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Gold or Platinum Membership

Topic closed. 6 replies. Last post 11 years ago by MrBobb.

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CHICAGO
United States
Member #28557
December 18, 2005
111 Posts
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Posted: April 11, 2006, 5:03 pm - IP Logged

 

  If  one joins the gold or platinum membership can you deduct the cost as expenses when you win big or will the IRS challenge your deduction?

    Todd's avatar - Cylon 2.gif
    Chief Bottle Washer
    New Jersey
    United States
    Member #1
    May 31, 2000
    23357 Posts
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    Posted: April 11, 2006, 5:27 pm - IP Logged

    Now that's an excellent question!  Any accountants out there know the answer?

     

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      paurths's avatar - underground
      Switching between Fairfax, VA and Belgium
      Belgium
      Member #19287
      July 29, 2005
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      Posted: April 11, 2006, 6:45 pm - IP Logged

      If i win euromillions next friday i'll be happy to buy everyone here, that has posted since last friday upto upcoming friday, a platinum membership lol Jester

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        Somerset
        United Kingdom
        Member #9710
        December 17, 2004
        186 Posts
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        Posted: April 11, 2006, 6:59 pm - IP Logged

        No betting is not an expense, its a past time, besides would you really want to bother your self with that if you just won all that money, I would be out looking for Cars, Houses and Holidays

        It has been said every software has a bug in it, it has also been said that every program can be reduced by one line of code.

        There for any program can be reduced to 1 line that dont work.

          Uff Da!'s avatar - InCelebration 001.jpg
          Washington State
          United States
          Member #33973
          February 26, 2006
          347 Posts
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          Posted: April 11, 2006, 7:05 pm - IP Logged

           

            If  one joins the gold or platinum membership can you deduct the cost as expenses when you win big or will the IRS challenge your deduction?

          I'm not an accountant, but I strongly suspect that the answer may depend upon whether you are a professional gambler or, like most of us, a "hobby" player.  At least that's how it works with deducting expenses and selling one's crafts.

            Clairvoyance's avatar - eye storm.jpg

            United States
            Member #26882
            November 23, 2005
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            Posted: April 11, 2006, 7:19 pm - IP Logged

            My Word, if I won the big bucks, I would not worry about deducting my LP membership fee!!! It is a very reasonably small fee any way! I would probably even slip Todd some money so that he did not have to pay out of pocket to keep LP running!

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              Alabama
              United States
              Member #17830
              June 27, 2005
              309 Posts
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              Posted: April 19, 2006, 4:33 pm - IP Logged

              My Word, if I won the big bucks, I would not worry about deducting my LP membership fee!!! It is a very reasonably small fee any way! I would probably even slip Todd some money so that he did not have to pay out of pocket to keep LP running!




               

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