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Old 09-27-2009, 05:32 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,989,097 times
Reputation: 5057

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i was being sarcastic on that
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Old 09-27-2009, 05:53 PM
 
11,175 posts, read 16,014,540 times
Reputation: 29925
Quote:
Originally Posted by KD Hawaii View Post
I think it doesn't matter whether you're making a profit or not, you earn and pay taxes.
If you don't believe what everyone here is telling you, there is a simple solution. You can go directly to the www.irs.gov website and see for yourself.
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Old 09-27-2009, 06:35 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,197,261 times
Reputation: 2661
Quote:
Originally Posted by MadManofBethesda View Post
If you don't believe what everyone here is telling you, there is a simple solution. You can go directly to the www.irs.gov website and see for yourself.
But you also need to understand that the IRS is often wrong and if they give you the wrong answer it is still your fault.
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Old 09-27-2009, 07:07 PM
 
11,175 posts, read 16,014,540 times
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Quote:
Originally Posted by olecapt View Post
But you also need to understand that the IRS is often wrong and if they give you the wrong answer it is still your fault.
No, their verbal responses on the help line are often wrong. (As a GAO study proved.)

Written guidance is never wrong.
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Old 09-27-2009, 07:11 PM
 
Location: Orlando, FL
317 posts, read 1,090,394 times
Reputation: 154
Quote:
Originally Posted by airics View Post
i was being sarcastic on that
You may have! But others have actually tried that tactic (run a business that has no hope of earning money and use it as a tax deduction) and that's why the IRS created that rule.
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Old 09-28-2009, 07:36 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,197,261 times
Reputation: 2661
Quote:
Originally Posted by MadManofBethesda View Post
No, their verbal responses on the help line are often wrong. (As a GAO study proved.)

Written guidance is never wrong.
Not true. Only a letter ruling is binding. And that letter ruling is binding only with respect to the specific person for whom it was written.

The IRS regulations are of course binding...but IRS writings dealing with what they actually mean or how they will actually be enforced are not binding.

Once saw an entire wall covered with IRS published mistakes.
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Old 12-24-2009, 12:40 PM
 
1 posts, read 2,140 times
Reputation: 10
Do Senior Citizens pay taxes on winnings in Las Vegas?
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Old 12-24-2009, 12:53 PM
 
Location: Kingman AZ
15,370 posts, read 39,107,668 times
Reputation: 9215
Federal income tax applies to everyone.....if you win enough it WILL be taxed.
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Old 12-24-2009, 01:12 PM
 
515 posts, read 1,180,091 times
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Quote:
Originally Posted by trixiebelle13 View Post
Do Senior Citizens pay taxes on winnings in Las Vegas?
Sounds like a lobbying job for the AARP!
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Old 12-24-2009, 04:13 PM
 
11,175 posts, read 16,014,540 times
Reputation: 29925
Quote:
Originally Posted by dynimagelv View Post
Federal income tax applies to everyone.....if you win enough it WILL be taxed.
As I'm sure you're aware, "enough" only applies to whether the casino is required to withhold taxes. If you earn as little as a one dollar you are required to pay taxes.
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