Quote:
Originally Posted by pig4bill
The other good thing is there's solid accounting for your play. You don't have to worry that some inattentive floor boss has under-credited you (screwed on comps) or over-credited you (screwed on taxes).
You have a point about the accounting, but I think overall that is the biggest downside to VP or slots vs table games- since the W2Gs are reported, you HAVE to submit net loss to deduct those off your taxes. Contrast that with table games- theoretically, net winner OR loser, you don't really have to make a declaration since the IRS is blind to the whole thing- thus freeing you to use deductions for other things. I use up all my allotment for deductions each year simply from gambling.
In other words, my tax burden could be less if I didn't take deductions for gambling, but I have to take those deductions bc if I didn't I have millions in "income" which I'd then have to pay tax on. Table games, no issue (unless you want to play totally fair with the IRS and self-report).
El D, the above may be an oversimplification but you may want to consider that before switching to machines. I'd stay in the pit, but I just don't find it fun anymore.