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Craps NewsletterDecember 2003DEDUCTING GAMBLING LOSSES FROM YOUR TAXES
Gambling winnings are taxed like regular income! How would the IRS know about this if you didn't tell them? Simple: If you win $1200 or more on a slot or video poker machine, or cash in $10,000 or more in chips at the cage in any given day, then you'll have to show your ID and fill out a tax form.
The IRS does let you deduct gambling losses from gambling winnings, though. You can't deduct more than your winnings, of course, the IRS isn't that stupid. You can't say you won $1,000 and lost $5,000, for a net loss of $4,000. If that was your actual experience, you could apply $1,000 of your losses towards your $1,000 in winnings so you wouldn't owe any tax on your winnings.
Let's say you get lucky and have a big win. At that point you want to deduct your losses from your winnings to reduce your taxes. How do you find your losses? Here's where having a Player's Card at the casino comes in handy. Since casinos track players' action when they have a card, the casino can give you a report of how much you lost when tax time comes around. Of course, it's best if you also keep your own log of your play. Here's a free Win/Loss Tracking Form (PDF) you can download. (See NextShooter.com for more on gambling taxes.)
QUARTER CRAPS AT CASTAWAYS
For players who want to test their systems and strategies, The Castaways (Las Vegas, formerly The Showboat at Fremont and The Boulder Highway) now posts a sign out front stating that they have 25-cent craps. In a recent visit by the Bone Man it was clear upon review that it is really a $1 Minimum and $500 Maximum table with 10X Odds. Though they do allow players to make a $1.25 wager on the 6 and/or 8 to win a buck and a half, they require the $1 minimum Flat Bet on the Pass Line and DO NOT allow 25-cent wagers on the Proposition bets. Though the 10X Odds offerings provided some degree of attraction for any player with a limited bank, a better deal can still be found in the friendly surroundings of the Joker's Wild farther up Boulder Highway in Henderson. There you can bet 50 cents flat on the Pass Line to better manage a limited bankroll and extend your time of play.
CRAPS QUIZ
Here is the answer to the November quiz:
In order to win maximize your chances of winning you need to know: THE HOUSE ADVANTAGE ON ALL TABLE WAGERS.
While it is indeed nice to know the payoff ratios, it is far more important to know what the House Advantage is on all table wagers in order to avoid making secondary bets that may be worse than your initial bet(s). The worst place to position wagers on the craps table is on the Proposition bets in the middle of the table where the House Advantage is extremely high (SUCKER BETS). Congratulations... though 65% of you got last month's answer wrong, 75% of you got the October quiz CORRECT ! Way to go.
December 2003 Quiz:
On a $500 table limit you can pay Vigorish and LAY the 4 or 10 for:
$500 $1,000
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The NextShooter.com newsletter is a monthly mailer sent to subscribers and members of NextShooter.com. At NextShooter.com, over 100 man years of dealer experience tells you all the secrets of the game of craps. NextShooter.com was created to provide a unique view of the game of Craps as seen from "The House" and "Dealer" side of the table and to present this view without the distractions of pop-up windows, gimmicky or flashing Internet gaming links or banners.
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