S.C.D.I. Exist only in the Mind

Discussion in 'Dice Influencing' started by SevenOut, Jun 1, 2018.

  1. eagleeye2, Jun 3, 2018

    eagleeye2

    eagleeye2 Member

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    SevenOut,

    Then either you hit a BIG one, (good for you) or do not realize that ""Gambling Wins can be Deducted from
    Gambling Losses"" on your TAX Return?

    eagleeye2
     
    #41
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  2. Twelve4s, Jun 3, 2018

    Twelve4s

    Twelve4s Member

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    I’m sure glad you’re not doing my taxes. Talk about innumerates.

    Try that with the IRS.

    Do you ever check your posts for biased wording, like you check for biased dice? Dude, get to a vet and have your eyes checked.
     
    #42
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  3. Mssthis1, Jun 3, 2018

    Mssthis1

    Mssthis1 Member

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    Only if you file long form. For those who live out of their car I doubt if they have enough deductions to file long form.

    PS: It's gambling losses can be deducted from winnings up to the amount of winnings, not the other way around.

    If I remember correctly mister Sevenout used to be a dealer and I assume that is where the paying taxes comment came from.
     
    #43
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  4. random_roller, Jun 3, 2018

    random_roller

    random_roller Member

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    While I understand the gist of what you were attempting to convey, the wording you used is unfortunate -- and incorrect. Gambling winnings are not deductible from gambling losses. It's actually the other way around, and subject to certain requirements.

    On a 2017 federal income tax return (US Citizen) where the taxpayer is itemizing deductions, properly documented gambling (e.g., betting) losses can be claimed up to the amount of reported gambling winnings (income) for the same taxpayer year. The practical effect is an offset of reported gambling income by an amount of properly documented gambling losses (up to the amount of reported gambling income). However, for federal income tax purposes all gambling winnings must be reported (as other income), not just the difference between gambling winnings and properly documented gambling losses (which are reported on Schedule A).

    For example:

    Taxpayer gambling winnings (income): $250

    Taxpayer gambling losses (properly documented): $175

    Correct(losses deducted from winnings): $250 - $175 = $75 in net reportable income as a result of gambling activities

    Incorrect (winnings deducted from losses): $175 - $250 = (-$75), so either (-$75) or $0 in net reportable income as a result of gambling activities, which is incorrect.

    For 2018 taxpayer year, consult your qualified tax professional as some of the laws may have changed.
     
    #44
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  5. Mssthis1, Jun 3, 2018

    Mssthis1

    Mssthis1 Member

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    One big change is the standard deduction I believe has doubled. This will unfortunately snag a lot of W2-G recipients with a tax liability they didn't realize was coming.


    My accountant was very happy when I quit playing tournament poker. The tax returns in multiple states just weren't worth it.
     
    #45
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  6. random_roller, Jun 3, 2018

    random_roller

    random_roller Member

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    Yeah, sometimes the gambling winnings in other (non-resident) states aren't worth the additional paperwork / record keeping hassle.

    The standard deduction will be $12K for an individual taxpayer ($24K MFJ) beginning in 2018. That's going to cause problems for many when coupled with the $10K cap on state & local deductions, which is absolutely ludicrous. Then there's the $750K mortgage debt interest deduction limitation, as well as the elimination of the $100K home equity interest deduction. The middle class -- what's left of it -- once again gets bent over.

    We're going to see some creative accounting, I suspect. Perhaps I should start my own 501(c)(3) charity...
     
    #46
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  7. yacraps, Jun 3, 2018

    yacraps

    yacraps Member

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    This might be true (wins minus loss for adjusted gross) but it would be all full complicated how would one document their loss unless you involve the casino some how and I don't know if they would want to do that
     
    #47
    Last edited: Jun 3, 2018
  8. yacraps, Jun 3, 2018

    yacraps

    yacraps Member

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    Never mind I just saw every bodies answer I'm even worst at Texting :rolleyes:
     
    #48
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  9. James Hall, Jun 3, 2018

    James Hall

    James Hall Member

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    So called Dice Influencer OK thanks
     
    #49
  10. James Hall, Jun 3, 2018

    James Hall

    James Hall Member

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    I was looking for an answer
     
    #50
  11. von duck, Jun 3, 2018

    von duck

    von duck Member

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    Suckers would still play it, just like they do the 30/150.
     
    #51
  12. KokomoJoe4, Jun 3, 2018

    KokomoJoe4

    KokomoJoe4 Member

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    Those who know the mathematics of craps can use it to show, ON PAPER, that the game CAN be "player positive" to the so-called DI who can produce a number more than it is expected and/or who can avoid the most common outcome.

    I don't think that anyone disputes that this can be shown on paper. We have done it here countless times.

    Where the problem with DI lays is whether or not the so-called DI achieves the math necessary to support his claim some of the time, most of the time or all of the time.

    In order for the claim (and math) to be true, it must be done "enough" to keep the player positive calculation "positive".

    The ONLY way this can be done is for all results to be recorded and tabulated. No one's memory is good enough to ensure "correct and cumulative tabulation" of results.

    This is likely where the problem arises between the two polar positions on the matter of dice influence - the proponent, who "knows" he is a good shot, has just rolled a bunch of box numbers and has made a mint for himself and those smart enough to be on the numbers he was rolling. This does not impress himself too much because he "knows" he is a DI. Bad rolls happen sometimes but he does not claim to be a sniper, just a SCDI.
     
    #52
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  13. James Hall, Jun 3, 2018

    James Hall

    James Hall Member

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    For the SCDI , this can certainly be , A PROBLEM , because many times
    he will not be entirely sure how many of what numbers he must produce
    to remain in the positive ,
    I like this , I might have worded it slightly differently
    The SCDI will practice and wright down dice outcomes , count how many of each
    number he may be producing without doing the math to see how many
    of what numbers he could produce to increase what advantage he might have

    What you have described here is what I refer to as the right math , this
    informs the SCDI where he needs to be and needs to remain to remain
    positive in the game
    Rather than figuring the odds which tells him nothing of where he stands in
    the game as it relates to his potential within the game
    Figuring the , CASINO MATH
    simply informs him why the casino beats his brains out when he doesn't produce

    ample numbers
    The casino math does nothing to inform him , how many more of what
    numbers he needs to produce to win
    Do that math and practice to produce the numbers needed , then see what happens
     
    #53
  14. DeMango, Jun 3, 2018

    DeMango

    DeMango Member

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    Exactly, rolls must be recorded. As long as players don’t, casinos have almost nothing to fear. Good job K-Joe!
     
    #54
  15. eagleeye2, Jun 3, 2018

    eagleeye2

    eagleeye2 Member

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    Mssthis1,

    Correct, you must use the1040 LONG FORM to deduct Casino Issued Gains against Gambling Losses, but it is LEGAL!

    You cannot deduct Gambling Losses that exceed Casino Issued Gains, however!!!

    Also recall that assuming you use a""Players Card, every Casio that you Play at is required to provide you with a SUMMARY of YOUR Estimated Losses or Gains at that Casino, by Calendar Year. You can use these to support your losses against Casino Issued Gains.

    Sevenout, as usual, provides B.S. in his postings!

    eagleeye2
     
    #55
    Last edited: Jun 3, 2018
  16. James Hall, Jun 3, 2018

    James Hall

    James Hall Member

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    recording rolls is not enough
    the point K-Joe was making was that you must do the math to establish
    where your game is , so you know how much
    and what work must be done to improve
     
    #56
  17. eagleeye2, Jun 3, 2018

    eagleeye2

    eagleeye2 Member

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    James Hall,

    Best to forget the MATH per say!

    What is most important is to be able to VISUALIZE your DICE throws Vs the Statistical Probability chart,(for two fair dice) in PRACTICE, as this is where your Dice Tossing Technique Must be developed; to BEAT the Statistical Probability chart, period.

    If you are found to NOT be capable of the above, you are not ready to consistently BEAT the Casino @ the game of CRAPS.

    This can be accomplished, in most Computer Graphic programs; such as the Charts in an Excel Spread Sheet by using a Double Bar Chart, one Bar Set representing the % of the #'s (2) through (12) that appear in the Statistical Probability chart & the second set the % Distribution you achieve in PRACTICE THROWS for the #'s (2) through (12).

    Once those Charts of 20 or more throws, favor your Distribution over that in the Statistical Probability chart,
    you are set to tackle the Casino's, with a likelihood of winning.

    eagleeye2
     
    #57
  18. James Hall, Jun 3, 2018

    James Hall

    James Hall Member

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    This is the math players need as opposed to the casino math
     
    #58
  19. eagleeye2, Jun 4, 2018

    eagleeye2

    eagleeye2 Member

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    James Hall,

    Yes, that is absolutely Correct!

    The very first step in problem solving is to ""VISUALIZE THE EVENT""!

    The human Mind is poor at Visualizing a string of #'s, but exceptional at observing a chart of those very same #'s.

    Visualizing the sum of Two Dice, as Thrown on a CRAPS table, Vs the Statistical Probability of #'s being thrown on a (CRAPS TABLE) for a pair of FAIR DICE; covers all the MATH that is involved in the Game of CRAPS, period.

    eagleeye2
     
    #59
  20. eagleeye2, Jun 4, 2018

    eagleeye2

    eagleeye2 Member

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    NOTE: No one here has stared that DI was easy, or that every one could accomplish it!

    But with sufficient time & practice it can be accomplished & verified utilizing the verification technique above.

    Next, you will have to deal with individual Casino Craps Tables, other players @ those Tables, their personnel & their Dice, to put $$$ in your pocket.

    eagleeye2
     
    #60
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