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Best of Larry Edell

Gaming Guru

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The secrets of preparing for a monster roll

6 May 2007

Pssst... Wanna know a secret?

How about the secrets of preparing for a "Monster Roll?"

Let's say you are playing craps and the "monster roll" finally arrives and you are at the beginning of it. You start with a $10 pass line bet, two $10 come bets with maximum odds, and then keep increasing your bets by one unit when you win. You plan to decrease your bets when you lose but that never happens -- the shooter keeps rolling numbers -- and finally after he makes his tenth point, he sevens out. But then the next shooter does the same thing! Your red chips turn to green and your green chips to black. At the end of two hours, you count your chips and find that you have $3500. You're on the top of the world. Think of what you can do with the money. $3500, tax free!

Or is it?

Wanna know how the craps pros minimize their taxes on their gambling wins?

Let's find out.

You are technically required to report any gambling wins as income to the IRS. All casinos have a policy paper on taxes, which is available free of charge at the casino cage. If you do opt to report your big win as income in exchange for not having to worry about it for the next seven years, there is an easy way to minimize your taxes.

You have to start preparing for your big win now. You have to keep accurate records of all of your play and all of your wins and losses.

If you played many times this year and lost a total of $2500, you can deduct that from your previously mentioned $3500 win and only pay taxes on $1000. If you are in the 20% tax bracket, you would have paid $700 in taxes on your $3500 win. On $1000 you only have to pay $200 (20% of $1000 is $200). This means that by keeping accurate records you've saved at least $500 ($700 - $200) this one time alone. The IRS does not even care if you lost more than you won during the year. If you have just one big win you have to pay taxes on it.

To balance your wins with your loses, you need to keep an accurate diary. Your total losses on blackjack, slot machines and roulette can balance out one big win on craps. If you get audited, you need to have records to support your diary -- markers, withdrawal receipts, bank statements, travel documents, and anything else you think will help support your claims.

This might seem like a great deal of trouble but if you really expect to win big when you gamble, you should be prepared for it. Keep accurate records and you'll also keep more of your winnings in your pocket, so when that monster roll finally does come along, you'll really be ready for it!

Pssst... Now you know the secrets of minimizing your taxes on your gambling wins.

The Crapshooter © 2007 by Larry Edell

You can get a FREE sample issue of The Crapshooter Newsletter, the only newsletter devoted exclusively to craps! Just send two first class stamps to The Crapshooter, PO Box 421440, San Diego CA 92142, or you can subscribe at http://www.TheCrapshooter.com. You will also receive a FREE catalog and a special FREE offer!

Larry Edell

If you would like a free copy of "The Crapshooter", the only newsletter devoted exclusively to casino craps, just send a stamped envelope to The Crapshooter, Dept. RGT., Box 421440, San Diego CA 92142. We'll also send info on our books "Make Your Living Playing Craps" and, "Tina Trapp's Guide to Craps", as well as a free catalog, and a special free offer!

Purchase Larry's book, "Make Your Living Playing Craps" available online here.

Larry Edell Websites:

www.TheCrapShooter.com
Larry Edell
If you would like a free copy of "The Crapshooter", the only newsletter devoted exclusively to casino craps, just send a stamped envelope to The Crapshooter, Dept. RGT., Box 421440, San Diego CA 92142. We'll also send info on our books "Make Your Living Playing Craps" and, "Tina Trapp's Guide to Craps", as well as a free catalog, and a special free offer!

Purchase Larry's book, "Make Your Living Playing Craps" available online here.

Larry Edell Websites:

www.TheCrapShooter.com