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Gambling, Raffle, Lotto & Sweepstake

 

Income and Expenses - Tax Requirements

Hit a big one? With more and more Gambling, Raffle, Lotto & Sweepstake establishments, keep in mind the IRS requires people to report all Gambling, Raffle, Lotto & Sweepstake winnings as income on their tax return.

Gambling, Raffle, Lotto & Sweepstake taxes

Hit a big one? With more and more Gambling, Raffle, Lotto & Sweepstake establishments, keep in mind the IRS requires people to report all Gambling, Raffle, Lotto & Sweepstake winnings as income on their tax return.

Gambling, Raffle, Lotto & Sweepstake income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Unfortunately, Gambling, Raffle, Lotto & Sweepstake income also includes the fair market value of prizes such as cars, houses, trips or other non-cash prizes.

Generally, if you receive $600 ($1,200 from bingo and slot machines and $1,500 from keno) or more in Gambling, Raffle, Lotto & Sweepstake winnings and your winnings are at least 300 times the amount of the wager, the payer is required to issue you a Form W-2G. If you have won more than $5,000, the payer may be required to withhold 25 percent of the proceeds for Federal income tax. However, if you did not provide your Social Security number to the payer, the amount withheld will be 28 percent.

The full amount of your Gambling, Raffle, Lotto & Sweepstake winnings for the year must be reported on line 21, Form 1040. If you itemize deductions, you can deduct your gam
bling losses for the year on line 27, Schedule A (Form 1040). You cannot deduct Gambling, Raffle, Lotto & Sweepstake losses that are more than your winnings.

It is important to keep an accurate diary or similar record of your Gambling, Raffle, Lotto & Sweepstake winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.

Face it, the IRS gets you coming and going. Well, I’m off to play poker.

 

Get Paid Off With Gapped Unsuited Connectors In Limit Texas Holdem

An examination of the conditions which must exist to successfully play gapped unsuited connectors.

texas holdem, limit texas holdem, poker instruction, free limit texas holdem instruction play winning strategies, gapped unsuited connectors, unsuited connector instruction, free poker tutorial

It may come as a surprise that some of your best pay offs result from unsuited gappers.

Under what circumstances do you attempt starting hands that typically should be thrown away. The hands we specifically are referring to are 5/7u, 6/8u, 7/9u and 8/10u.

The first condition is that the game is limit texas holdem.

As a practical matter we enter the pot knowing we are taking on over cards. Our objective is to see the flop as inexpensively as possible and no limit poses too many problems to achieve that end.

Player style is a critical element in attempting these kinds of hands.

Preferably we look for tables characterized with a good deal of limping, whether it take the form of tight passives or calling stations. If a maniac or tight aggressive remain in the hand it's best to wait for next time. Then again you might be aware of a tight aggressive player tendency to slow play big pocket pairs in which case you would want to stick around.

You want your card value entry point to be no less than 5/7u.

We know we are behind in the hand, however, the seven helps since there are more ways to make a straight with this card than any other card in the deck.

If the flop hits you with these types of cards it is very unlikely that anyone will put you on a monster.

This is especially true if you are playing outside of the blinds. Imagine flopping 3,4,6 and your opponent(s) has a big pocket pair or any two big desirables that warrant continued play.

OK, what if the flop misses you entirely with As, Kd and 10h?

No problem! You get out and cheaply too. It was worth the shot for concealment purposes alone.

We prefer no less than three players including you.

The reason for this is we want at least two premium hand types squaring off. The hope is that at least one of their outs lay dead in the other player's hand and all of your outs are live.

Your read on your opponents will dictate how you play the hand for the maximum pay off.

Chances are that if you are up against limpers you will simply bet out and not try anything fancy. On the other hand, if a tight aggressive has been slow playing a big pocket pair evidenced by his raise on the turn you should be able to extract a few more dollars.

The pay offs are nice and in limit doesn't cost a lot to get involved. My last endeavor involved 6/8u out of the big blind. Two other players slow played big starters and the flop came 10, 8, 8 rainbow. That was fun and rewarding.

Put this into practice and take down the big ones.

 

Global Overview Of The Different Casino Bonuses In A Nutshell

Many online casinos entertain new players by offering them an addition reason to play. As it turns out, the bonus systems tha the casinos have been using have been changing over time to meet the demands of the players themselves. Don’t consider these bonuses to be free. Consider them to be a challenge. Here’s why. There’s nothing wrong with sign up bonuses. Actually if you know what you are doing you can benefit greatly from them. You just have to know how to evaluate these b...

Many online casinos entertain new players by offering them an addition reason to play. As it turns out, the bonus systems tha the casinos have been using have been changing over time to meet the demands of the players themselves. Don’t consider these bonuses to be free. Consider them to be a challenge. Here’s why. There’s nothing wrong with sign up bonuses. Actually if you know what you are doing you can benefit greatly from them. You just have to know how to evaluate these bonuses, and pick the ones that work for you. They can drive your cash balance up if you know what you’re doing. There are many types of bonuses, and below we will cover a few of the main ones.

(1) First Deposit Bonus. Many online casinos will offer a generous first time bonus just to get your attention. They usually set the bonuses high enough to get your attention. Many times they lose money or just break even in hopes of acquiring a loyal player or a great reputation. The Initial casino first time deposit bonus is usually between 50% and 100%.

(2) Second Deposit Bonus. After your initial deposit they will normally grant a VIP bonus or High Roller bonus to keep you a loyal customer. These bonuses many times depend on the deposit methods and amount of money deposited. You can expect a bonus of around 10-15% for deposits after your first deposit.

(3) VIP or High Roller Deposit Bonuses: these bonuses are reserved for players who deposit larger sums of money at one given time. The threshold for deposits is usually around $1600 or more. It’s known in the industry that these players are highly values because of their unusually high payouts. Why? Because the High Roller players are usually the pros who know what they are doing and know exactly how to play and to take advantage of the bonus. Side Note: It’s been seen that Baccarat players usually come out ahead after meeting the play through requirements (of 25X bonus amount or less) due to baccarat being one of the highest payout table games.

(4) Deposit Method Bonuses. Some online casinos offer special bonuses based on the deposit methods. Neteller, wire transfers, and InstaCash are the more popular payment methods (outside the USA). These bonuses usually range in between 5-15%. Why do casinos offer these deposit bonuses? Simply put, they save money with reduced risk on wire transfers. They are simply rewarding the low risk players (ones who are less likely to commit fraud). The casinos are affectively passing the savings on to you. It makes them look better and you happier.

(5) Refer a Friend: These bonuses are given for referring friend to your participating casino. The bonuses range between $50 to $75 dollars. Only recommend a casino that you enjoy. You don’t want to lose a friend to a poor performing casino. WagerX Approved casino lists is a good place to start.

(6) Time of Month Bonuses: Some casinos will offer a special deposit bonus on certain times of the month (ie. First Tuesday of every month) etc. These are often stackable bonuses with the other existing bonuses. You want to email them before hand to verify. The play through requirements are also stackable as well. Take this into consideration as well.

(7) Special Holliday Bonuses: Christmas, Valentines Day, New Years, and Halloween are just some of the special holidays that offer special stackable bonuses. These are opportunistic and usually depend on the individual casino. Join a mailing list to keep abreast of the special promotions.

(8) Competitions and Ranking Bonuses: Some casinos are starting to give bonuses to the players who play the most hands in a given month. These are still pretty new, and not many casinos are offering them. The bonus amount is about $100-$200 for the first through fifth places.

These are the basic casino bonuses that are offered currently at the majority of the casinos. It is highly recommended to review the details of the casino bonuses before depositing or playing them. You may want to decide if accepting the bonus may be right for you.

WagerX has been serving casino news and information since 2005. WagerX has many written many informative articles on casino bonuses and promotions and how they relate to you. WagerX Approved listed casinos are researched reviewed and judged to ensure the best player experience.

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