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tommy Eternal Order Devil's Island 16544 Posts |
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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h2o Veteran user 305 Posts |
Either this guy is completely nuts or he has real ****ing steel balls.
Thanks for the vid Tommy. |
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MickeyPainless Inner circle California 6065 Posts |
Steel balls woulda let er ride! *GULP*
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kcg5 Inner circle who wants four fried chickens and a coke 1868 Posts |
I have heard/read version of this story with other people involved. In one, he sold everything, won, came back to LV a couple months later, lost and blew his head off with a shotgun. We only hear about the winners, Im sure this happens more than we think. maybe Z could share some stories?
Nobody expects the spanish inquisition!!!!!
"History will be kind to me, as I intend to write it"- Sir Winston Churchill |
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MagicKim Special user Ã…land, Finland 621 Posts |
Some people really are insane..
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Expertmagician Inner circle 2478 Posts |
Stupid bet ....
Maybe, I am wrong but while his odds were close to 50:50 (I think the house percentage on 1.4%).... in his case the odds were a lot worse than that... You see the way, I think is that if he lost....what a bummer... But, since he won, he will have to pay taxes on half of his winnings....So, his $136K bet only won him $67K which is a lot worse than a 50:50 bet. Is this true ? maybe the UK is different ? Nor an I sure if you get handed an IRS form in the USA for wining such a large bet. I know you get nailed on slot machines with taxes...but, I am not sure about table games ?
Long Island,
New York |
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tommy Eternal Order Devil's Island 16544 Posts |
Well in England there is no tax on winnings at all. Here they only tax the casio's profit. I don't know anything about how tax works over there but if it works like that I can't believe you guys stand for it. Tell them to stick there casino and fly to England.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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Expertmagician Inner circle 2478 Posts |
In the USA, if you win more than $10,000 (I think that is the threshold).....you get handed a IRS document to declare your winnings.
Then it is your problem to figure out how to write off your losings from what you just won. Funny, that you can deduct your loses, but Uncle Sam wants your winnings over 10 grand.
Long Island,
New York |
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Dannydoyle Eternal Order 21219 Posts |
Quote:
On 2008-12-08 14:23, Expertmagician wrote: Actually ANY transaction involving more than 10 grand.
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
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Expertmagician Inner circle 2478 Posts |
Oops...I meant that you can NOT deduct gambling loses unless you win....Only then can you deduct loesses and the gambling losses can NOT exceed your winnings.
Bottom line...if you win the government wants their cut and if you loose, you are on your own
Long Island,
New York |
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Mr. Mystoffelees Inner circle I haven't changed anyone's opinion in 3623 Posts |
Kinda like Social Security is likely to turn out...
Also known, when doing rope magic, as "Cordini"
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MickeyPainless Inner circle California 6065 Posts |
I had a streak about 10 years ago where I was doing ok at cards but I couldn't walk by a dollar slot without hitting something! I hit 2 $2400 JP's back to back on the same machine at a Indian Casino, felt lucky and ran over to State line and popped a small progressive at the Prim. All 3 issued a 1099 and I was audited that tax year for something else which I was able to provide enough to win! This however pizzed off the auditor so he told my accountant he wanted to see substantiation of my losses that offset my wins that year! *GULP* Fortunately I had ATM receipts of $ withdrawn in casinos that they accepted as "loss" as well as a boat load of failed lotto and scratchers that they said were cool! To this day I keep the "No Change Audit" letter framed in my office!
I don't know if it's true but I have been told by a couple guys that when you have a win that they 1099 you on you can deposit your $ in the cage at that casino and then draw it out a bit at a time (getting a receipt each time) then declare it lost! Seems logical, anyone know the facts? Mick |
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Expertmagician Inner circle 2478 Posts |
How do they know if you are giving your real social security number ? Assuming that you don't use something like "696 96 9696" which clearly shows that you are trying to scr-w them.
Long Island,
New York |
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Logan Five Inner circle Northern California 1434 Posts |
Hey, I am glad that the guy won. More power to him..
Self concept is destiny..
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Kune Veteran user 312 Posts |
I wonder how many of these people have serious debts they can't pay off, and how many simply consider that life isn't worth living unless they're rich (or richer).
I feel sorry for the first group, although it still isn't a very good method to go about it. Also I'm pretty sure horse racing at least in New Zealand is tax free, so if someone has money they don't want to declare, they bet it all on the horses (I don't gamble myself so I might be wrong). |
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manks123 New user 57 Posts |
Gosh that was insane
Stefan |
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tommy Eternal Order Devil's Island 16544 Posts |
Well you can't argue with sucess. My son, who has never gambled in in life, never been in a casino, doesn't know what a chip is, came into the casino to give me lift someplace when I was playing poker last week. Give me 5 minutes and I will be with you, I said. So he went away from the table to waite for me. I looked over two minutes latter and I seen him playing roulette! So I go over and say what are doing playing this stupid game for? My pal said he is winning five grand! I said come on lets go. He didn't even know how much he was betting except for the £20 he laid out first, then it was just bits of plastic to him, and he was throwing them on them on numbers. He said to try and get rid of them before I seen him.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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daz222 Elite user Wales 439 Posts |
Tommy, there is a Tax in the UK, or at least, if the casino sees you winning a lot then they must hand you a form you gotta fill in to declare it. Im not sure about the threshold but there is something in effect. You also get taxed on lottery wins. Its like inheritance tax I think is unfair
Sorry its a little late on this thread! Daz |
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Expertmagician Inner circle 2478 Posts |
Same thing is true in the USA...I think the threashold in the USA in $10,000 before you get an IRS form.
The only good news is that you keep track of your gambling losses, you can write off your losses from the big win. So, I guess people run to the track to pick up losing tickets.
Long Island,
New York |
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tommy Eternal Order Devil's Island 16544 Posts |
No there is no Tax. But the money laundering laws require a form to be filled-in and that happens even in banks when you draw or deposit large amounts of cash. By law anyone must report large cash tranactions. But there is NO tax on winnings from gambling here.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.
Tommy |
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