You give so many different posts about your play that honestly, it is impossible to even figure out what you want. Sometimes you say that you just like casinos and love to play. It's like Cheers, where everyone knows your name and you don't even care if you are a winning player. Other times you say that you are on a fixed income and use BJ for needed income. Then you say you spend your bankroll on luxuries, hookers, trip expenses etc.
Honestly I don't even follow your response to me. Many people easily find a local, part-time job where the hours are easy and the pay pretty good, with practically no travel time.
Who the hell knows what you want, not me. I guess I will join most others, and make a concerted effort not to reply to you anymore.
The guy is in his 70s enjoying his life, who cares if he changes his mind every week. I was hard on him but i thought he was still in his 50s trying to save up cash "for" retirement. I know how much different my body feels then when i was in my 20s i can only imagine how its going to feel in my 70s. I used to be able to play 10 hours a day for 30 day straight and the most I ever played was 338 in 30 days. I honestly dont know how i did that, now i can play 10-15 hours in one day but i need a day off imediate to recvoer.
honesting when you get to your 70s who cares what anyone thinks do what you want and enjoy
one more thing counting is fun,
the thing you said you would say about me in the deleted thread i dont care tell everyobne, i made peace with my childhood. I ever forgave the abuses and will not forgvie them for the acts but have an understanding that they where repeating a cycle that was done to them. I went on the radio and talked about this shit on gambling with an edge, its not like i try to hid it.
I don’t need the income, period. I am on fixed income but it is enough to cover my expenses. I ensure my BJ winnings never go towards things I need. They go towards a vacation or trading in my car for a new one and paying the difference, eating out with family, etc. I don’t spend bankroll on hookers, may have occasionally used one for relaxation on trip some time ago. These days, I am too old and the sex drive has diminished. As for joining others and making a concerted effort not to reply to me, who are the others that you know know don’t reply to me?
Zee, the business mileage rate for using your car in your business is 58 cents per mile for 2019. So if you drive 440 miles round trip you will have a business deduction of $255 and this includes your gas cost.
I don't know or care how you report your blackjack income for tax purposes, but in my opinion I believe you would qualify to report as a business. Note: this is only my personal opinion. I'm not a CPA or giving tax advice.
However, from everything I read and the court tax cases I read it appears the most important things the IRS is looking for is do you have a profit motive and are you playing with an advantage. The IRS likes to see a profit on at least 3 out of 5 years and will assume you have a profit motive if you meet this condition. They want you to operate like a business. Keep good detailed records and they want you to engage in this business with regularity.They want to see if this is your main occupation. You are retired, and don't have any other job so in my opinion it is your main occupation. You also spend a lot of time reading and learning. I consider time spent on a blackjack forum as time devoted to your business.
I remember MathProf filing as a business and he got audited. IRS tried to say it wasn't his main occupation. He fought the IRS and won. I know 21forme has said it is really difficult to qualify as a professional, but I disagree with his view.
In my thinking the IRS can't claim fraud or tax evasion if you report the wrong way. After all you reported what you thought was correct so they can only go back and look at your returns for three years if you did something wrong. However, not reporting blackjack income at all could be considered tax evasion and they could then go back and look at your returns for your entire life.
Remember, these are only my opinions. I'm not giving tax advice. I wish others would chime in especially if they had gambling dealings with the IRS.
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I don't recall saying that. What I recall saying is the IRS has strict criteria for qualifying a gambler as a business and you summed that up well in your third paragraph above. I am aware of part-time players, i.e., those with another occupation for their primary source of income, qualifying.
Counting_Is_Fun, don't even think of making a post about another member again. I have no time for this.
"I don't think outside the box; I think of what I can do with the box." - Henri Matisse
Last edited by Counting_Is_Fun; 10-28-2019 at 09:08 PM.
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