It’s funny McCain should make that mistake, given that he himself appears to be guilty of similar omissions in his Senate Financial Disclosure Form. Despite public reports of McCain gambling–and, at times, winning–large sums, he has never reported his gambling winnings on his Senate Financial Disclosure Forms.

Given McCain’s call on Ted Stevens to do the right thing, isn’t it time McCain himself avoid the crimes Stevens just got convicted of?

1. It’s funny McCain or… It’s “funny” McCain

2. Gambling wins and losses must be reported on Federal tax returns too.

3. I probably shoul dhave read all the other comments first.

I’m a certified tax preparer, studying today for my renewal test.

ALL gambling winnings are reported on Form 1040 line 21 (other income).

Losses are an itemized deduction, reported on Schedule A line 28 (other deductions). The loss claimed cannot exceed the reported winnings. The taxpayer MUST keep a diary recording amounts won or lost, dates, and who was present, or the losses are not deductable.

If someone wins more than $600 at a casino or racetrack the establishment is supposed to withhold taxes and issue a 1099 (misc) with a copy to the IRS.

A taxpayer is on their honor to declare all income.

To emphasize, it’s not a wash. Winnings and losses are reported seperately.

and I get the idea that he don’t believe mcsame anymore …

YOU, A Winner ???

Now that’s funny …

mcsame is kinda like george bush. They’re never gonna be able to credibly claim success in anything …

The reports are the McInsane plays craps. While he may have won big on a few occasions, the structure of craps is that it’s a chump’s game unless you’re the bank (i.e., the house). It’s very possible that McCain has no net winnings to declare for any given year.

Disclaimer: I’ve never seen McCain playing craps, so I don’t know how he plays. It’s possible to play the game in a way the minimizes the rate of decline in your fortune. I can (and have) done the math, though. Craps is a chump’s game. It says a lot that it’s McInsane’s preferred game.

Go to: http://www.buttheadpolice.com

Vote for McCain and other extreme buttheads who have the audacity to want to lead us to get asses stamped on their heads. Spread the word! Buttheads will roll!!

McCain gambles a lot, dozens of times a year, often at high-roller events. But he may be a net loser. (Fill in your own punch line based on his campaign performance.) Ironically, that would be McCan’t in a nutshell: he wants to be known as a ”gutsy” risk taker, but he’s more comfortable taking risks with other people’s lives and money. (At least until recently, his gambling would have been funded by Cindy Poo.)

McCain is obsessive, angry, and a heavy drinker, attributes that casino owners love because it makes them filthy rich. John Boy doesn’t play cards, he throws dice, a more public drama that keeps him the center of attention. It also means he hasn’t had to learn to play the others at the table (and keep them from playing him, probably all too easy), or even the cards; he just throws and plays Lady Luck, notoriously more fickle than Rita or Eva. And that assumes the dice are straight.

McCain may well have annual winnings that should be declared on his tax and Senate filings. A good start would be having a look at their joint tax returns, which Miss Cindy claims we’ll have to pry from her cold dead hands, like prying Charlton Heston’s Kentucky long rifle out of his. Another route is a statement under oath. I’d say we’ll get one first from Karl Rove about what he did to Valerie and Joe. But the probable lost tax revenue would be a lot more than from the proverbial welfare moms that Bushes I and II and Reagan loved to chase. Seems worth looking into, doesn’t it?

I had a client who won 20,000$, it was gone in a week. (most of it gone at the casino…going for that mil, you know?)

The way it is in the parimutuel betting at the horse track is that you’re only forced to declare a winning if a single bet pays $600 or more to one — you actually have to go the “IRS window” if you have that kind of winning ticket, whereas you could net $10,000 on a single race with multiple bets/tickets and never have to declare. Therefore only a professional would declare the more minor winnings/losses.

One of the less englightened reasons I was happy Democrat Martin O’Malley won the Maryland governorship is that now a slots initiative will pass and will hopefully resuscitate the states well-pedigreed, but neglected tracks. Spread the wealth.