https://www.lasvegasadvisor.com/frugal-vegas/review-of-2015-edition-of-tax-book/ A Las Vegas Advisor Blog from the "Queen of Comps" Thu, 16 Apr 2020 18:08:09 +0000 hourly 1 https://wordpress.org/?v=4.7.4 https://www.lasvegasadvisor.com/frugal-vegas/review-of-2015-edition-of-tax-book/comment-page-1/#comment-65043 Sat, 14 Feb 2015 14:21:39 +0000 https://www.lasvegasadvisor.com/frugal-vegas/?p=3785#comment-65043 752427 604387Good read. I just passed this onto a buddy who was performing some research on that. He just bought me lunch since I identified it for him! Thus let me rephrase: Thanx for lunch! 769793

]]> https://www.lasvegasadvisor.com/frugal-vegas/review-of-2015-edition-of-tax-book/comment-page-1/#comment-65040 Sun, 08 Feb 2015 06:02:56 +0000 https://www.lasvegasadvisor.com/frugal-vegas/?p=3785#comment-65040 The IRS is fundamentally unfair in the way it treats gambling income. It’s taxed just as any other regular income when you win, but when you lose, you’re supposed to ignore those losses rather than offsetting them against any other non-gambling income. So win $10,000 in one year and lose $10,000 in the next, and you pay taxes on phantom “income” of $10,000 when you actually had no gambling income at all.
Therefore, the only way to deal with these people is to lie, cheat, and conceal your gambling and other activities from them. If they’re not going to show even the most basic, fundamental fairness, what’s the point in trying to follow all their arcane rules? When in IRS World $10,000 minus $10,000 equals $10,000, why expect anything else to be sane or fair? They want it both ways. Win, and they want their baksheesh. Lose, and your losses don’t exist. What’s the point in dealing with such people?

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