First thinig I say is that you and Baby go get a nice steak and a bottle of wine.
Then, I'd say you take it and buy her the backyard she wants.
You'll make the money to buy your way into the WSOP and or win a satellite when the time comes. And in the process, you can sit in your backyard looking across the landscape thinking "thanks harvery's"
Backyard, schmackyard. Poker, schmocker. Why don't you two start a family? I am sure $10,000 (after taxes) will go a long way towards raising children. After all, I shouldn't be the only one that have to stay home after work and watch kids instead of attending all the BYOC events I want. You two could suffer along with me. Misery loves company.
Actually, unfortunately only $500 was paid in cash. They made me fill out a form for the other $10k, which will be taxed.
Although, if i use to play the WSOP, I can write off any losses against the $10k.
I'm not an accountant but if you won the money in 2004, how can you deduct any losses in 2005? Seems like the IRA is ony gonna allow deductions (gambling losses) for 2004 against this windfall. Unlike capital gain losses, which can be carried over until you use them up, I don't think gambling losses can be carried over, nor can gambling winnings be deferred to next year.
Now if you don't take possession of the cash, then that might be another story. Check with your accountant. Of course if you win the WSOP 2005 then you're really gonna be screwed with tax problems. :wink:
Now with that said, what's to keep you from taking the money, going to Harvey or any casino for that matter for ten weekends, writing a check for $1000 at the cage, getting the proceeds in chips, slip $900 into a no-touch pocket and play with the remaining $100. Then walk to a different cage and cash out all your chips. Take the cash and stuff it in the mattress or safe deposit box. Use the cancelled check as "proof" of your loss. I don't know what the max amount you can cash out before they make you provide your SSN. I thought it used to be $10K.
A forum community dedicated to TV, computing and home theatre owners and enthusiasts. Come join the discussion about home audio/video, displays, troubleshooting, styles, projects, DIY’s, product reviews, accessories, classifieds, and more!