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CoronaVirus Impact on the Cruise Industry

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2 hours ago, buggins0402 said:

I just saw a tweet that Italy is requiring all non essential businesses to close....can anyone confirm?


Yes, it’s been widely reported in Europe. It’s a natural progression based on the community transmission they are seeing. 

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Posted (edited)
58 minutes ago, davecttr said:

Apparently only food outlets and pharmacies can remain open, no bars etc. Home deliveries will be allowed. They should know within 2 weeks if this draconian measure has any positive effect.

https://www.bbc.co.uk/news/world-europe-51845817

 

Thanks all that have responded to my question....with firm facts and good sources.

Edited by buggins0402

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9 hours ago, TYinPalmSprings said:

Time to write your congressman/congresswoman. 

A large chunk of the cruising public are seniors, yet we are told by the US government NOT TO CRUISE, and if we dare to do that then we may be on our own. The cruise lines are still selling our cruise dates to destinations in the short term, yet, at the same time, say they will not let you board if you have been to, or through, those destinations they are sailing to/from or stopping at (or encountering people who have). Also we must remember that governments that have initiated a lockdown of their region or country (Italy for example). So, what if at your port stop, Rome, for instance, if you try to re-board and  they stop you? You're stuck. They may also not let you board if you look ill and you may not be able to get a flight out as flights have just been suspended.  This is a HUGE disconnect. We are now hearing from people stuck in countries that they cannot get out of due to this disconnect. Sure, some lines will let you take a credit for a limited time ,or implore you to a new book with promises you can use the CREDIT in the future for a limited amount of months...but only on the booked subsidiary, that is, you cannot use a Royal Caribbean branded cruise credit on their Celebrity or Azmara divisions.  For most, they will not return your money even for the cruises they do cancel. Then we have the cruises and airlines who are allowed to cancel or change their flights on the spot. The large market of us seniors have a dramatic impact on the business volume of these industries. The US president and vice president are meeting with the cruise line and airline execs to help THEM through this, but no one seems to be helping us. While we initially may be stuck and lose money spent on airfares, cruises, and related travel costs (like hotels) there could be relief for us if the Federal government, perhaps,  would introduce a Federal tax credit for the amount we have lost. If they can do it for gambling debt, they sure as heck should do this for us. It's time to write your congressman/congresswoman. If there is no relief, many seniors may refrain from chancing our money on cruising and rethink leisure travel.  That will have a rippling effect on the cruise and air industries, the economy as a whole, and the future of how we look at travel. 

 

There is a Federal tax credit for gambling debt.  Seriously?  🤔

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13 minutes ago, ldubs said:

There is a Federal tax credit for gambling debt.  Seriously?  🤔

 

Yes but only up to your gambling gains which are taxable, i.e., you cannot deduct more losses than your gains.  If you win $100 and then lose $100 your net tax is zero.  If you lost $100 you are stuck, no deduction allowed.

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18 minutes ago, ldubs said:

 

There is a Federal tax credit for gambling debt.  Seriously?  🤔

Yes, No joke. Losses may be claimed under specific circumstances, with a maximum allowable. They are offset against winnings.You must file long and reflect the losses on Schedule A. See form and instructions for W 2G. 

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Posted (edited)
15 minutes ago, bluesea321 said:

 

Yes but only up to your gambling gains which are taxable, i.e., you cannot deduct more losses than your gains.  If you win $100 and then lose $100 your net tax is zero.  If you lost $100 you are stuck, no deduction allowed.

 

11 minutes ago, TYinPalmSprings said:

Yes, No joke. Losses may be claimed under specific circumstances, with a maximum allowable. They are offset against winnings.You must file long and reflect the losses on Schedule A. See form and instructions for W 2G. 

 

No.  That is not a tax credit, which is what was originally claimed.  They may be a deduction against winnings.  Big difference.  

Edited by ldubs

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14 minutes ago, ldubs said:

 

 

No.  That is not a tax credit, which is what was originally claimed.  They may be a deduction against winnings.  Big difference.  

By offsetting a portion of winnings with losses, it reduces your income, and, yes, it provides a benefit when you are looking at taxable income, and ultimately, your tax

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1 minute ago, TYinPalmSprings said:

By offsetting a portion of winnings with losses, it reduces your income, and, yes, it provides a benefit when you are looking at taxable income, and ultimately, your tax

 

Yes, it is a possible deduction.   It is not a tax credit as originally claimed.  If it were I would probably start gambling.   

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Be very surprised if they resume in May.......numbers everywhere would seem to indicate possibly peaking around then. Also the headline number of 130,000 cases being bandied about loses sight of far fewer active cases, 55,000 at the moment and 68,000 recovered. We should be looking at the 55K  not the 130K

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8 hours ago, Jchivers said:

Viking just cancelled all cruises until April 30. 

 

Have to give Viking a lot of credit for being proactive. If any of the river cruise companies can survive this, it'll be them.

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Princess just cancelled all cruises for the next 60 days.   I fear that once this pandemic is over we will see a very different cruise industry.

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1 hour ago, sayanne said:

 

Have to give Viking a lot of credit for being proactive. If any of the river cruise companies can survive this, it'll be them.

 

The email from Viking (signed by the CEO) assured us that they're financially solvent and that they'll be fine ... for what that's worth.

 

They also sweetened the offer: we can either get 100% cash refund, or 125% as a voucher, good for 2 years, and transferrable.  They certainly prefer the voucher, and if I was certain that they'd be around for 2 years I would take them up on the offer.

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On 3/10/2020 at 3:04 PM, ontheweb said:

OTOH, they could pass a law exempting them from liability because of the emergency. It would be like the law exempting gun manufacturers from liability for the use of their product.

 

The law you mention about firearms manufacturers is about misuse of their product.  I don't think it exempts them from liability for faulty products.  But I think the real point is fast tracking a vaccine right now would be a very good thing.   

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11 hours ago, ldubs said:

 

Yes, it is a possible deduction.   It is not a tax credit as originally claimed.  If it were I would probably start gambling.   

From an accounting standard, a number of "credits" are incorporated into worksheets. Best to check with your accountant to better understand  the term and application in taxes. Good luck...and oh... possibly happy gambling (LOL)

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Posted (edited)
8 minutes ago, TYinPalmSprings said:

From an accounting standard, a number of "credits" are incorporated into worksheets. Best to check with your accountant to better understand  the term and application in taxes. Good luck...and oh... possibly happy gambling (LOL)

 

No worries.  If you are still trying to say deductions and tax credits are the same thing on your 1040 form, I'm sure the IRS will explain it all to you during your next audit.  

 

Edited by ldubs

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12 hours ago, ldubs said:

 

There is a Federal tax credit for gambling debt.  Seriously?  🤔

No, there is not any sort of tax credit for gambling debt.  The code provides that PROVABLE gambling losses can be used to off-set gambling winnings.  So a loser (which means most gamblers) will only pay income tax on his winnings if he ends the year with some that exceed his losses.

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9 minutes ago, navybankerteacher said:

No, there is not any sort of tax credit for gambling debt.  The code provides that PROVABLE gambling losses can be used to off-set gambling winnings.  So a loser (which means most gamblers) will only pay income tax on his winnings if he ends the year with some that exceed his losses.

 

Thanks that was the point I was trying to make.  

 

I think the misunderstanding here is that tax credits are a dollar for dollar reduction of tax while a deduction for gambling losses, like all deductions, may reduce taxable income.  It is like saying I have a one dollar charitable deduction so I saved a dollar in taxes.  Not how it works.   Very different things with tremendously different impacts to one's tax bill.  

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31 minutes ago, navybankerteacher said:

No, there is not any sort of tax credit for gambling debt.  The code provides that PROVABLE gambling losses can be used to off-set gambling winnings.  So a loser (which means most gamblers) will only pay income tax on his winnings if he ends the year with some that exceed his losses.

To get a better understanding of debits and credits, best to check with your accountant.

 

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I think it's hilarious that with all that's going on in the travel industry, the conversation here is focused on the difference between tax credits and tax deductions. 😉

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Agree with Jchivers, lets get back to the demise of cruising in 2020........

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17 hours ago, TYinPalmSprings said:

Not all who cruise are affluent. Some may have saved their lives for this, some may be aged and have that last wish before they go, have a family member getting over a serious illness or family death, or have dreams of that cruise for a milestone birthday, or anniversary. It may have been a pinch for them to do their cruise, and may not be able to  try again. With your misconceptions that all who cruise are affluent, I can understand why you made the comment. The affluent only cruisers are a thing of the past, People burned by this may never consider this acceptable option for the future unless there is remedy. 

 

Or maybe we just have a different view of affluent.  By world standards most Americans are affluent.  And Americans who cruise come from the upper end of our population.  People throughout our country and the world are going to take economic hits from this thing.  Recompensing people for vacations should be like priority 27 on the top ten areas that need economic relief.

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14 hours ago, bluesea321 said:

 

Yes but only up to your gambling gains which are taxable, i.e., you cannot deduct more losses than your gains.  If you win $100 and then lose $100 your net tax is zero.  If you lost $100 you are stuck, no deduction allowed.

 

That is a deduction, not a credit.  Not remotely the same thing.

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1 hour ago, Jchivers said:

I think it's hilarious that with all that's going on in the travel industry, the conversation here is focused on the difference between tax credits and tax deductions. 😉

 

Well, it is a discussion forum but I understand your point.  Not exactly breaking news I guess.   

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1 hour ago, TYinPalmSprings said:

To get a better understanding of debits and credits, best to check with your accountant.

 

 

No, some of us already know that a deduction and a credit are not the same.  Maybe you are the one who needs to check with your accountant?  

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