambling action just to appease you jerkoffs. And yeah, Fucker will call me a liar again. Fuck him. He has no idea one way or the other, but elevates his speculations to the level of "facts."

And as to "why" I report my gambling wins, however large or small--that's the law. Also, doing so enables me to deduct expenses associated with generating that income. I continued to file Schedule C even though my VP action wasn't a major portion of my gambling income any more.

The thing is, it's hard to get the IRS to accept your filing as a professional gambler. You want to preserve that if at all possible. Three years in a row without that particular Schedule C and your status goes poof.

And yes, most years I've filed multiple Schedule Cs. I prepare taxes in March and April as an independent contractor, for instance. PackerFucker is baffled by the concept of multiple income streams. What can we expect from a nasty, senile old Trumper who was never that sharp to begin with and whose brain is falling apart.

I would never report wins not supported by a W2G.  :)  Just saying.

I just don't see what you are gaining by doing schedule C for gambling.  You have to show a profit in more years than "loss" years or they will just look at your "business" as a hobby.  (which I think is what Packer is trying to say it is - and I'd agree with him)  

And btw, no professional gambler messes around with .25 single line vp.  Lets just say Kevin gets 800 hands in an hour which is a pretty decent rate.  And he plays NSUD and maybe squeaks 100.5 with slot club and promotion (and that is a big reach too)  800 hands x $1.25 x .005% equals $5 an hour expected value for Kevin's big professional gambling schedule C business.  Woohoo!  That's a hobby if I ever saw one!

What PackerFucker doesn't understand is that my gambling hasn't been restricted to video poker; it hasn't been restricted to NSUD; it's been profitable all but two years; and you don't have to demonstrate that it's your PRIMARY source of income to file a Schedule C. The greatest benefit of doing that is that you can deduct businesss expenses.

And you're incorrect in saying that the MAGNITUDE of one's business profits is used to determine whether or not a business is a "hobby." But you know the dumbest assumption you two clowns are making? That my VP activity only earned a few bucks an hour. Over the course of my gambling career, my earnings were approximately $30 an hour. And yes, that was usually $1 denominations, and yes, it was more promos and mailers than the games' inherent EV.

My best years were 2004 and 2009, and the main sources of profit were sports betting and poker tournaments, not video poker.

But really, I don't know why you're beating this dead horse. PackerFucker doesn't know jack shit about me or what I do, and he'll call me a liar, stupidly and reflexively, no matter what I say. You'll keep it up because you love an argument. But really, who's the liar here? Isn't it PackerFucker, claiming to know everything about my life?