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Ask Frank Daignault Frank Daignault is recognized as an authority on surf fishing for striped bass. He is the author of six books and hundreds of magazine articles. Frank is a member of the Outdoor Writers of America and lectures throughout the Northeast.

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  #256  
Old 03-05-2017, 09:50 AM
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Frank Daignault Frank Daignault is offline
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Default Re: Policy Discussion ....

The bad thing about casinos and tax law is that the casinos have good records of your winnings but incomplete ones of what you've lost. So you can leave thousands there which never offset your winnings. Not a fair situation.
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  #257  
Old 03-05-2017, 11:58 AM
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Default Re: Policy Discussion ....

The secret to walking out of a casino with $1M is to walk in with $2M
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  #258  
Old 03-06-2017, 09:05 AM
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Default Re: Policy Discussion ....

I don't know anybody who makes money going to casinos. We, as well as those we know, go there for the play. They are clean, safe, and quite well managed for guest comfort. A few things about my wife and I: neither of us has ever played the slots. For us its all blackjack. We have never attended a casino on a weekend or during hunting season or when tides were right at our fishing spots. Casino is an off season choice.
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  #259  
Old 03-07-2017, 12:37 PM
Chris Garrity Chris Garrity is offline
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Default Re: Policy Discussion ....

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I don't know anybody who makes money going to casinos. We, as well as those we know, go there for the play. They are clean, safe, and quite well managed for guest comfort. A few things about my wife and I: neither of us has ever played the slots. For us its all blackjack. We have never attended a casino on a weekend or during hunting season or when tides were right at our fishing spots. Casino is an off season choice.
There's some good news on that front: because of the tireless efforts of the National Thoroughbred Racing Association, the IRS in December proposed changes to how the reporting and withholding of gambling winnings are treated. It's pretty good stuff.

The old reporting standard was 300-1 and $600: if you won over $600 on a bet with 300-1 odds or higher, you had to report the winnings to the IRS. Withholding was for bets that pay over $5,000, again with 300-1 odds (I think they withheld 30%). This means that if you hit a $1,500 trifecta, it got reported, but if you bet $10k on an 8/5 shot, and win, it does NOT get reported.

This is huge in horse racing because of exotic wagers and how people bet them. If you want to bet, say, a trifecta, and you like the 1-2-3 horses, but you're not sure which order they will finish in, you can't do what people do in the lottery, which is box the three numbers for a dollar, and get a lesser payout if it hits. No, in horse racing, you have to buy each of the six combinations (1-2-3, 1-3-2, 2-1-3, 2-3-1, 3-1-2, 3-2-1), which means that your bet is actually $6, not $1.

This is a big deal because a $750 trifecta that you boxed did NOT pay 749-1 odds for you: it was actually 124-1, which is under the IRS threshold. But the IRS historically has pretended that you only made one bet -- they base the odds on the payout ($750 for $1), rather than the true odds reflected in your bet.

The new IRS regulations take into account the true odds, so there will much less reporting, and much less withholding. It will make life easier for us punters.

These regulations have not taken effect yet, but they should soon: in December, the NTRA said they'd be in place prior to the Triple Crown. And they apply to all forms of gambling. You might want to ask someone at the casino the next time you're there, Frank.

This might be a little bit too much "inside baseball" for the non-gamblers here, but what the hell -- it's winter, right? We need the copy.
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  #260  
Old 03-07-2017, 02:29 PM
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Frank Daignault Frank Daignault is offline
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Default Re: Policy Discussion ....

Great post, Chris. It imbitters me to lose all the time and never get a tax credit when I know if I win big the government is going to have their hand out.
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  #261  
Old 03-07-2017, 02:58 PM
Chris Garrity Chris Garrity is offline
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Great post, Chris. It imbitters me to lose all the time and never get a tax credit when I know if I win big the government is going to have their hand out.
Gambling losses are not tax-deductible.

Gambling winnings are taxable, however, as income. And while you can't write off gambling losses (i.e. take a tax writeoff on the five grand you lost last year), you can use gambling losses to offset the tax due on winnings. Put bluntly, if you win $5,000 playing Keno, and then lose $2,500 playing craps, you can use the craps loss to reduce your taxable income to $2,500.

I did well enough at the track for a few years that we had to declare my "winnings" (a few thousand dollars in the best year; on an hourly rate, it was about what I would have made working as an itinerant farmworker). I always got a kick out of going through my wagering records with our super-staid accountant.
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  #262  
Old 03-08-2017, 02:22 PM
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Default Re: Policy Discussion ....

At the blackjack table we don't win enough to be taxed. In 25 years our best day was $1500 but it was so here and there that the house didn't know it. Also, if it is broken up the results don't show. My wife might get up $400 twice at different tables and I might hit a few hundred in some isolated way but there is no notice on the part of the house. But don't get the feeling we win a lot.
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  #263  
Old 03-09-2017, 09:57 AM
Chris Garrity Chris Garrity is offline
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Default Re: Policy Discussion ....

You ever try poker, Frank? Not what my mother calls "poker" -- she thinks video poker is the real thing -- but real, live card games like Texas Hold 'Em and 7-Card Stud?

I ask because you can actually win money at these games, if you have an iota of a clue what you're doing. This is especially true at the low-stakes tables -- how bad the players are there is almost mind-boggling.

I can't play poker -- it bores me to tears, and I get so bored that I do stupid things, just for action -- but it's a good way to pass time. And unlike table games, you can actually win money in the long term.

You just need a poker name: how about Striper Slim?
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  #264  
Old 03-09-2017, 01:11 PM
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Frank Daignault Frank Daignault is offline
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Default Re: Policy Discussion ....

One November, when it rained too hard to shoot muzzleloaders, my wife and I played poker at Foxwoods. We won enough hands to cover lost hands, broke even. But we lost by the anti for the day, maybe a combined $100. They are playing poker in all the casinos. Twin River is only 16 miles south but the place is a dump.
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  #265  
Old 07-11-2017, 10:10 AM
Francis Daignault Francis Daignault is online now
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I am back to the Frank/Francis craziness. Waiting to be rescued by one of our admin guys.
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  #266  
Old 07-11-2017, 02:04 PM
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glad to see you back Francis ...
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  #267  
Old 07-11-2017, 03:18 PM
Francis Daignault Francis Daignault is online now
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Thanks. My PC was AFU and my computer guy serviced it and got it working right but a lot of the add on stuff was erased and when I came back only "Francis" was still operational and poor "Frank" got the deep six.
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  #268  
Old 07-29-2017, 05:13 PM
Francis Daignault Francis Daignault is online now
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Default Re: Policy Discussion ....

We are getting some great posts from John P and Salmonmeister who happen to be really carrying some great copy. I just can't do them credit at the moment while finishing Scotch with my sweetheart while she takes prime rib out of the oven. See yus in the morning before trap shooting.
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  #269  
Old 07-29-2017, 11:53 PM
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Default Re: Policy Discussion ....

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Originally Posted by Francis Daignault View Post
We are getting some great posts from John P and Salmonmeister who happen to be really carrying some great copy. I just can't do them credit at the moment while finishing Scotch with my sweetheart while she takes prime rib out of the oven. See yus in the morning before trap shooting.
It's ok Frank... I'm gonna follow your lead and sip some rum. We'll talk another time...
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  #270  
Old 07-30-2017, 02:50 PM
Francis Daignault Francis Daignault is online now
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Default Re: Policy Discussion ....

There was a roar of applause at the trap field this AM. Joyce, once known here as "Momma J", ran a field with 25 straight. Didn't I once tell yuz that she can shoot the nuts off a field mouse while rolling a cigarette on horseback?
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