It seems to me everyone is in denial and reality about this who issue. Has anybody really ever think this will be outlaw. Well heres a reason that the USA government will swirm at this . FIrst of all I read and research 20-30 million gamble online. Between that number 75-85% of people lose money. If this is more controlled, what will happen?Most people on the tax returns really do not put how much they lost or won for the year in gambling. If controlled tens of millions of people will start posting their gambling losses for credits and long story short 20-30 million or more asking for tax credits on their losses from the American government, while not controlled most people will just leave it out. So when USA government wants to regulate something they are poised to 30 million people *$100 0r $1000 likely losses is closed to 3 billion to 30 billion in gambling losses that will need to be credited on returns. Now speaking of that, DOes the USA government really want to return 3billion to 30 billion dollars in credits. SO the answer is clear here.
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Originally posted by datek23
Are you sure American tax law allows that? In Canada you can't just arbitrarily say you lost a bunch of money gambling and claim it as a credit.
There are laws where that can come into play if you are registered as a formal gambling business - but there are very specific conditions that have to be met and, if all you ever did was lose money, you wouldn't meet the conditions.Comment -
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However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return.
It amounts to the same thing as the Canadian laws. Bascially, the government has it set up so they can only profit.Comment -
never had thought about that dat]ek...Comment -
Mudcat Canada and USA are two different animals, in Canada it is legal to smoke weed and do hookers, in the USA depends on the cop it is illegal and go to jail. Americans will abuse this to the tee if it gets regulated Internet gambling and try to get every penny back that the government does not want to give up and the government could lose billions if that is the case. It is a 100% losing battle if they approve the law or not, the bettors will always find ways around it no matter what.Originally posted by MudcatComment -
Mudcat Im not sure but it could count as a credit, loss credit, claim, itemize, whatever the case, just way to much money the USA government will lose.Originally posted by MudcatComment -
LOL...you can't write off gambling losses...
You can only apply the losses against wins.Comment -
Is this true??Originally posted by datek23Comment -
Yes my friend 100% true, you can smoke weed and hookers are legal in CanadianOriginally posted by imgv94Comment -
Originally posted by datek23
I'm having a hard time telling if this is meant as a joke. For the record, hookers and weed are illegal in Canada.Comment -
The reason why gambling is impossible to control is the fact that internet regulation by the government did not exist when the internet began opening sportsbooks and casinos. Since that time regulations have not been able to keep pace with the fast moving, ever improving, computer generated, dollar machines that have invaded every home and library in this country. Everyone wants this trendy new form of entertainment at their finger tips and why not? When you can enjoy every aspect of virtual gambling without leaving your home. This is not to mention, the new poker rooms that have sprung up from just a few to several to hundreds on the internet. The increases in gambling can be contributed to the internet craze that once affected the stock market years back, however I don't think this trend will fade quite so rapidly. So, when you say gambling is impossible to control, think about accessability, regulations, and enforcement...not income tax deductions. By the way has anyone done a study on how many lives the internet has saved by keeping people at home while their playing in poker rooms, casinos, and watching their sports tickers in- between minimumizing their sportsbook window? I bet the insurance companies would like to know? Think about it...car accidents down (from drunk/pissed drivers) , murder/ manslaughters down (from disgruntled losers). So, who's the winner here?...maybe everyone! rnc is done!Comment
