Why don't John McCraps' tax returns report his gambling winnings/losses?

[pnwmom]

For a peek at the returns, go here:

http://taxprof.typepad.com/taxprof_blog/2008/07/why-hasnt-mccai.html

"If he is winning and not declaring -- that's a crime. If he is losing and not taking the deductions, that is peculiar for a lot of obvious reasons. It means he never wins. If he is losing his own money and not taking the deduction, it looks like he is trying to hide a problem. If he is losing other people's money that certainly raises questions about influence peddling if they have business in front of his committee. Whether he is winning or losing, it doesn't take a whole lot of imagination to see how a lobbyist bankrolling the senator's marathon craps session might be using this as a way of funnelling money into the senator's coffers without drawing attention to the transactions.
Finally, all this talk about unreported transactions raises raises more questions no one in the media will likely bother to ask: Has anyone seen Cindy McCain's tax returns? Does anyone know if she ever filed a 5754? Is he hiding his winnings on her tax forms? Is he burying his losses on her forms? With all the interest paid to Obama's mortgage payments, you would think something this glaring would get more media attention. Of course, then the press would have to get off the Lapdog Express and that wouldn't be any fun, would it?"

And here's something from the Huffington Post:

http://www.huffingtonpost.com/greg-mitchell/john-mccains-gambling-pro_b_111203.html

"I love this quote from Anthony Holden, the well-known British poker-player and writer, from a recent article in the London Telegraph: 'We poker players don't call poker gambling. It is a game of skill. Craps is an absurd game of luck. You may have thrilling short term wins but only madmen play craps.'"

[npincus]

1. on McCain's gambling addiction, from today's NYT:

http://www.nytimes.com/2008/09/28/us/politics/28gambling-web.html?_r=1&hp=&pagewanted=all&oref=slogin

In May 2007, as Mr. McCain’s presidential bid was floundering, he spent a weekend at the MGM Grand on the Las Vegas strip. A fund-raiser hosted by J. Terrence Lanni, the casino’s top executive and a longtime friend of the senator, raised $400,000 for his campaign. Afterward, Mr. McCain attended a boxing match and hit the craps tables.

For much of his adult life, Mr. McCain has gambled as often as once a month, friends and associates said, traveling to Las Vegas for weekend betting marathons. Former senior campaign officials said they worried about Mr. McCain’s patronage of casinos, given the power he wields over the industry. The officials, like others interviewed for this article, spoke on condition of anonymity.

“We were always concerned about appearances,” one former official said. “If you go around saying that appearances matter, then they matter.”

The former official said he would tell Mr. McCain: “Do we really have to go to a casino? I don’t think it’s a good idea. The base doesn’t like it. It doesn’t look good. And good things don’t happen in casinos at midnight.”

“You worry too much,” Mr. McCain would respond, the official said.

[Doityourself]

2. If he wins1200 or more I think he has to declare on his federal taxes..

he can only show losses up to the amount he's won! But if his wins are less than that, he doesn't have to report. For instance, if he wins 1000 (10x), he is not required to declare it.

When you win 1200 or more, at the end of he year, Casinos send you (most give it to on the spot), a W-9 with the winnings posted the very same day. When tax time arrives, you can request a win/loss statement as proof that you either wiped out that win with losses, or you pay the taxes you owe.

Either way, if you win 1200 or more, you have to show it, even if you loss more.

Not sure what the deal is with McSame.

[dgibby]

3. Excellent observation! K&R

Wish I'd thought of it! Please send this to Rachel Maddow. Her e-mail address is: [e-mail]:hi: