Dave Smith wrote:
> On 2019-07-29 10:06 p.m., wrote:
>> On Monday, July 29, 2019 at 8:15:55 PM UTC-5, dsi1 wrote:
>>>
>>> The casinos will comp people mostly on the amounts they bet. They like to comp people that make nice, healthy, bets and spend a lot of time in their establishment. Whether or not you're a big time loser is not real important. Everyone knows it's a losing proposition in the long run.
>>>
>> My former boss goes gambling most every week-end and he plays poker exclusively.
>> He's been comped with laptops that have never been out of the box, watches, Yeti
>> coolers, Visa gift cards, and on and on. He gambles enough he has to fill out a
>> 1099-G with his regular income tax return.
>>
> IF I understand correctly, winnings are subject to tax. Losses are
> deductible, but you cannot claim losses greater than your winnings.
>
>
> So..... if you go in with $2000, blow it all down to you last dollar,
> and then win $1000 jackpot you will be paying tax on the winnings but
> can only deduct $1000, not $2000.
pros have to keep track per session and yes you
cannot net it out (but i'm sure a lot of people do
anyways).
now with electronic record keeping of everything
it isn't too hard to have a good record.
when i was playing on-line i had a program which
would keep track of each session for me so i could
just run the summary at the end of the year and be
done with it. kept those records for the number of
years required. glad i got out of it - gambling
is a horrible grind.
songbird