Banks
Banned
Sometimes i use my last apa cue, but the 15 is my staple.
Glad to be here with y'all!
Ok now that JB and Lou is dead , who's next
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Sometimes i use my last apa cue, but the 15 is my staple.
Glad to be here with y'all!
The IRS does. It isn't technically written off but is listed as an expense against earnings which impacts taxable income.
This is complicated. If it's classified as gambling, losses may only be written off to the extent they offset winnings, not against ordinary income. This would be for individuals who itemize deductions on a personal return. Unlike other types of losses, such as investment losses, gambling losses cannot be carried forward to offset future winnings.
However, John may be able to write off a "tournament entry fee" or "exhibition fund" as a business expense on his business return, including all of his travel expenses, if the primary purpose of the event was promotion and this is considered an ordinary and necessary expense of his business. The travel would be fine, I think, since he sells and displays cases wherever he goes. The entry fee, I assume would be a sticky item in an audit and could be disallowed if listed as such, since it's a) cash, b) not paid to an entity as most fees would be and c) I assume no 1099 was issued to the recipient. If a 1099 were issued, the write off would most likely be allowed, since taxes would be paid by the recipient.
Anyway, this is not tax advice. I am not a CPA or accountant, I have just done my own corporation accounting and taxes for 15 years. Business taxes can be very complicated.
Considering what occurred, classifying the $10,000 as a "charitable donation" is tempting but not advisable.:smile:
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For my personal taxes gambling losses can be tallied against expenses and winnings if I decided to list them and of course have proof.
For my business though this can be classified as a marketing expense, i.e. publicity stunt.
I should send Lou a 1099. I will have to speak to my accountant about that.
For my personal taxes gambling losses can be tallied against expenses and winnings if I decided to list them and of course have proof.
For my business though this can be classified as a marketing expense, i.e. publicity stunt.
I should send Lou a 1099. I will have to speak to my accountant about that.
Promotion and entertainment. And man, it was entertainment!!!
Yea i've always had a good time with anyone I meet from AZ in person. I'm sure we would get along just fine.
Banks
Banned
Just watch out for that Chuck Fields guy, he's always trying to Put It In The Hole.
:duck:
Not dead.
Mark my words: he will return to feed again.
https://www.youtube.com/watch?v=0vMwquLRAFk
Lou Figueroa
What's your address? I need to send you the 1099 for the 10k I paid you.
Hope you reported it to IRS. Never mind, I have your address.
What's your address? I need to send you the 1099 for the 10k I paid you.
Never mind, I have your address.
How did the match end? Any rematch?
(Not checking az that often, obviously)
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Hey Roy, how they hanging'? (Cold I'd guess
I won the $10K match in NJ, 9-6. John came back recently and wanted to play for $20K but wanted me to travel to Oklahoma. I demurred and counter that I would play again for $10K in St. Louis, having traveled halfway across the country to play him the last time. He now says I'm scared to play. I say: meh.
Lou Figueroa
Lou wont reach for the low hanging fruit.
How much are you willing to pay? Boyes just needs a backer.
Hey Roy, how they hanging'? (Cold I'd guess
I won the $10K match in NJ, 9-6. John came back recently and wanted to play for $20K but wanted me to travel to Oklahoma. I demurred and counter that I would play again for $10K in St. Louis, having traveled halfway across the country to play him the last time. He now says I'm scared to play. I say: meh.
Lou Figueroa
Nice win! Congrats
If he wants a rematch that much he should show it by doing exactly what you did, travel, that's just fair. I side with you on this one, as always
Nice win! Congrats
If he wants a rematch that much he should show it by doing exactly what you did, travel, that's just fair. I side with you on this one, as always
Oh I am sorry, I traveled 3000 miles to play. The table we played on was the TYPE of table Lou played on EVERY DAY, I didn't play on the table until a few days before the event. Didn't realize that "traveling" was an issue.
You guys trip me out.
Fine I will go to St. Louis if we can play for $50,000. Since I have to travel.....
Lou just drove 8 hours to lose in a Midwest Tour one pocket race to 3 event.
Don't get me started.
He won't reach for ANY fruit.
Banks
Banned
You stipulated everything, so stop acting like you ever needed to agree on anything, cheater.
That Lou would drive elsewhere should let you know how he feels about dealing with you, even for a $20k freebie.