You never told us that in any of your big pile of posts dating before your recent illumination.
Is trading Gambling or not .."What say You" Vote here.
- Thread starter ElectricSavant
- Start date
On the topic of gambling, I heard something sputtered on the news this morning about Nevada considering allowing hand held gambling devices (pda, cells, etc).
Ohhh, lol... I can totally picture the scene of the future gamble-a-holic.
[edit in:] Come to think of it Savants mug (he submitted sometime back) has now fit the face in the visualized scene.
Ohhh, lol... I can totally picture the scene of the future gamble-a-holic.
[edit in:] Come to think of it Savants mug (he submitted sometime back) has now fit the face in the visualized scene.
Ask yourself this question:
When you go to the casino and play some craps, roulette or whatever, say you win some money, does Uncle Sam want to know about it?
Now ask yourself this: Why is it that you have to report any and all stock trades on your tax form?
The answer as you may or may not know is simple:
Uncle Sam knows that, yes, you can occassionaly win some money at the casino, but in the long run, everyone loses, EVERYONE!
and..Uncle Sam knows that over the long run, putting money in the stock market will yield profits, and he wants to know about how much you made, even if you have happen to lost. He will let you write off up to $3000/year of losses. What a nice guy he is.
Uncle Sam is a smart guy. You be smart too and put your money where the chances are best for you to make a profit!
The stock market is much much different than any casino.
that's my view from the couch!
When you go to the casino and play some craps, roulette or whatever, say you win some money, does Uncle Sam want to know about it?
Now ask yourself this: Why is it that you have to report any and all stock trades on your tax form?
The answer as you may or may not know is simple:
Uncle Sam knows that, yes, you can occassionaly win some money at the casino, but in the long run, everyone loses, EVERYONE!
and..Uncle Sam knows that over the long run, putting money in the stock market will yield profits, and he wants to know about how much you made, even if you have happen to lost. He will let you write off up to $3000/year of losses. What a nice guy he is.
Uncle Sam is a smart guy. You be smart too and put your money where the chances are best for you to make a profit!
The stock market is much much different than any casino.
that's my view from the couch!
Well, having been on both sides of both markets, let me toss this up. My brother and / or I have been reporting "gambling" income since the 1970's. The casino's are required to report winnings, even on video poker, over a very small amount. Don't think our favorite Uncle (Sam) hasn't been raking in some dough from every possible pocket o' cash out there.
We have to keep track of everything, so that when we do lose at poker or blackjack, we can offset the winnings...since gambling losses are only deductible from gambling winnings.
(You're right about the market, not "gambling" but either are poker and blackjack in the right hands)....
All the best,
Don www.stocktrading.com/pokerpages.com
ok Don,
If you want to split hairs with me. Here are some stats to consider:
1 in 200 people can actually make a living playing poker.
and, card counting is the only way to even have a chance at making it playing blackjack.
If you saw the show on the history channel about the MIT team of blackjack counters, you will understand just how hard it is to make it that way as well. First of all, the casinos will kick you out as soon as they realize you are a card counter (which is easily done, as once you up your bet size significantly the dealer instantly yells 'checks play'. Believe me, I tried.
And yes, there is the fluke chance you will hit a jackpot and then Uncle Sam will want to know about your win and yes you can try to write off your losses for that year against the win, but never can actually reduce your taxes by having lost more at the casino then you won.
I think your argument about the less than 1% who can make money at the casino is akin to someone saying that there are actually three possibilites when you flip a coin: heads, tails, and the coin landing on its edge.
cheers.
If you want to split hairs with me. Here are some stats to consider:
1 in 200 people can actually make a living playing poker.
and, card counting is the only way to even have a chance at making it playing blackjack.
If you saw the show on the history channel about the MIT team of blackjack counters, you will understand just how hard it is to make it that way as well. First of all, the casinos will kick you out as soon as they realize you are a card counter (which is easily done, as once you up your bet size significantly the dealer instantly yells 'checks play'. Believe me, I tried.
And yes, there is the fluke chance you will hit a jackpot and then Uncle Sam will want to know about your win and yes you can try to write off your losses for that year against the win, but never can actually reduce your taxes by having lost more at the casino then you won.
I think your argument about the less than 1% who can make money at the casino is akin to someone saying that there are actually three possibilites when you flip a coin: heads, tails, and the coin landing on its edge.
cheers.
You base that on what?
I would guess I could train at least 80% of any sample of the public to make a living playing poker. It's not that people can't, it's that they don't know how.
The other 20% would have either intellectual or emotional problems preventing them from achieving it.
Fletch
fletch,
There are many reasons 'why' people cannot make a living playing poker. You have mentioned some of them including discipline.
The fact still remains that only 1 in 200 people can and do make a living playing poker. Could be they don't have a large enough bankroll, could be they lack the discipline, could be they do not understand the game well enough, etc. etc.
As far as Uncle Sam saying they want to know if you win at craps, roulette, blackjack etc., I am sure 'he'd' love to have you report your lucky day playing craps, but don't expect him to say ok you won $5000 today playing craps so pay me my cut and then the next day you lose $10,000 and expect to write off the $10,000 in losses!
I don't know why I bother repeating myself, I guess I have to accept the fact that you are a moron and cannot understand what I had said that there is a good reason why Uncle Sam wants to know ANY and ALL of your stock trades but does not want to know ANY and ALL of your gambling activities.
p.s. ya think T.J Cloutier reports the money he loses at the craps table?? he's a perfect example of what I said about having discipline. He is one of the top poker players in the world, and yet has a 'leak' in his game-...called craps! lmao.
There are many reasons 'why' people cannot make a living playing poker. You have mentioned some of them including discipline.
The fact still remains that only 1 in 200 people can and do make a living playing poker. Could be they don't have a large enough bankroll, could be they lack the discipline, could be they do not understand the game well enough, etc. etc.
As far as Uncle Sam saying they want to know if you win at craps, roulette, blackjack etc., I am sure 'he'd' love to have you report your lucky day playing craps, but don't expect him to say ok you won $5000 today playing craps so pay me my cut and then the next day you lose $10,000 and expect to write off the $10,000 in losses!
I don't know why I bother repeating myself, I guess I have to accept the fact that you are a moron and cannot understand what I had said that there is a good reason why Uncle Sam wants to know ANY and ALL of your stock trades but does not want to know ANY and ALL of your gambling activities.
p.s. ya think T.J Cloutier reports the money he loses at the craps table?? he's a perfect example of what I said about having discipline. He is one of the top poker players in the world, and yet has a 'leak' in his game-...called craps! lmao.
It's gambling until you realize the charts don't mean anything.
John
John
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