[shade3599]

I would hope you can claim your losses. I feel bad for the families that survived off of Internet poker. The government is trying to create jobs but instead they take thousands of people's jobs away when they took Internet poker away. Greedy SOBs.

[wtt0315]

you cannot claim your lossess unless you own a house. if you rent then you are fked

[wtt0315]

Gambling losses are deductible ONLY:

1. If you are itemizing your return. So if you are filing your tax return and you are claiming the standard deduction, then you cannot take this deduction, AND
2. Up to the amount of your winnings. If you did not win anything, then you cannot deduct any of your losses.

so to itemize i believe you have to have paid quite a bit of mortage interest, have a lot of medical bills or donated a crap load of money to charity. If you have gambling losses you can't claim them unless you can itemize one of these. If you own a house you can claim your gambling losses up to your Claimable gambling winnings. So if you win 10 k that is not tax and then win 20 k that is you can only claim up to 20k. So the way it is here in florida is poker winnings are not reported on cash tables. If you hit a jackpot poker then you will get taxes. Anything over 600 on dogs horses is reported, Anything over 1201 in the casino is reported. Last year i hit a 4000 royal flush at the casino here and i forgot to put it in. I got in the mail a couple days ago a letter saying last years taxes were to be ajusted oopsy my bad.

[sq764]

they might treat it like slots in that if you win over $1k, you get taxed... maybe if you win xxx amount in a tourney they would inform the IRS

[clarkacal]

Gambling losses are deductible ONLY:

1. If you are itemizing your return. So if you are filing your tax return and you are claiming the standard deduction, then you cannot take this deduction, AND
2. Up to the amount of your winnings. If you did not win anything, then you cannot deduct any of your losses.

so to itemize i believe you have to have paid quite a bit of mortage interest, have a lot of medical bills or donated a crap load of money to charity. If you have gambling losses you can't claim them unless you can itemize one of these. If you own a house you can claim your gambling losses up to your Claimable gambling winnings. So if you win 10 k that is not tax and then win 20 k that is you can only claim up to 20k. So the way it is here in florida is poker winnings are not reported on cash tables. If you hit a jackpot poker then you will get taxes. Anything over 600 on dogs horses is reported, Anything over 1201 in the casino is reported. Last year i hit a 4000 royal flush at the casino here and i forgot to put it in. I got in the mail a couple days ago a letter saying last years taxes were to be ajusted oopsy my bad.

If its on a schedule C for a business you can take losses. Also, if it is just a hobby, you can still claim losses without owning a home but only for the amount over your standard deduction.

[Dex17]

not true.. you can claim all your losses against your winnings..

You're wrong, dude. You can't claim losses from a previous fiscal year. If you win 100k in the CY, then you'd have to say/prove you lost 100k or more in the CY as well.

[agharah1]

Of course they will. Your stock broker and your employer already do too.

[FishFace5]

Ha. 5% tax rate on winnings? No. It will be taxed as ordinary income just like other forms of gambling. Why would it be treated any differently?

The European model is approx 5% if I'm not mistaken. Nobody can cover a 30% take. NOBODY.

they can and they do, they do it with horseracing now..

HA. Exactly. The horse racing industry has been DEAD since the minute they legalized it.

not true.. you can claim all your losses against your winnings..

Maybe in the same calendar year. They wont go back a year though and thats what the poster was describing in the post you quoted.

[gregm]

Gambling losses are deductible ONLY:

1. If you are itemizing your return. So if you are filing your tax return and you are claiming the standard deduction, then you cannot take this deduction, AND
2. Up to the amount of your winnings. If you did not win anything, then you cannot deduct any of your losses.

so to itemize i believe you have to have paid quite a bit of mortage interest, have a lot of medical bills or donated a crap load of money to charity. If you have gambling losses you can't claim them unless you can itemize one of these. If you own a house you can claim your gambling losses up to your Claimable gambling winnings. So if you win 10 k that is not tax and then win 20 k that is you can only claim up to 20k. So the way it is here in florida is poker winnings are not reported on cash tables. If you hit a jackpot poker then you will get taxes. Anything over 600 on dogs horses is reported, Anything over 1201 in the casino is reported. Last year i hit a 4000 royal flush at the casino here and i forgot to put it in. I got in the mail a couple days ago a letter saying last years taxes were to be ajusted oopsy my bad.

Good post. Its 600 or more at a horse track, $1,200 at a slot machine or bingo game, or take $1,500-plus in any keno winnings and $5000 at a poker tournament.

The worse part will be for guys who dont have businesses or just used to spending 30 minutes doing their taxes. I wonder how many guys really want to start having to take all the time to itemize their tax returns.

I bet tons of guys here love to go online and do the 1040 EZ return and are done with it, when I was in my 20s that is all I cared about, having my taxes done quickly. You can't file 1040-EZs anymore once you start itemizing and keeping up with all these w2-g is not always easy if you gamble alot.

[gamemastere]

wish I was winning enough to have to worry about taxes

[sq764]

You're wrong, dude. You can't claim losses from a previous fiscal year. If you win 100k in the CY, then you'd have to say/prove you lost 100k or more in the CY as well.

i never said you could claim losses from a previous year..

[sq764]

Good post. Its 600 or more at a horse track, $1,200 at a slot machine or bingo game, or take $1,500-plus in any keno winnings and $5000 at a poker tournament.

The worse part will be for guys who dont have businesses or just used to spending 30 minutes doing their taxes. I wonder how many guys really want to start having to take all the time to itemize their tax returns.

I bet tons of guys here love to go online and do the 1040 EZ return and are done with it, when I was in my 20s that is all I cared about, having my taxes done quickly. You can't file 1040-EZs anymore once you start itemizing and keeping up with all these w2-g is not always easy if you gamble alot.

horses or dogs are anything over $600 ONLY IF its 300-1 odds or more..

[1949]

lucky im from canada .....no tax on gaming.................................. ..................yet!

[Deep_Rest]

I have dual citizenship with country X, who doesn't enforce gaming taxes. I think this is the best option. Just spend your time in your home country but when you need to cash out, take a nice vacation, withdraw your winnings in cash, and fly back home. Make sure your bank account and personal info are in country X! I've done it several times and nobody gets suspicious. Never paid a cent on poker winnings and its 100% legal (at least I hope!)

[joe blow]

It's really not going to be worth playin anymore anyway

[bigdog3580]

Just like the horse track, who cares as long as you get your winnings with no hassles, its worth it.

[sq764]

im with the above poster.. im fine paying taxes on winning over $1200 in a tourney.. treating it like slots or horses.. you're 100% guaranteed in getting your money.. im willing to pay whatever fair tax is implemented.

beats the hell out of winning money then having to sweat getting paid

[JACK MATZ]

I hope we will see this day!
No problem paying taxes if it becomes legal in the U.S.

[Monitor-Tan]

I have dual citizenship with country X, who doesn't enforce gaming taxes. I think this is the best option. Just spend your time in your home country but when you need to cash out, take a nice vacation, withdraw your winnings in cash, and fly back home. Make sure your bank account and personal info are in country X! I've done it several times and nobody gets suspicious. Never paid a cent on poker winnings and its 100% legal (at least I hope!)

It has worked so far cuz it's not regulated...yet... but as long as you hold that american passport, you will still pay american taxes... Depending on what country you are at, some countries have better tax treaties then others.. you won't pay as much as america will give you credit for the taxes you paid for country X. If you did not have to pay taxes in that X country, then well america will stick one in you, in whatever rate they decide to charge once they start regulating it.

Hope that helps.

[BarkingToad]

As mentioned earlier, one can take losses up to the amount of winnings only if they itemize deductions on schedule A. If the standard deduction is still higher, losses will be of no benefit. Someone would only itemize if they can meet or beat the standard deduction amount.

I would think it would be a rare individual who could get by claiming to be "self employed" and file a schedule C for gambling. Maybe a profitable poker player who travels the world playing various tournaments??

[patswin]

why is everyone surpised?

[kidk]

this will never happen....too many issues need to be done itll take years and years to figure out a way of doing this