By: George Mikutowicz

George Mikutowicz — Mon, 16 Oct 2017 23:37:10 +0000

The news people always try to sensationalize the actual facts wherever possible. After all that’s how they make money and we all have to earn a living. Some are AP’s (advantage players) others are NM’s (news makers).
George

By: Kevin Lewis

Kevin Lewis — Sun, 15 Oct 2017 00:14:06 +0000

If he did play at the stakes that everyone is reporting ($125 a hand, most likely, not $100 a hand as initially reported in the media), then he would have generated a W2-G every time he hit a four of a kind or better–once every hour or so even if he was playing pretty slowly. I would imagine that the presence or absence of those forms over the last few years would pretty much validate or disprove the amount of action he provided the casinos. I don’t know to what extent any of that is public record now, but it might be as civil lawsuits proceed. One thing’s for sure–his obtaining “Tax Help for Gamblers” was a reasonable step, given that the IRS assumes that every single W2-G you generate represents actual winnings until you prove otherwise. He might have been stunned if he lost 500 grand in a year and was then presented with a tax bill for his $2 million in W2-G “winnings.” This and other information seem to validate the premise that he was indeed a rational actor, not just some high roller who went a) broke and b) nuts.

By: Frenchy

Frenchy — Sat, 14 Oct 2017 03:16:46 +0000

You can only claim your losses against your winnings if you go long form.

Comments on: The Vegas Tragedy – Update

By: George Mikutowicz

By: Kevin Lewis

By: Frenchy