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Thread: I feel like I'm going to get screwed over big time this year for taxes

  1. 06-12-2015, 03:08 PM #40
    moo321
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    KJ, you would be in compliance with the laws by having a tax journal. No need to chase down win/losses.

    Also, if your partner is your employee (not a partner), be careful because I believe there are specific hoops you have to jump through for the W2-G forms to pass through.
    The Cash Cow.
  2. 06-12-2015, 08:11 PM #41
    KJ
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    Quote Originally Posted by moo321 View Post
    KJ, you would be in compliance with the laws by having a tax journal. No need to chase down win/losses.

    Also, if your partner is your employee (not a partner), be careful because I believe there are specific hoops you have to jump through for the W2-G forms to pass through.
    Partner, not employee.

    Yes, I do know that the win/loss statements aren't required. Win/loss statements on their own actually hold little weight, where as a detailed journal of play does. But my tax guy (who only handles professional gamblers) prefers that we have as much supporting documentation as possible.
    Last edited by KJ; 06-12-2015 at 08:44 PM.
  3. 06-12-2015, 09:47 PM #42
    mcallister3200
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    KJ, that whole avoiding w2g's machine play thing was never going to work anyways unless you play amount of lines to be under 1200 for a dealt 4oak at the least and perhaps dealt straight flush (38 on 0.25 for 9/6 jacks, less for games with 4oak premiums)
  4. 06-15-2015, 08:17 AM #43
    moo321
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    Quote Originally Posted by KJ View Post
    Partner, not employee.

    Yes, I do know that the win/loss statements aren't required. Win/loss statements on their own actually hold little weight, where as a detailed journal of play does. But my tax guy (who only handles professional gamblers) prefers that we have as much supporting documentation as possible.
    Then that's the best course. Always do what your accountant, your lawyer, and your doctor tell you to do.
    The Cash Cow.
  5. 06-18-2015, 09:04 PM #44
    NotEnoughHeat
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    Quote Originally Posted by moo321 View Post
    Then that's the best course. Always do what your accountant, your lawyer, and your doctor tell you to do.
    What if you accountant tells you nothing bad can come from talking to the police, your lawyer tells you to take an aspirin for your horrid nosebleed and your doctor tells you to list your Broadway show tickets as an expense?
  6. 06-20-2015, 09:45 AM #45
    Norm
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    ZenKinG banned for two months.

    "Lawyers are the only persons in whom ignorance of the law is not punished."

    -Jeremy Bentham
    Last edited by Norm; 06-20-2015 at 10:07 AM.
    "I don't think outside the box; I think of what I can do with the box." - Henri Matisse
  7. 06-20-2015, 10:41 AM #46
    21forme
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    Quote Originally Posted by Norm View Post
    ZenKinG banned for two months.
    Why is he back at all after his last hissy fit?
  8. 06-21-2015, 06:06 AM #47
    Norm
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    Pointless to argue with this stuff. The people that came up with these arguments continue to demand that they are right -- from their prison cells.
    "I don't think outside the box; I think of what I can do with the box." - Henri Matisse
  9. 06-21-2015, 09:17 AM #48
    Norm
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    STOP POSTING THIS STUFF NOW. THIS IS NOT A CONSPIRACY SITE.

    Thread destroyed and closed.
    "I don't think outside the box; I think of what I can do with the box." - Henri Matisse
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