Posted on 10/02/2006 4:29:47 AM PDT by baystaterebel
Reaction to the online gaming legislation passed in a late night pre-recess session in Congress has been one of outrage as poker lobbying organizations and support groups prepare for the future.
Late Friday evening, Congress was able to link a bill regarding online gaming to the latest bill regarding American port security. This bill, which was enacted to prevent another situation such as the Dubai scenario earlier this year (which would have awarded security rights for several coastal cities to a Muslim country), was virtually guaranteed to pass through the Senate. It was with this bill that Senator Bill Frist, Senator Jon Kyl and others were able to stake their online gaming bandwagon on.
(Excerpt) Read more at pokernews.com ...
You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Form 1040, Schedule A (PDF). However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.
http://www.irs.gov/taxtopics/tc419.html
If you bet enough to worry about this, I would guess you could use markers. Ask the pit boss to rate your play (for comps.) You would then be in their computer system. You might be able to get a copy from the casino.
If you play anonymously, just cash your chips and leave. They never ask for your name.
Thanks. The casino that I use does not rate play on the poker tables. I know, that sounds very odd, but it is true.....Anyway, I usually am not worreid about it due to the fact that I do just cash the chips and walk away. However, I am considering entering their tournaments and they can get up to $10K in prizes. If I happen to get lucky enough, and play well enough to win those, I would hate to lose half of it to the tax man....
Do you know how tourny winnings are usually handled?
Party Gaming made an official statement to the London Stock Exchange this morning:
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1308926&source=RNS
"After taking extensive legal advice, the Board of PartyGaming Plc has concluded that the new legislation, if signed into law, will make it practically impossible to provide US residents with access to its real money poker and other real money gaming sites. As a result of this development, the Board of PartyGaming has determined that if the President signs the Act into law, the Company will suspend all real money gaming business with US residents, and such suspension will continue indefinitely, subject to clarification of the interpretation and enforcement of US law and the impact on financial institutions of this and other related legislation."
No Monster Millions final for you....
Not familiar with poker tournaments.
In horseracing, if you win a certain amount, they take out a certain percentage on the spot. Kind of an estimated tax as if you were going to make this amount every week.
Well, Ma'am, when it comes to the IRS, I know this: you've heard "you can't get blood from a turnip"? The IRS knows how.
thank you for adding to the discussion of the question I posed.
Very informative thread going here, for those of us who don't understand the ins and outs of the law.
The huge growth of the Series the last couple of years has been largely due to people qualifying in online tournaments. We could see a significantly reduced field next year.
You know, I wonder if that isn't part of it as well. You see all these casinos are starting to eat each other. I mean in my area of 400,000 people there are at least 4 casinos (that I remember) and another dozen or so within driving distance.
Anyone know if the profits from the casinos are starting to stagnate? I know that in some states a lot of stuff does not have to be reported, but it would be interesting to find out.
I'm a republican voter and don't see myself voting against the republican slate. However, it doesn't mean we can't pick the most egregious offender and financially support an opponent. I'd be willing to send $25 bucks to knock one of these page-touching jerks out of office and get a new page-touching jerk in there. Who has been making the most hay out of this?
I'd like to see the expression on their face when their campaign-winning idea turns into a million dollar war chest for their opponent.
Party Poker may be the biggest but I don't know that they would all quit. I probably wouldn't be willing to trust a site in Ukraine or Russia with my money though.
You know, it the online traffic has to be hurting the brick joints. PA's new casinos are supposed to open within weeks in this environment.
I have lost all interest in traveling, parking, walking-around in general to play poker. I even dropped out of the neighborhood home game. It's just easier to play on line.
Very Best Wishes to you!
Swine Mystery Disease
Would that be TGE? pseudorabies? Bloody Scours? PPERS?
I'm playing the Monster as well. I'm a little ahead so far, and only need one good monthly to make a nice payday.
I'm playing the Monster as well. I'm a little ahead so far, and only need one good monthly to make a nice payday.I made the money (432 out of 7700) last month and made ~$600. It's really endangered my family. /s
The latter. It was scary how fast a large farm was brought down.
Kind of makes me wonder about the mega produces today.
not bad. I didn't do well last month, but I make a bit in the weeklies.
on another note, Harrah's just got a takeover bid for 15.1 billion. I wonder if that will change with this bill.
most of the online poker rooms are threatening to prohibit US players once they determine if/how the government chooses to enforce this. maybe common sense will prevail before then (aint holding my breath).
most of the online poker rooms are threatening to prohibit US players once they determine if/how the government chooses to enforce this. maybe common sense will prevail before then (aint holding my breath).Guess we'll have to switch to horses since Congress thinks losing money on the horses isn't as bad as losing money at poker.
maybe I'll just pack up and move to Vegas
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.