When Johnny Chan sends his 1040's in to the IRS, does the IRS assume he's scamming?

[Spartacus]

Re: When Johnny Chan sends his 1040's in to the IRS, does the IRS assume he's scammin

1199.

and he does report his big winning income... also, you honestly think he wins more than he makes in endorsements? Endorsements = free money. Gambling winnings = money you had to risk, and probably lose, to get money. Also, you guys do know you can write off gambling losses right?

to the extent to match winnings
if you ever win big it's a good idea to go to say the kentucky derby and scrounge around for losing tickets on the ground

 

[ZKaudio]

Re: When Johnny Chan sends his 1040's in to the IRS, does the IRS assume he's scammin

to the extent to match winnings
if you ever win big it's a good idea to go to say the kentucky derby and scrounge around for losing tickets on the ground

just use someone elses name

 

[JKerry]

there's a set formula for reporting profits. I'm not sure, but it's something like money you've risked subtracted from total money won... so you don't pay taxes on money risked or lost. something like that. I have a friend who has an income from gambling and he keeps records of all of this. He plays mostly online and though it's been a while since we've had this conversation, i believe they keep records on those who win enough for it to become a tax issue. Being a poker star such as Chan, I'm sure some type of record would be kept, though I also doubt it's a meticulous one.

 

[swole]

Re: When Johnny Chan sends his 1040's in to the IRS, does the IRS assume he's scammin

At Foxwoods you have to report any winnings over $10,000.

That's all I know about this subject.

 

[Spartacus]

Re: When Johnny Chan sends his 1040's in to the IRS, does the IRS assume he's scammin

just use someone elses name

your name isn't printed
collect the stubs
there's about a dozen races on derby day

 

[ZKaudio]

Re: When Johnny Chan sends his 1040's in to the IRS, does the IRS assume he's scammin

your name isn't printed
collect the stubs
there's about a dozen races on derby day

if you win over 1199 yoru name is reported. You must present an id/soc card. I know more about this than I should... we recently set up an indian casino w/ a new backend acctng system and had to build a custom module to write billion dollar checks... lol> that was a first.

 

[Spartacus]

what I meant was to collect losing tickets/wagers that are cast to the ground
then use these "ghost" loses to offset winnings