Tx room raided (4 Viewers)

RivieraDanny said:
I believe New Mexico is the state in question as far as the people go, especially the small towns like Angel Fire! :ROFL: :ROFLMAO: :ROFL: :ROFLMAO: :ROFL: :ROFLMAO:
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There aren’t any cities in New Mexico. We live in a village. Some people may say “what about albequerque” but that’s not a city either, it’s a jungle.
 
DrStrange said:
@Frogzilla It has been three months since the raid. How has your case gone? Is it resolved?

I am hoping your lawyer was able to talk the prosecutor into dropping the case -=- DrStrange
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The last update I got was the ADA offered a much lower fine and 3 months deferred adjudication, but most (including me) declined that and elected to proceed with a jury trial. Not dropped yet. Trial date not set but probably March.
 
The room was recently removed entirely from Poker Atlas, where before it had a status of temporarily closed. So that is not a good sign.
 
Frogzilla said:
The last update I got was the ADA offered a much lower fine and 3 months deferred adjudication, but most (including me) declined that and elected to proceed with a jury trial. Not dropped yet. Trial date not set but probably March.
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Does the charge carry in jail time? This whole thing reminds me of the member here that got their house raided and all of the cash, table, chips, guns, etc. seized by the feds. I think he got it all back, but it was a considerable fight.
 
Bill_Man618 said:
Does the charge carry in jail time? This whole thing reminds me of the member here that got their house raided and all of the cash, table, chips, guns, etc. seized by the feds. I think he got it all back, but it was a considerable fight.
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Not for the players. Misdemeanor C no jail time. I heard the staff got charged with more serious stuff but don’t know if that has been pled down or what
 
Bill_Man618 said:
Does the charge carry in jail time? This whole thing reminds me of the member here that got their house raided and all of the cash, table, chips, guns, etc. seized by the feds. I think he got it all back, but it was a considerable fight.
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He got most of it back. There were shenanigans outright thefts of his property by the police, allegedly.
 
A couple months have passed…still no resolution. Charges not dropped, and no trial date set. No progress at all since the December pre-trial hearing. If I had known all this time how long it takes before I potentially had to faced consequences, younger me might have committed all sorts of crimes

Anyways, do any tax eagles know if my confiscated watauga buy-in is fine to claim as a gambling loss on my taxes? Or just leave this one out to be safe?
 
Frogzilla said:
They behaved absolutely terribly. Completely unlike every other police interaction I’ve had in my life. Nothing serious just good god they need PR, put your guns up after its obvious the situation is secure and you’ve frisked everyone, you don’t need the isis masks, you don’t need to turn off the AC, you don’t need to turn the football games off (tvs were muted), you don’t need to be the No watching football on phone nazis, you don’t each need 4 magazines strapped to your bulletproof vests.

I got my citation, one sheriff said “hold on let me ask you some questions. What’s your name?. Said my name. “And how often do you play here?”
Me: “ Hey uh….aren’t u supposed to tell me something about being silent and it’ll be used against me?”
Sheriff “That’s only for interrogation, I’m asking question. Are you refusing to answer any questions?”
Me: “um well I told you my name, I just dunno how answering your questions is helpful to me”
Sheriff: “so are you refusing”
Me: “uh yes I think so not sure”
Sheriff “ok you can go”
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Rule number one in any interaction with the police is to stfu. If they got anything on you then they got it already. Saying anything will only help them with their case.
 
Frogzilla said:
A couple months have passed…still no resolution. Charges not dropped, and no trial date set. No progress at all since the December pre-trial hearing. If I had known all this time how long it takes before I potentially had to faced consequences, younger me might have committed all sorts of crimes

Anyways, do any tax eagles know if my confiscated watauga buy-in is fine to claim as a gambling loss on my taxes? Or just leave this one out to be safe?
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What’s the statute of limitations on a thing like this? It would suck to have this hanging over one’s head for months or be interested in moving and not have a resolution…
 
If you file a Schedule A on your tax return, you can deduct your losses up to the amount of your winnings.
 
Frogzilla said:
Would this count as a gambling loss
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I don't see why not. Unless there's a realistic chance you will get it back.

This was for a tournament, correct? You bought in but did not cash, so that should constitute a gambling loss. The key as @DoubleEagle pointed out is that you can only deduct losses to the extent that you are claiming wins as taxable income.
 
TX_Golf_N_Poker said:
I don't see why not. Unless there's a realistic chance you will get it back.

This was for a tournament, correct? You bought in but did not cash, so that should constitute a gambling loss. The key as @DoubleEagle pointed out is that you can only deduct losses to the extent that you are claiming wins as taxable income.
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I would guess not. He didn’t lose the money gambling, because he didn’t lose the tournament. He lost the money because it was seized during a criminal investigation.
Whether or not you’re entitled to write off gambling losses when said gambling was illegal is a related, interesting question.
 
Gambling losses are only meaningful if you already have gambling winnings to report.

Please don't "do your own research" on something as obscure as this. Is it a "gambling loss"? What year did it happen, 2022 or the year the case is resolved? Hero was involved in allegedly criminal activity - everyone involved is headed towards a trial. Hero isn't a gambler; he is an accused criminal whose funds were used in furtherance of the alleged crime. Hero has the presumption of innocence but maybe not so much the money.

I think an argument could be made either way. However, Hero's defense council might be concerned that Hero's tax return could be used to prove things about Hero's knowledge and intent. At the very least, extend the filing and get six months to see how the criminal trial works out.

Professional advice is important, but it might not be worth the cost. The tax shield from the loss is likely worth no more than 25% of the entry fee - something like a few hundred dollars. One billable hour could wipe that out.
 
upNdown said:
Whether or not you’re entitled to write off gambling losses when said gambling was illegal is a related, interesting question.
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The IRS has made it clear that gambling winnings are taxable income, whether the gambling was legal or illegal. So I think it would be pretty easy to make the case that if your illegal winnings are taxable, then you ought to be able to write off any substantiated losses against those winnings.
 
TX_Golf_N_Poker said:
The IRS has made it clear that gambling winnings are taxable income, whether the gambling was legal or illegal. So I think it would be pretty easy to make the case that if your illegal winnings are taxable, then you ought to be able to write off any substantiated losses against those winnings.
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Cool, thanks, I wasn’t aware of that.
But I’m still guessing that these losses might not be accepted as gambling losses, because he didn’t actually lose.
I guess an analogy would be this - you’re at some underground game that gets robbed. Do you think those are gambling losses? I’d say no. Technically speaking, you were robbed. The fact that you were gambling at the time you were robbed doesn’t make it gambling losses.
But just a guess.
 

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