Barkley claims lucky weekend in Las Vegas

[dirt_dobber]

Barkley claims lucky weekend in Las Vegas
http://msn.foxsports.com/other/story/6444716

PHOENIX (AP) - Charles Barkley said Monday that he won "about $700,000" gambling in Las Vegas over the weekend.

"That was all profit (from) blackjack and I bet on the Super Bowl. I had the Colts," Barkley said in an interview with Phoenix television station KTVK. "I played a lot of blackjack."

Barkley did not say how much be bet on Sunday's game in which Indianapolis beat the Chicago Bears 29-17 in Miami.

In an ESPN interview in May 2006, Barkley estimated that he'd lost about $10 million gambling over the years.

He said Monday that he lost $2.5 million "in a six-hour period" one night last year.

"It's a stupid, bad habit. I have a problem," Barkley said. "But the problem is when you can't afford it. I can afford to gamble. I didn't kill myself when I lost two and half million dollars... I like to gamble and I'm not going to quit."

Barkley, who lives in the Phoenix area, was elected to the Hall of Fame last year.

He averaged 22.1 points and nearly 12 rebounds in a 16-year career that included stops in Philadelphia, Phoenix and Houston. He was the league's MVP in 1993 with the Suns, and he won gold at the 1992 Barcelona Olympics as part of the original U.S. Dream Team.

[Flacolaco]

Anyone know how much TNT pays him?

that's going to catch up with him eventually. Gambling is a terrible addiction to have.

[fluid.forty.one]

Yeah I've always wondered how much the TNT guys get paid, I have absolutely no clue.

[mcsluggo]

how do winning/losses in gambling work for tax puposes. I know that you can't "deduct" losses, but do you get to aggregate across a year?

For instance, if I lose $50k gambiling in Atlantic city this July, I'm out of luck. (well, in LOTS of ways!). But say I win $50k in january on a scratcher card at 7-11, and THEN I lose $50k gambiling in Atlantic city this July. Does that mean that my "gambling income for the year is zero, or do I still have to pay taxes on the 50k I won in January?


just curious... (when I <rarely> go to casinos, my loss limits are measured in the 2 digits, LOW 2-digits, say $30. it has never been a tax issue for me.)

[Flacolaco]

Here you go sluggo....

http://www.casinogaming.com/features/taxlaws.html

......The IRS has issued instructions that "lumping" is unacceptable. "Lumping" is the practice of reporting one net win figure and no losses, or reporting nothing if your net from gambling is a loss. You must report the total of your winning sessions separately from the total of your losing sessions.

The IRS requires that an accurate diary or similar record must be maintained for substantiating your wins and losses, and that the diary should contain at least the following information: (1) the date and type of your specific wager; (2) the name of the gaming establishment; (3) the address or location of the gaming establishment; (4) the names of the other person(s), if any, present with you; (5) the amount(s) you won or lost.

The IRS also requires that in order to substantiate your diary, supplemental records are required, including the following (these records are not to be submitted with your return, but will be needed should you be audited): (1) W-2Gs; (2) wagering tickets or receipts; (3) canceled checks; (4) credit card records such as cash advances; (5) bank withdrawals; (6) any receipts provided by the gambling establishment......

[mnmpeanut]

ya, right. i'm sure all the guys at my local poker room will be more than happy to give me there names for tax purposes.

the irs needs to go.

[dude1394]

From the sound of this post, he's going to be on a breadline someday.