gambling

 
 
  • 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)

    A Self Defense Guide: How to Spot a Serial Dater or a Sociopathby Claudine Gaia Fleury5 months ago

    Can the dating scene be dangerous? With more singles out there than ever before, the odds are the longer you are single that you may face it. Here is a snapshot of what behavior you may see from an addict…

    . In time they will find less and less satisfaction in their sexual activities, and will be unable to form…

    When someone you love is an addict – 9 things to keep in mindby Jennifer Silagy3 years ago

    When someone you love is or becomes an addict, there are very important things to keep in mind to ensure your own well being.

    Breaking through the mask- How to tell if you are dating a sociopath.by 1kmjs7 months ago

    1 in every 25 people on this planet are sociopaths, this is a quick tutorial on how to identify the characteristics of the sociopath in order for healthy, loving relationships to thrive.

    EDITOR’S CHOICEEffects of Alcoholism and Addiction on Love and Marriageby jellygator23 months ago

    Marriages and relationships with an addict can be very exciting and fraught with peril. Sometimes you can only save yourself.

    Texting an INFJ Personalityby Andrea Lawrence5 months ago

    Texting your INFJ friend and why they are so mystical, sometimes difficult to understand, and also social butterflies.

    Porn & Sexual Addiction: Sex Addicts Killing Love for Lustby Mel Stewart5 years ago

    Sexual Addiction can occur when a person begins to have trouble controlling certain sexual behaviors and impulses. And they will do anything to make sure they don’t ever lose her.

    Are you in a love addictive / avoidant relationship ?by Gilly V3 years ago

    Do you feel uncomfortable in your present (or past) relationships ?

    Are you getting mixed signals from your partner ?

    Get that feeling your partner is trying to avoid intimacy ?

    Do you feel suffocated in your…

    How loving an addict affected my lifeby Jennifer Silagy3 years ago

    When you fall in love with an addict – or when someone you love becomes an addict – you have to decide how far down the rabbit hole you are willing to go. Learn more about the effects of alcoholism and addiction on love and relationships.

    How does a drug addict think, feel, and behave while actively addicted?by Rebecca20 months ago

    Drug addiction not only affects the addict; mentally and physically, but all family members, friends, children, and communities. Man or woman, single’s safety will ensure you are.

    Drug Addiction: The Mistress That Will Torment Your Relationship Foreverby Carrie Peterson5 months ago

    Once you’ve lived through a spouse’s or significant other’s drug abuse or alcoholism, infidelity seems like child’s play Learn More

     
  • 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

     
  • Spider Fighting and Gambling in the Philippines

    Spider Fighting and Gambling in the Philippines

    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)

    A bill or two missing from a parent’s wallet. Although it never deteriorated to such tragic outcome as the news stories below:

    A spider fight in a local town ended in tragedy with one man killed and another wounded after an argument over a disputed bet.The suspect armed with a handgun fired point blank at the head of his opponent killing him instantly and wounded another as he fled the scene of the crime.

    Sept 20,2010 Liloan town,northern Cebu,Philippines

    Over an unpaid 5 peso bet (10 cents) a 15 year old stab to death a 13 year old boy. Needless to say, a lot of us got to taste the leathery sting of a belt. Some petty larceny was sometimes resorted to acquire the necessary stake money. Sept.03,2010 Negros Occidental, Philippines

    “Man killed, one hurt over spider-fighting”

    Fights would be arrange after school or even during school hours if we could manage to play hooky.The fights were stage in hidden and out of the way places far from parental eyes.Gambling was always involve and most of our lunch money went into it. :))

    “2 minors killed over spider-fighting bet”

    Heated arguments from hot heads sometimes occur because some boy felt he was cheated or welsh on a bet. Occasionally we were found out because of a tattletale schoolmate (usually a girl). Upon learning of his son’s death, the father sought out his son’s killer and hacked him to death with a jungle bolo.

    We stabled them in empty matchboxes or in a specially constructed box which usually have separate cells to house several spiders. Fistfights were not uncommon and going home with a bruised eye and soiled or torn school uniform resulted in the discovery of our illicit activities and the accompanying consequences. they are feed with insects but we avoid feeding them before a fight to make them more aggressive Learn More

     
  • Don’t Bet on It: Sports Gambling in America

    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)

    The sports establishment is vigilant in protecting the integrity of the product, and it will remain so if gambling is legalized, regulated and taxed.

    Gambling on professional sports will go on whatever we do. It is a courageous position for a sports commissioner to take. We will see this trend continue.

    There can be little question that sports gambling is a vice — much like drinking and playing the lottery. Alcohol continues to cause much more harm to society than illegal narcotics, but we learned the hard way that Prohibition generated far more problems than it solved. Perhaps fair-minded individuals will see the proposal for what it is — an effort to respond to reality and minimize some of the unfortunate consequences of having to place bets with a bookie in violation of the law. Professional sports think that gambling means that their games will not be decided on the merits, that fixers will invade their enterprises and cause spectators and fans to lose interest in patronizing their entertainment businesses. To recognize the reality that hundreds of billions of dollars are bet annually — and illegally — on sports is an enormous breakthrough even if the NBA is the only sport to recognize the fact. Few turn on the games, especially football, without knowing the betting line.

    How will politicians react to Silver’s proposal? If President Obama likes the idea — he dutifully fills out his bracket each March on the NCAA basketball tourney — then for sure the Republican majorities will oppose any change in the law. Of course, gambling depends upon the games remaining unfixed. Adam Silver is right. However, we have passed the point of trying to decide whether gambling on sports provides some sort of benefit to society. It is ubiquitous.

    We have entered a new phase of American history where some folks have begun to realize that prohibiting certain vices is foolish or just ineffective. Once the states impose their regulations and their taxation on this activity, gambling on professional sports in America will be universal.

    What then are the chances that the other sports leagues and the politicians will go along with Adam Silver’s proposal? In the short run, I would not bet on it. They should come prepared with an answer.

    NBA Commissioner Adam Silver’s op-ed in the New York Times calls upon Congress to change the nation’s laws to adopt a federal framework that allows states to authorize betting on professional sports.

    Gambling on sporting events is legal throughout most of the world. At the same time, all team sports have discovered the marketing advantages of adopting fantasy games, some of which approach sports gambling when a participant can chose a new team each week. I would be surprised if the other commissioners follow Silver’s lead, but they will be asked. What Silver has done is to present the issue for public discussion.

    This Blogger’s Books and Other Items from…

    . There is no reason to think that were Congress to give its consent in a fairly short period of time we would see a “sports book” in almost every jurisdiction. They have been steadfast in opposition to the spread of legalized sports betting, most recently with regard to New Jersey’s effort to resuscitate Atlantic City by following the Nevada “sports book” model.

    Adam Silver’s approach calls for federal legislation that would allow states to decide whether they would authorize sports gambling. No one has suggested that this fact of the sporting life be abolished, even if it were possible. We are now experimenting with legalizing marijuana for recreational use. So far, the Rocky Mountain high has not caused Denver to rise about its mile limit. Only five states do not have a state lottery, but even some of those states have casino gambling. The availability of gambling online makes that easy to accomplish. For some, the greatest joy comes from gambling on the uncertain outcomes of these contests. Were this to be enacted, state sports gambling would spread like the lottery. It is time to legalize, regulate and tax it.

    We now await input from the commissioners of the football, baseball and hockey leagues Learn More

     
  • Gambling in Havana - The storied history of U.S.-Cuba relations - Pictures

    Gambling in Havana – The storied history of U.S.-Cuba relations – Pictures

    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)

    As President Obama makes a historic visit to CubaMarch 20-22, 2016, the first by a U.S. and Cuba agreed to re-establish diplomatic relations and open economic and travel ties, marking a historic shift in U.S. policy toward the communist island after a half-century of enmity dating back to the Cold War. President Barack Obama (R) and Cuban President Raúl Castro shake hands at the start of their meeting at the UN General Assembly in New York, September 29, 2015, another step towards a new relationship between the two countries. Kennedy, Ernest Hemingway, Jackie Robinson and Lucky Luciano.

    By CBSNews.com senior photo editor Radhika Chalasani

    On December 17, 2014, the U.S.

    Before the U.S. Two years ago, the leaders met and shook hands during the memorial service for former South African President Nelson Mandela in Johannesburg on December 10, 2013 – the first public greeting between an American president and a Cuban leader since the Cuban revolution.. president in nearly nine decades, we take a look back at the storied history between the two countries the last time we had diplomatic relations with the island nation.

    In this photo, U.S. and Cuba broke off diplomatic relations 54 years ago, the two countries had a long, intertwined history including leading figures such as Fidel Castro, John F Learn More