Hot off the press: republicans screw gamblers, further limit deductible expenses

[Auto Donk]

read it and weep, boys.....

sad shit... yet another f'n republican fuk job.....




that's from the new tax bill.... incidentals now can't be used to offset winnings, only actual losses.... overturned a tax court ruling in our favor.

meals, gas, rental cars, air fare, tips, everything is nondeductible now, except you actual losses. keep those losing tickets, mo fos!

slot players, better keep a machine by machine log of what you put in, got out, won or lost....

[cankid]

that blows thanks for letting us know

[VeggieDog]

Non story. Sports gambling is a cash business. If you can't figure out how to come out ahead on taxes on winnings, you have no business being a gambler. I mean, that's what a "friend" told me.

[darrell74]

Nothing changed

[SharpAngles]

Anyone not filing a schedule C as a pro gambler couldn’t write any of that off in the first place.

It’s a good idea to play like the rich folk and incorporate. Back in the day I was a C Corp in Nevada which was a sweet tax deal but they changed the laws and it wasn’t worth it to maintain residency to save a few grand in taxes.

keep those losing tickets, mo fos!

.

There has been a healthy market for these the last few times I’ve been in Vegas actually. Outside Bellagios poker room there were a ton of guys looking to offset.

[shocka1212]

try to stay away from politics on here, but this tax bill is awful... insulting the way I saw some of the people voting yes try to argue that its good. they all fit the same bill... sad. 2017 and no progress..

[Optional]

read it and weep, boys.....

sad shit... yet another f'n republican fuk job.....




that's from the new tax bill.... incidentals now can't be used to offset winnings, only actual losses.... overturned a tax court ruling in our favor.

meals, gas, rental cars, air fare, tips, everything is nondeductible now, except you actual losses. keep those losing tickets, mo fos!

slot players, better keep a machine by machine log of what you put in, got out, won or lost....

Are you sure Donk?

It seems to be clarifying that those things are deductible the way i read it

[krk1030]

off shore books dont report anything

[MinnesotaFats]

I read this to say that expenses incurred for gambling, including those already defined, cannot exceed the amount of winnings declared on gambling (1099s).

In other words I fly to Vegas and get a hotel for $5000. I win $4000. In the past I'd declare all my winnings and deduct $4000 in travel expenses to offset. In the past I'd still be able to deduct an addition $1000 as a carry forward loss (On a schedule 'C'), deductible against ordinary income assumibly, however going forward the new Bill strips that provision, and you can only deduct your winnings, no additional expenses above and beyond.

Bottom line, gambling income can still be tax free. That's my interputation of the text.

[milwaukee mike]

i will clarify what this means...

1) it is only for PROFESSIONAL GAMBLERS claiming income/expenses on schedule C as a business
2) this is really crappy, essentially says that if you're showing a profit then fine, but if you show a loss in any given year then it's breakeven

2018 make $30,000
2019 lose $10,000

now in 2019 you can only go to 0

[Auto Donk]

Are you sure Donk?

It seems to be clarifying that those things are deductible the way i read it

READ THE FOOTNOTE.... as usual, the mumbo jumbo printed out explaining the limitations is confusing, the intent, overruling a favorable-to-gamblers tax court decision, makes it clear what they're doing...... stickin' it to the man.... the gamblin' man....

[Auto Donk]

I read this to say that expenses incurred for gambling, including those already defined, cannot exceed the amount of winnings declared on gambling (1099s).

In other words I fly to Vegas and get a hotel for $5000. I win $4000. In the past I'd declare all my winnings and deduct $4000 in travel expenses to offset. In the past I'd still be able to deduct an addition $1000 as a carry forward loss (On a schedule 'C'), deductible against ordinary income assumibly, however going forward the new Bill strips that provision, and you can only deduct your winnings, no additional expenses above and beyond.

Bottom line, gambling income can still be tax free. That's my interputation of the text.

read footnote 179

[TheMoneyShot]

I never knew you could write off other expenses while in the act of gambling in Vegas? Wow. News to me.

[Auto Donk]

bottom line, just answer the questions turbo tax asks you....

typically, "enter amount of gambling winnings"

followed by "enter amount of gambling losses"

always make the second number $425 dollars more than the first answer, and you're good to go.....

move to the next income category

[jjgold]

Meaningless

[RudyRuetigger]

lets say i lose 20k this year

how can govt give me money??

that is what we want to know

THANKS

[RudyRuetigger]

lets say i lose 20k this year

how can govt give me money??

that is what we want to know

THANKS

hypothetical, asking for a friend

[Auto Donk]

hypothetical, asking for a friend

claim waves as a dependent and get a child care credit

[Auto Donk]

Meaningless

very true, to a person who never fukkin' wins or shows a gambling profit in any way, shape or form.....

[SharpAngles]

I never knew you could write off other expenses while in the act of gambling in Vegas? Wow. News to me.

Unless you file as a professional gambler you can’t. I’m not sure what Donk has been up to but it seems highly illegal so we should turn him in to the 3 letters and split the reward money.

[Foxx]

Not a big deal at all. You could never deduct losses in excess of winnings. They're just clarifying that that limitation also extends to expenses. You can still deduct your expenses if you file as a professional but you just can't declare expenses and losses exceeding your winnings. This changes nothing for a vast majority of people. It might affect a few hundred next year.

[jjgold]

Lol gamblers

.000000000000001 of economy

Lol

[stevek173]

[RudyRuetigger]

can IAG write steves $400 off on taxes???

[stevek173]

[Auto Donk]

Unless you file as a professional gambler you can’t. I’m not sure what Donk has been up to but it seems highly illegal so we should turn him in to the 3 letters and split the reward money.

no paper trail back to me.....

you really wanna get these good girls in trouble?:

like bosco playing poker, who just pushes the buttons, and lets sbr do the rest, when it comes to taxes, I just press the buttons, and let Turbo Tax do the rest..... pay five bucks for the insurance against audits and a free legal team via Turbo Tax to fight the IRS in the event of an audit, and sleep like a baby.....

[Ph q all]

Keep moving. Nothing to see here!

[Auto Donk]

Keep moving. Nothing to see here!

This is a little something worthy of at least a quick peek......




why, you ask????

[darrell74]

lets say i lose 20k this year

how can govt give me money??

that is what we want to know

THANKS

Only claim losses when you are forced to report winnings

[Auto Donk]

Only claim losses when you are forced to report winnings

only time i've ever won a cent was when I was 1099'd

[RudyRuetigger]

only time i've ever won a cent was when I was 1099'd

how about the 7 times i was 86'ed?

[MinnesotaFats]

read footnote 179

Yeah, i think thats exactly how my layman's explanation interputed it. There is no NOL carry forward allowed for individual schedule C deductions. You can still offset everything to zero, you just can't ask Uncle Sam to subsidize your further expenses anymore.

Honestly, I'm as conservative as it comes to taxes, I hate em all, but I wouldn't expect my neighbor to subsidize my trip to Vegas via the tax code.

What they really should have put in there is a provision that single mothers can't deduct beyond their income as well! Now that would be a tax law!!