{"id":1604,"date":"2014-10-31T18:45:42","date_gmt":"2014-10-31T18:45:42","guid":{"rendered":"http:\/\/beyondnumbers.lvablog.com\/?p=356"},"modified":"2016-06-29T23:04:30","modified_gmt":"2016-06-29T23:04:30","slug":"nevadas-prop-3-a-bad-bet-for-gamblers","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/nevadas-prop-3-a-bad-bet-for-gamblers\/","title":{"rendered":"Nevada’s Prop 3: A Bad Bet for Gamblers"},"content":{"rendered":"

This is a rare but timely guest-blogger contribution, penned by renowned Las Vegas attorney Robert Nersesian, the top counsel representing players who run into legal problems involving casinos including (famously and on many occasions) James Grosjean. (For more of this, check James’ own guest contribution to Arnold Snyder’s now-defunct Blackjack Forum<\/em><\/a> publication.)<\/p>\n

<\/p>\n

Bob writes:<\/strong><\/p>\n

“This just popped up in my office from another attorney as an issue. For those of you who file Schedule C income on your gaming activities, it appears that the Prop. 3 gross-receipts tax will apply to all payouts received in the tax year in excess of one-million dollars. While I am not opining on the methodology of collection, the availability of discovery by the Nevada taxing authority, or the practicalities of implementation, clearly this effectively puts all professional gamblers at risk. Simply put, if you churn three million to win $150,000, it appears that there would be a tax owed to Nevada in an amount of over $60,000. It appears also to apply to non-Nevada Schedule C filers whose activities occur in Nevada. It also applies to a bad year where two million churned results in a loss of $10,000, and a tax liability just shy of $40,000, to be paid on top of the loss.”<\/p>\n

Huntington Press<\/a> will publish Bob’s second, presently untitled book next spring, a title which we can assure you in advance will be of great interest to the advantage-player world.<\/em><\/p>\n\"Facebook\"<\/a>\"twitter\"<\/a>\"youtube\"<\/a>\"instagram\"<\/a>","protected":false},"excerpt":{"rendered":"

This is a rare but timely guest-blogger contribution, penned by renowned Las Vegas attorney Robert Nersesian, the top counsel representing players who run into legal problems involving casinos including (famously and on many occasions) James Grosjean. (For more of this, check James’ own guest contribution to Arnold Snyder’s now-defunct Blackjack Forum publication.)<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[2,3,217,15],"tags":[296,208,294,85,297,281,224,298,295,293,226],"yoast_head":"\nNevada's Prop 3: A Bad Bet for Gamblers - Gambling With An Edge<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/nevadas-prop-3-a-bad-bet-for-gamblers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nevada's Prop 3: A Bad Bet for Gamblers - Gambling With An Edge\" \/>\n<meta property=\"og:description\" content=\"This is a rare but timely guest-blogger contribution, penned by renowned Las Vegas attorney Robert Nersesian, the top counsel representing players who run into legal problems involving casinos including (famously and on many occasions) James Grosjean. (For more of this, check James’ own guest contribution to Arnold Snyder’s now-defunct Blackjack Forum publication.)\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/nevadas-prop-3-a-bad-bet-for-gamblers\/\" \/>\n<meta property=\"og:site_name\" content=\"Gambling With An Edge\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/lasvegasadvisor\" \/>\n<meta property=\"article:published_time\" content=\"2014-10-31T18:45:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-06-29T23:04:30+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@lva_tweet\" \/>\n<meta name=\"twitter:site\" content=\"@lva_tweet\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/#website\",\"url\":\"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/\",\"name\":\"Gambling With An Edge\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/nevadas-prop-3-a-bad-bet-for-gamblers\/#webpage\",\"url\":\"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/nevadas-prop-3-a-bad-bet-for-gamblers\/\",\"name\":\"Nevada's Prop 3: A Bad Bet for Gamblers - 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