Define "Partner"
You and a Buddy go to a Casino
- Thread starter martyd
- Start date
The only person that has to worry about paying a gift tax is the giver. And that only starts when you have given away 12 million+ dollars worth. The limit for a gift that can be given without having to be reported is in the 16,000 to 17,000 range depending on the year.
Tell your partner that you only broke even, and give the $50 back to the partner. Tell him it was a great learning experience.
I was going to say......
The first part of this problem would be getting me into a casino. So the question is hypothetical and I don't really have to make a decision. I have bad habits but gambling ain't one of them.
Oh, here are my reasons for not gambling.
1. I don't think it's smart.
2. I'm terrible at it.
If the first one doesn't get me, the second one will.
The first part of this problem would be getting me into a casino. So the question is hypothetical and I don't really have to make a decision. I have bad habits but gambling ain't one of them.
Oh, here are my reasons for not gambling.
1. I don't think it's smart.
2. I'm terrible at it.
If the first one doesn't get me, the second one will.
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I don't gamble & do not have any rich friends so count me out. LOL.
I'd be inclined to give them 10% - maybe 20% if they were more in need than me.
But since I don't gamble it isn't something I'll ever have to worry about.
When it comes to "luck" or "chance" I'm a real loser - which is why I don't gamble.
But since I don't gamble it isn't something I'll ever have to worry about.
When it comes to "luck" or "chance" I'm a real loser - which is why I don't gamble.
A little money on a ticket is OK with me.
When it came to love, I got the big winner!
She may be gone but I still love her and still talk to her every night when I check my Lotto tickets...
When it came to love, I got the big winner!
She may be gone but I still love her and still talk to her every night when I check my Lotto tickets...
YeshuaIsa53
Member
What if. I'm going to consider it was a gift from my partner. Optimistically,
my partner won $100,000 also. We would celebrate and have a wonderful time together, laughing at how it all turned out.
my partner won $100,000 also. We would celebrate and have a wonderful time together, laughing at how it all turned out.
Pisgah
Member
"Officer, I never met this man, and he won't leave me alone..."
For those that replied 50/50 I'd bet that at least half of them wouldn't do that if it really happened to them.
BS walks, etc...
Cynic much? Some of "us" have late "epiphanies" in life and realize a lot of karmic debt for prior hedonism. Not only giving the $50K, also the original $50 to keep "square." And I did walk 4 miles this morning. Joe
I'm with the "I don't gamble" crowd. (Although I also have plenty of other vices.)
My sole casino experience was in Atlantic City about 35 years ago. I was part of a large party of businessmen. I put a quarter in the slot machine, pulled the lever, and the quarter disappeared.
"Yep," I said to myself, "That's exactly what I expected to happen," and stopped playing.
My sole casino experience was in Atlantic City about 35 years ago. I was part of a large party of businessmen. I put a quarter in the slot machine, pulled the lever, and the quarter disappeared.
"Yep," I said to myself, "That's exactly what I expected to happen," and stopped playing.
RobertJ.
Member
For those that replied 50/50 I'd bet that at least half of them wouldn't do that if it really happened to them.
BS walks, etc...
I feel sorry for anyone who doesn't have a friend they'd be willing to split it evenly with.
I don't know how gambling money works as far as the taxes. I would guess the actual winner gets a 1099 or whatever. So I would split what ever the net is after taxes.
I read all the replies. Of what I know of the online character of all the members who said (50/50) I am inclined to believe they would follow through.
I, too, would go halfies as if I didn't, evertime I saw that buddy afterwards I would feel a twinge of guilt at having short changed him and realize that he may be thinking the same without ever having vocalized it.
Treat buddies like buddies.
I, too, would go halfies as if I didn't, evertime I saw that buddy afterwards I would feel a twinge of guilt at having short changed him and realize that he may be thinking the same without ever having vocalized it.
Treat buddies like buddies.
Sistema1927
US Veteran
You go into a casino, and a buddy loans you $50 to gamble. You lose it all, but get a lifelong gambling addiction. You lose everything you own, your wife, your family, and your dignity.
How much does your buddy owe you?
How much does your buddy owe you?
If and this is a big IF, I took 50 from a friend to gamble and won without any conversation regarding what if I win, I will probably split it with them after taxes just seems like the right thing to do.
In real life I do some gambling and would not take and gamble any money from a friend. If I do not have the money I do not gamble. Gambling is entertainment that I indulge in with money I can afford to lose because in the long run you will always lose. If you don't know that going in, then you are in for a rude awakening.
The best way to lose a friend, live with them, go in business with them or lend them money. Learned this lesson the hard way many moons ago.
In real life I do some gambling and would not take and gamble any money from a friend. If I do not have the money I do not gamble. Gambling is entertainment that I indulge in with money I can afford to lose because in the long run you will always lose. If you don't know that going in, then you are in for a rude awakening.
The best way to lose a friend, live with them, go in business with them or lend them money. Learned this lesson the hard way many moons ago.
