What's bugging you.?. Here's what's bugging me.!

[slewfan]

It is a federal law. After thinking it was just here in Nevada.

Any slot win 12 hundred dollars or higher get's taxed by the Federal Govt. This was implemented over 50 years ago if I am not mistaken.

No one has ever brought it up to my knowledge. Why is this still fixed at 1200 dollars when the cost of living has increased at least 30 % or higher since the laws inception.

No longer can anyone simply write their winners off against their losers. Even you you lose 20,000 total for the year. You will still have to pay taxes on your winning tickets. It reverts to part of your income.

I wrote a letter to the News about it but never heard back. I was just wondering if anyone else has run up against this.

[ChuckyTheGoat]

Slew, fair comment. Govt is always slow to adjust for Inflation. More red tape.

I subscribe to the old saying. "Only constant in Life = Death + Taxes."

I'll give you one. Think about how many ways you pay on your Automobile. I can get to 9 or 10 easily:
1) Down payment.
2) Monthly payment.
3) Gasoline.
4) Oil change.
5) Routine maintenance.

6) Repair for accidents.
7) Auto Insurance.
8) Property tax.
9) Licensing.

When I get older, I look forward to NOT having a car. Just sit there + relax.

To your original point, the gambling law is very dated. I actually don't think the rule on Gross/Net winnings ever made sense. I know that there was a ruling about Netting it each month.
...It was insane to think that you pay on the gross and just lose 100% on the winnings.
...And was it ever enforceable? I don't think so.

[TheGoldenGoose]

You most certainly can deduct your gambling loses although they cannot exceed your winnings. And I save all my losing sports tickets just in case. Pick up losing tickets from the horse track floor if you must.

[mjsuax13]

Slew, fair comment. Govt is always slow to adjust for Inflation. More red tape.

I subscribe to the old saying. "Only constant in Life = Death + Taxes."

I'll give you one. Think about how many ways you pay on your Automobile. I can get to 9 or 10 easily:
1) Down payment.
2) Monthly payment.
3) Gasoline.
4) Oil change.
5) Routine maintenance.

6) Repair for accidents.
7) Auto Insurance.
8) Property tax.
9) Licensing.

When I get older, I look forward to NOT having a car. Just sit there + relax.

To your original point, the gambling law is very dated. I actually don't think the rule on Gross/Net winnings ever made sense. I know that there was a ruling about Netting it each month.
...It was insane to think that you pay on the gross and just lose 100% on the winnings.
...And was it ever enforceable? I don't think so.

Smog Check- total scam.

[slewfan]

You most certainly can deduct your gambling loses although they cannot exceed your winnings. And I save all my losing sports tickets just in case. Pick up losing tickets from the horse track floor if you must.

This is true only up to a certain amount. I believe it is somewhere around 14 thousand. I'll have to talk to my tax guy to get the correct correlation. It used to work the way you say but has changed a few years ago.

[slewfan]

Slew, fair comment. Govt is always slow to adjust for Inflation. More red tape.

I subscribe to the old saying. "Only constant in Life = Death + Taxes."

I'll give you one. Think about how many ways you pay on your Automobile. I can get to 9 or 10 easily:
1) Down payment.
2) Monthly payment.
3) Gasoline.
4) Oil change.
5) Routine maintenance.

6) Repair for accidents.
7) Auto Insurance.
8) Property tax.
9) Licensing.

When I get older, I look forward to NOT having a car. Just sit there + relax.

To your original point, the gambling law is very dated. I actually don't think the rule on Gross/Net winnings ever made sense. I know that there was a ruling about Netting it each month.
...It was insane to think that you pay on the gross and just lose 100% on the winnings.
...And was it ever enforceable? I don't think so.

The rules paying on loss vs win was in the favor of the gambler at one time. Now there is a limit to what you can balance and the rest goes as income. It is added to your tax form as such.

By the way. It's not just the car. Your dollar is taxed when you get paid. Then again when you buy something and again almost every time you spend that dollar.

[slewfan]

Smog Check- total scam.

Yes. Smog is a ripoff. I had a smog in Nevada, gave the car to my son who lives in Texas. He had to have an inspection for over a hundred bucks.

[slewfan]

One more thing. My tax guy said (last time I saw him and asked about it ). He said Gamblers are treated this way because the tax on winnings is an '' Income Generator '' for the govt. Therefore, we are stuck with it.

[veriableodds]

Smog Check- total scam.

Just imagine the depreciation or under water gap, as in what chuck said a down payment. OH also a financed vehicle is 25% bump in car insurance.

[veriableodds]

It is a federal law. After thinking it was just here in Nevada.

Any slot win 12 hundred dollars or higher get's taxed by the Federal Govt. This was implemented over 50 years ago if I am not mistaken.

No one has ever brought it up to my knowledge. Why is this still fixed at 1200 dollars when the cost of living has increased at least 30 % or higher since the laws inception.

No longer can anyone simply write their winners off against their losers. Even you you lose 20,000 total for the year. You will still have to pay taxes on your winning tickets. It reverts to part of your income.

I wrote a letter to the News about it but never heard back. I was just wondering if anyone else has run up against this.

Something wrong, I know a few people who have just under 2M net worth making over 100K a year in passive income, earned income would actually allow more tax breaks. They pay nothing in taxes, as do I. Never will give the idiot fiscal irresponsible government, or state entity another red single cent ever again. Only property tax but its small and can be greatly reduced if you know your stuff in that department.

[slewfan]

Something wrong, I know a few people who have just under 2M net worth making over 100K a year in passive income, earned income would actually allow more tax breaks. They pay nothing in taxes, as do I. Never will give the idiot fiscal irresponsible government, or state entity another red single cent ever again. Only property tax but its small and can be greatly reduced if you know your stuff in that department.

Not comprehending. You have to pay tax on dividends and any income. Depending on your write offs. Not having write offs, my dividends, Social Sec. and anything I make gets taxed.

[veriableodds]

Not comprehending. You have to pay tax on dividends and any income. Depending on your write offs. Not having write offs, my dividends, Social Sec. and anything I make gets taxed.

You said social security, my assumption you have tax breaks available but not filing. Seeing it's a gambling form, also my time these days are strained I can push you in a correct direction. May want to talk to a CPA(tax file expert) at a real institution like Charles Shwab, black rock, fidelity ect ect.. Software like root financial partners can show you how this stuff works. Also a youtuber that actually in depth understands how this stuff works James conole CPA you can reach out to him also.

[slewfan]

You said social security, my assumption you have tax breaks available but not filing. Seeing it's a gambling form, also my time these days are strained I can push you in a correct direction. May want to talk to a CPA(tax file expert) at a real institution like Charles Shwab, black rock, fidelity ect ect.. Software like root financial partners can show you how this stuff works. Also a youtuber that actually in depth understands how this stuff works James conole CPA you can reach out to him also.

Thank you. No need to give it any time or thought. I am totally confident in my Tax Man. I will come in with a better explanation of how this system works.

My main concern was the govt. taxing wins at the 1200 dollar threshold which I assume should have been raised by now to at least 3000 dollars. Especially since the Casino's pay such a low tax base themselves.