Vegas Free-for-All - STOP the Royal Flush MADNESS !!!

MoneyLA

Jan 16, 2011
6:54am

I dont know if this is true or not, but Ive been told that the IRS rarely audits gambling wins because the feeling at the IRS is that there is no such thing as an annual "winner" in casino gambling, except for the few who hit mega jackpots.

has anyone here been audited for their W2Gs ?? More precisely, has anyone had an audit TRIGGERED by their W2G wins? I say that because if you are called in for a TCMP (taxpayer compliance measurement program audit) they go over everything line by line.

Ric

Jan 16, 2011
7:11am

Block User

I don't know that the IRS is going to audit simply based on gambling info. I would probably agree with you r assessment on how they look at it. The problem would come as a part of any rouitine audit. If you are claiming an offset for $5,000 in winnings, you better have some paper to back it up. It's easiest to just request them at the end of the year.

Good Luck!
Ric at Joes

chefantwon

Jan 16, 2011
8:56am

Block User

Quote

Originally posted by: justmare

Quote
Originally posted by: chefantwon
Personally, I'm just throwing money away at VP and not keeping tab at all. I don't play nearly enough to be wasting any serious coin, so why bother counting?????

I can think of one very good reason to bother counting -- taxes! If you happen to hit a W2G at any time during the year you'll need to keep track of your win/loss so you can offset your win!

Mare, the odds of me actually winning a royal is the same as winning a six dog superfecta (6 dogs in order, from 1 to 6), meaning not going to happen too often.

However it CAN...if it rains on tuesday, after 4AM, while standing on 1 knee, in the middle of the street, during a snowstorm, in the middle of july, all the while Rizzo is walking his dogs eating a burrito.

skim9999

Jan 16, 2011
10:09am

Block User

Amen,I have been gambling 35 years,do 4 or 5 major trips a year Vegas,Atlantic City,Tunica an New Orleans loose $2K TO $5K per trip,won 3 years out of 35.Everyone else claims they win or break even ?

Lisa

Jan 16, 2011
10:28am

Block User

One can play perfect or near perfect strategy on the better paytables and still have a loss for the year. I enjoy reading the royal flush thread, the stories, and enjoy the friendly competition. I am grateful that members are willing to share despite all the naysayers and thank Rick for maintaining the thread. So what if some people are competitive. If you don't like a thread, then don't play. I quit reading the threads I don't agree with or find annoying. Easy, peasy and life goes on.

kevinandbeth

Jan 16, 2011
10:34am

Block User

I didn't get audited, but I did get an under reporting statement this year from 2008. I missed a w2g from ballys. Sent in documentation to show what a loser I was that year and that settled that claim. A pain in the ass, but not horrible.

Beth

MoneyLA

Jan 16, 2011
12:17pm

Block User

kevinandbeth same thing happened to me... we left out a W2G for a royal the wife hit for $8K. Simply wrote a note on a piece of lined legal pad paper (the yellow stuff) in plain block lettering and signed it saying "sorry I missed this one but we lost more than we won." Couple weeks later came back a letter saying "thanks, accepted" and that was it.

manterro

Jan 16, 2011
8:42pm

Block User

Quote

Originally posted by: MoneyLA
For the last year or so there has been a very intense competition among certain VP players to have the greatest total of royal flushes.

However, the real issue in VP play is NOT how many royals you hit, but if you win or lose money... isn't it?

So, Im suggesting that we skip the royal flush madness and invite our regular VP players to let us know their running win/loss tally and that way we'll know who the better players are... and who the real BEST of the Best is!!

Me? Im out of the running already. On my very first trip, I am down about four-grand. No royals either. Im just a spectator when it comes to watching the "race to be VP king/queen."

Be brave now. Let us know the number that really counts. If you dare...

I used to enjoy your posts but you've become a know-it-all-asshole. I'm a low roller and when I go to Vegas, I enjoy chasing the royal and I have a blast. I don't need no LA high roller telling me how to have a good time or what I should do on my vacation. I would never bring my dog or my kids to Vegas and I mind my own business. I could give a shit less what your opinion is. GFO!

MoneyLA

Jan 16, 2011
8:51pm

Block User

Chase your royals and have a blast. Don't bring your kids or your dog to Vegas. And do mind your own business. Have a nice day.

Rock'n Rick

Jan 16, 2011
10:54pm

Block User

Money, I've been running the Royals thread for a few years now, and I have failed to see it be a "very intense competition" or “madness”.

I would not allow it to get to that stage.

The Royals Thread has never been a real “contest”.

Please don’t misinterpret any friendly banter or ribbing, and/or the details listed by some (to help me get things correct),
as anything other than a great bunch of people realizing the ultimate goal of the thread is to share their Royals, pass on or gather information and to have fun.

Rick

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