gambling advice

 
 
  • Gambling With Your Taxes: How to Report Your Wagers

    Freddie Gregory

    Freddie Gregory

    For recreational bettors who want to place bet with a single bookie. It is suggested that they should select sport book after comparison of different sport books and that sport book should be selected that is offering lowest margins as compare to others these books are mostly located near to the top of odds comparison.
    Freddie Gregory

    Latest posts by Freddie Gregory (see all)

    You end up with $5,200 in gambling losses.

    Section 61 of the Internal Revenue code is pretty clear:

    “gross income” must be reported and includes “all income from whatever source derived.”

    If betting on the lottery is your thing, then hold on to your ticket stubs. Don’t ask me why, but I usually come home with more money than I left with. (Can you already see where this case is headed?)

    Dear Gail-

    Like a lot of retirees, my husband and I like to occasionally head to one of the riverboat casinos about an hour from our home. Supreme Court has ruled that for an activity to be elevated from the level of “hobby” to constitute a “trade or business” it must be “pursued full time, in good faith, and with regularity, to the production of income for a livelihood.”*

    In some cases, the sponsor of the contest will provide you with Form W-2G spelling out the exact value of your winnings and whether any federal tax was withheld. in favor of a taxpayer. Thanks to an audit, the I.R.S. explained that three conditions must exist for an activity to be considered “gambling.” There must be: 1) a prize, (2) a chance, and 3) consideration paid by contestants.

    If you miraculously win the magazine sweepstakes, you won’t be able to use your lotto losses to offset this income. (With tangible prizes you have to report the cash value.)

    You’d better report it, too.

    Document Your Deduction!

    What would have helped Remos? A running diary of the dates he gambled, the amounts wagered, amounts won, and any expenses incurred. 23

    This point was painfully driven home to Bill Remos last year. Publications 529, “Miscellaneous Deductions,” and 525, “Taxable and Nontaxable Income.” You can download these from the I.R.S. I know we’re supposed to report these winnings but I’m not sure if I need a special tax form or can put this on the 1040-EZ we usually file? Can I deduct my losses?

    . It’s not a lot, but when you’re living on Social Security an extra $50-100 is a big help. website, www.irs.gov, or order them by calling 1-800-TAX-FORM.

    Click here to visit FOXBusiness.com’s Tax Planning page.

    Thanks for your help,

    Audrey

    Unfortunately, if you have gambling income, the only income tax form you can use is the long, “Form 1040.” The total amount of your winnings for the year is entered on Line 21.

    This week, Gail explains how you need to deal with those big gambling wins (you hope)!

    Provided you’ve kept good records, you can deduct your gambling losses. discovered that Remos had failed to report $50,000 he’d won at blackjack in 1999 and ordered him to pay back taxes plus a penalty for “underpayment” of taxes.

    No Wager, No Gamble

    It’s important to note that sweepstakes winnings may or may not be considered “gambling income.” It depends upon whether contestants are required to purchase anything. In other words, did you put up something of value, i.e. You also respond to those contests aimed at generating magazine subscriptions where the chance of winning is one-in-a-gazillion. You don’t need the casino or racetrack to sign off on the record you keep, you just need to document how much you bet and the payouts you received.

    If you have a question for Gail Buckner and the Your $ Matters column, send them to: yourmoneymatters@gmail.com , along with your name and phone number.

    Furthermore, you can only deduct losses up to the amount of your winnings- you can’t deduct losses over and above the amount you win. This includes the proceeds from such things as betting on horses, slot machines, black jack, bingo, the lottery, etc. In court, he submitted a computer printout from the casino that listed such things as “money in” and “money out,” but he couldn’t explain how the numbers were generated. Instead, they are considered a “Miscellaneous Itemized Deduction.” This means that your gambling losses won’t reduce your tax bill unless they, and the other items you list under “Miscellaneous Itemized Deductions” (such as tax return preparation fees and home office expenses) add up to more than 2% of your Adjusted Gross Income.

    In a Technical Advice Memorandum (T.A.M.) issued in 2004, the I.R.S. In case you have any doubts, re-read paragraph two above. The court is very clear that the burden of proof is on the taxpayer to demonstrate s/he sustained any losses.

    The Gambler

    What if you’re a professional gambler? In this case, you can deduct your gambling losses as a business expense on Schedule C. is going to police the bingo game played in the church basement. Furthermore, let’s assume that when you enter these contests you don’t take the bait, i.e. the amount of those losses on the basis of the record at hand.” He lost the case.

    You can find out more about reporting gambling winnings/deductions from I.R.S. you send in your entry but don’t sign up for any magazines.

    The Tax Court acknowledged that although Remos “most likely had some gambling losses during the year, we are unable to determine… take a gamble?

    Over the course of the year, although you spend $5,200 on lotto tickets, you never hit the jackpot. For instance, if your total gambling winnings amount to $2000 and your losses add up to $2,500, the maximum amount you can list as a Miscellaneous Itemized Deduction is $2,000.

    *[Groetzinger], 87-1 USTC Paragraph 9191,480 U.S. It’s a lot of fun, plus they provide a free dinner. But you don’t do this by subtracting them from the total amount of your winnings. The benefit is there is no 2% threshold you have to exceed- every dollar is deductible. But if your prize comes to more than a few bucks, there’s a good chance the organization sponsoring the activity is going to report it to the I.R.S.

    The U.S.

    To see how this might come into play, suppose you spend $10 per week on lotto tickets. It doesn’t matter if your Learn More

     
  • Addiction & Relationships Articles | HubPages Gender and Relationships

    Addiction & Relationships Articles | HubPages Gender and Relationships

    Freddie Gregory

    Freddie Gregory

    For recreational bettors who want to place bet with a single bookie. It is suggested that they should select sport book after comparison of different sport books and that sport book should be selected that is offering lowest margins as compare to others these books are mostly located near to the top of odds comparison.
    Freddie Gregory

    Latest posts by Freddie Gregory (see all)

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  • Using Reverse Line Movement To Win

    Using Reverse Line Movement To Win

    Freddie Gregory

    Freddie Gregory

    For recreational bettors who want to place bet with a single bookie. It is suggested that they should select sport book after comparison of different sport books and that sport book should be selected that is offering lowest margins as compare to others these books are mostly located near to the top of odds comparison.
    Freddie Gregory

    Latest posts by Freddie Gregory (see all)

    Sure, using this approach leaves open the possibility of the line turning around and moving back against you, but as you will see in bit, betting as soon as an RLM qualifies has been profitable in every major North American sport such as the last two seasons, so if one line turns around, so be it. Another important recommendation is to use a slow moving (but reliable) sportsbook. All of this will be fun to follow (not to mention profitable) when every sport except baseball are going on simultaneously during the winter months.

    http://prosportsonline.net

    Now do the sharps win every single time? Absolutely not! However, they are right more often than they are wrong, so being on the same side as the sharps is a prudent strategy over the long run, and again, the best thing is that there in absolutely no conventional sports handicapping necessary..

    Article Directory: http://www.articledashboard.com

    College Basketball sports betting was not too shabby either, with a two-year mark of 492-356-22, 58.0 percent, +91.96 units. This would make Miami +6 the RLM play.

    So what causes RLM when the aim of most sportsbooks is to get as close to balanced action on both sides as possible? The answer to this is quite simple: the sharp bettors; the one’s who give sports betting advice. However, instead of the line rising as you might expect, it instead drops to Chargers -6. Quite a few RLM followers watch the moves until almost game time, and then bet accordingly. We tracked the top five books for each of the pointspread sports for the last two years, as as you can see, this strategy has been profitable in every sport.

    Thus, following reverse line movements is the same thing a following the smart money. Keep an eyes on the top five sportsbooks at Sports Insights though, as NCAAF sports betting has been very liquid in that regard, with only one sportsbook (believe it or not, Bodog) finishing in the top five both years.

    By: Manny G

    So what exactly is reverse line movement? RLM takes place when a large majority of bets are on one team, yet the line moves in the opposite direction. This is where an important word of caution is in order though. Furthermore, they list the RLM records for many individual sportsbook, making it easy to spot which books this system is working at and which books it may be best to ignore.

    The highest two-year winning percentage using RLM from the top five books belongs to College Football, which went 480-341-10, 58.5 percent, +95.10 units. To illustrate, let us say that San Diego Chargers open at -7 over the Miami Dolohins, and over 70 percent of the sports bets placed on the game are on San Diego. Carib ruled the roost season at 93-66-9, 58.5 percent, +18.55 units after ABC held the penthouse spot in the 2007-08 season.

    To back this up, our friends over at Prosportsonline.net have tracked the records for games where over 60 percent of the public has been on one side, yet there was reverse line movement of at least one full point from the opening number at the top sportsbooks in NFL, NCAAF, NBA and NCAAB. Keep in mind that NCAAB was the most liquid sport in terms of top-five sportbooks however, with not a single sportsbook making the top five both years. Last year was a good RLM season for NFL sports betting (45-29, 60.8 percent, +11.91), but two sportsbooks that were in the top five in NFL RLM in both seasons.

    . Note that these records are for sides only and do not include totals.

    The NFL sports betting is generally considered the toughest sport to beat, yet blindly following this method produced an exceptional 59.2 percent win rate last season, improving the two year record to 328-249-12, 56.8 percent, +59.06 units. The records quoted below are based on the bets being made at the triggering books, so beating the move by a half-point or a few cents now and then would actually make your record even better.

    So what we recommend is to only use the top five each season for each individual sport (in terms of units won). Keep a close eye on Canbet here, as that Australian sportsbook cracked the top five both years.

    The proper way to make a sports bet using reverse line movement is to place your bet as soon as there is an RLM of one full point (or 10 cents in MLB and NHL) off of the opening line. RLM takes place when more money/ sportsbook picks are bet by the small percentage of bettors that are on the unpopular side (the sharps) than is bet by the huge majority of players betting the popular side (the squares). It should be noted that many fewer MLB games have qualified so far this season (is the whole world using RLM now?), but smaller profits is still profit.Again, these records are for Money Lines only and do not include totals.Finally, NHL sports betting has picked up 148.49 units in two years, and unlike MLB, NHL had four sportsbooks out of the top five gain double-digit units this past season. The huge problem with this is that the nfl line, ncaaf line or nhl line may have moved too much by that time, and all of the value has been sucked out of the unpopular side.

    prosportsonline.net

    NBA sports betting has the lowest two-year five-book RLM winning percentage among the 11/10 sports, but then again, every gambler in the world would kill to go 382-301-9, 55.9 percent, +48.90 units, and the 57.5 percent win rate this past season is nothing to sneeze at. Also, games where over 60 percent of the public are on one side, yet there is reverse line movement of at least 10 cents on the Money Line from the opening number at the top five sportsbooks in MLB and NHL sports betting has also been profitable. This may enable you to Learn More