HORSEPLOP.COM
General Category => Harness Racing => Topic started by: bigbettor on July 03, 2025, 07:04:21 AM
-
When this bill gets signed tomorrow (assuming there aren't 5 GOP House members with courage) by Trump on the Fourth of July, ALL gamblers who itemize their taxes will essentially be paying MORE because we'll only be allowed to deduct 90% of losses vs wins.
If you're a small bettor who bets online, you'll be affected too. EX: all your bets through Twin Spires are tracked, and if you won all year gross $5,000 but lost as much or more, you will only be able to offset $4,500 against the wins (vs currently the whole $5g).
This bill of bullshit contains an evil TAX on gamblers. Horses, poker, slots, sports betting, etc. - everyone will have the GOP's gand on your vouchers, bankroll, account balances.
They are voting as we speak. No need to get into how terrible overall this legislation is.
BETTORS BEWARE !!!!! You are getting :1 11.tb 11.a 11.htcrl by Trump and the Republicans
-
What is disappointing about this pork barrel add on is no one on Capitol Hill seems to know who put this legislation in the BBB.
The leading newspaper in Las Vegas (owned by Trump mega donor Miriam Adelson) and even Tim Pool have qualms about this potential exposure to bettors.
Seems like a bipartisan disapproval
As always, do your own research
-
Sounds like you're getting exactly what you voted for. FAFO. Welcome to the Find out stage
-
Doug Polk, a leading poker player and part owner of a Texas Poker Club, voiced strong opposition to this bill - based solely on the tax liability aspects. FYI
-
Is this for all bets and betting for the year?
Or is it just for tax tickets which I believe was 300-1?
-
Is this for all bets and betting for the year?
Or is it just for tax tickets which I believe was 300-1?
this is for all reportable winnings you submit on a 1040. If you win $10 on a,scratch-off it doesn't matter. If you play online and itemize, you can't reconcile winners/losers at 100% any longer. Even if you are a net winner, you end up paying more.
You hit a big Pick 5. It pays $20,000. You can offset tax liability by keeping track of your losses during the year. Having $20,000 in losses would be an offset. Under this bill, you would have $2,000 more of tax exposure.
I'm not accountant. I have been a gambler for over 40 years and know the rules thanks to having the same CPA do my taxes since 2000.
-
this is for all reportable winnings you submit on a 1040. If you win $10 on a,scratch-off it doesn't matter. If you play online and itemize, you can't reconcile winners/losers at 100% any longer. Even if you are a net winner, you end up paying more.
You hit a big Pick 5. It pays $20,000. You can offset tax liability by keeping track of your losses during the year. Having $20,000 in losses would be an offset. Under this bill, you would have $2,000 more of tax exposure.
I'm not accountant. I have been a gambler for over 40 years and know the rules thanks to having the same CPA do my taxes since 2000.
BB: thanks for explaining.
The people betting every day, winning $1000 one day on multiple bets during a day on their betting app, is not what we’re talking about, right?
As strange as this sounds, for people at the track live, they’d use the windows more and not their online account in order not to be tracked.
-
You think gamblers are dumb, oh my LOL, they've been using BEARDS too when applicable to cash those track, lottery type tickets since the first cockroach race has been taxed!
Boozy Bob in the alley downing some Night Train, running on empty, in need of a $100, has state issued Id ✔, has a SS card ✔....well, that's how "I hear" it's been done! ngc3
Fuck da Man! ;D
-
No tax on gambling wins in Canada. We pay through the ass for gas instead.
-
Worst piece of anti gambling legislation since the UIGEA Act of 2006 that Bill Frist snuck into a Port Security bill. That essentially took away online poker. Black Friday happened a few years down the road.
This new law tucked into a huuuuge spending increase could cost big players a ton of cash, whether they are winners or losers at the end of every fiscal year. You could actually be a net loser on the year, yet still owe more in taxes because you can't claim up to 100%. This hurts anyone who uses a computer card / slot card at a casino; anyone betting horses at home; any online gambling like WSOP-NJ (which I'm on right now); and all the legit reported winnings (IRS signers).
Oh, and the big part of this horseshit would give ICE a bigger yearly budget than any other western militaries. It's anywhere from a $3.1-$5 trillion + debt crush. This will edge the US toward default without question!
-
god bless the USA
you can right off gambling losses and your mortgage interest
wow!!!
-
I remember growing up in Brooklyn and my uncle telling me about "10 percenters" at the track and at OTB. Do they still exist in this day and age?
-
So on my $.10 super boxes I will only be able to claim $2.16 in loss? That's bullshit! ngc3
-
DOOOGGIEE: JOHN FRANK ARMY gonna be kind here. Got your message. Your LADY must be very nice.
But don't worry. Over all the 32 years I've been posting only one person got to me and his MONIKER was "BURTON".
To your QUESTION: You need to learn alot. Signers were the thin back in day. Used a few I trusted givin them 10% or a little more.
They hung at track for that sole purpose. And they made some decent money. My main guy was a older retired NAVY VET named JOHN. He only had SOCIAL and others used him to. He was glad to sign. And tellers at the signin window knew and did not care. Everyone knew him and what goin on. And he needed te money anyhow. But there where occasions with some younger. 1 got busted for INCOME TAZ EVASION as he was doin it for years. Another took a ticket that 4 friends of mine went in on a pic 6. They had another friend take the ticket which was worth $16,000 and said he was headin downstaires to cash. Know remember he gonna get $1,600. After 1 hour the guy did not return. And this before they could track a ticket. He headed to another OTB and signed and took it all. OH were they lookin for him. He had some hard times and surfaced 5 years later and paid them off. Matter of fac: I ran into him at a OTB about 8 years after the incident,sat down next to him at bar,not knowin who he was. His apperance had changed dramaticcally. He turns to me and say's: JOHN HOW YOU DOIN. I say's you got the advantage. HE goes it's me MIKE. IT is YOU. He hands me 6 $20.00's and say's thanks for lendin me that years ago. I had totally forgotten. He was a chiropracter and changed his life around and married some RICH LADY. Maybe that was part of it. But it convinced me,maybe there was a GOD.
JUST SAYIN. No need these days to use a signer. And go to another post and we will play.
-
Let me know if I understand this new tax correctly:
_________________ _________________ _________________ _________________ _________________ _____
Scenario one: During the year I show winning $100 & losing $200 dollars I would not owe any tax on my winnings:
Winnings: $100
Losses: $200
90% of losses: 0.9 × $200 = $180
Deduction limit: the lesser of your winnings ($100) or 90% of losses ($180)
Deduction allowed: $100
Taxable gambling income: $100 – $100 = $0
So even though the bill disallows 10% of your losses, in this scenario your full $100 of losses still covers your $100 win. You won’t owe any tax.
_________________ _________________ _________________ _________________ _________________ ______
Scenario two:
During the year I show winnings of $100 & loses of $108 I would owe taxes on $2.80.
Winnings $100.00
Losses $108.00
90% of Losses $97.20
Deduction Allowed (lesser of Winnings or 90% of Losses) $97.20
Taxable Gambling Income (Winnings – Deduction Allowed) $2.80
-
Wow, this should only concern those that received a w-2g (with withholding or not) from the track, adw, lottery, casino, wherever.
If you want to file taxes on the other nonsense that doesn't show up on your tax transcripts...by all means.
Seriously, this thread attracted a lot of $2 dollar "millionaires", who seemingly never had a score in their life! ngc3
-
JON FRANK ARMY forgets.
Your all big time gamblers that bet enormous AMOUNTS.
GIVE it a break.
Who the FUC is gonna announce to IRS to audit them.
I forgot> YOUR ALL BIG TIME BETTORS.
-
JON FRANK ARMY forgets.
Your all big time gamblers that bet enormous AMOUNTS.
GIVE it a break.
Who the FUC is gonna announce to IRS to audit them.
I forgot> YOUR ALL BIG TIME BETTORS.
The IRS tax fraud whistleblower line and or form 3949-A to report individuals, businesses...they're only interested in hearing about $5,000,000 or more.
That's Five Million Dollars in income in fraud / scheme to defraud the IRS to those who want rat someone out.
Otherwise even they'll tell ya, fuck off rat!
Most here will tell ya to drop dead!
-
tmbz1
-
Youtalkin to me TRIG.
Maybe stop with your 37 different monikers.
I know my SHIT. Time for you to wise up and start usin,one MONIKER.
-
Youtalkin to me TRIG.
Maybe stop with your 37 different monikers.
I know my SHIT. Time for you to wise up and start usin,one MONIKER.
ngc3
All the monikers are mine except for yours, can you imagine?! tmbz1
-
god bless the USA
you can right off gambling losses and your mortgage interest
wow!!!
And May God Bless And Keep All Y'all Up There Always
Here, some of us don't know write from wrong. But many do.
We understand.
After all, you folks only stopped bowing to Queens in 1982.
-
Let me know if I understand this new tax correctly:
_________________ _________________ _________________ _________________ _________________ _____
Scenario one: During the year I show winning $100 & losing $200 dollars I would not owe any tax on my winnings:
Winnings: $100
Losses: $200
90% of losses: 0.9 × $200 = $180
Deduction limit: the lesser of your winnings ($100) or 90% of losses ($180)
Deduction allowed: $100
Taxable gambling income: $100 – $100 = $0
So even though the bill disallows 10% of your losses, in this scenario your full $100 of losses still covers your $100 win. You won’t owe any tax.
_________________ _________________ _________________ _________________ _________________ ______
Scenario two:
During the year I show winnings of $100 & loses of $108 I would owe taxes on $2.80.
Winnings $100.00
Losses $108.00
90% of Losses $97.20
Deduction Allowed (lesser of Winnings or 90% of Losses) $97.20
Taxable Gambling Income (Winnings – Deduction Allowed) $2.80
No.
Presently you can only deduct losses up to your amount of winnings.
In your first example, you can't deduct $200 presently or $180 going forward.
Going forward, you can deduct losses up to 90% of your winnings.
So, in your first example
Win $100
Lose $200
Your allowable deduction is 90% of the $100 you won, or $90.
Winnings: $100
Less: Allowable Deduction $90
= Taxable Income $10
So, Ipso Fatso, you owe tax on $10.
Which is all kinds of fun since you'll owe tax on income you never received.
But alas, don't despair for gamblers.
Just like Mitch McConnell said of poor white folks losing Medicaid, "Well, they'll just have to get over with."
-
No.
Presently you can only deduct losses up to your amount of winnings.
In your first example, you can't deduct $200 presently or $180 going forward.
Going forward, you can deduct losses up to 90% of your winnings.
So, in your first example
Win $100
Lose $200
Your allowable deduction is 90% of the $100 you won, or $90.
Winnings: $100
Less: Allowable Deduction $90
= Taxable Income $10
So, Ipso Fatso, you owe tax on $10.
Which is all kinds of fun since you'll owe tax on income you never received.
But alas, don't despair for gamblers.
Just like Mitch McConnell said of poor white folks losing Medicaid, "Well, they'll just have to get over with."
Precisely! Perfectly stated. Well done Calhoun. tmbz1
I've always heard there are several big bettors that are members of this forum. So far, we're only seeing displeasure from a few. Bot good
-
Precisely! Perfectly stated. Well done Calhoun. tmbz1
I've always heard there are several big bettors that are members of this forum. So far, we're only seeing displeasure from a few. Bot good
There are lot of limits on deductions etc. in our convoluted tax code.
AI Overview
Federal income tax deductions generally have limits, which can be in the form of dollar amounts or based on a percentage of your income.
Key Deduction Limits for Tax Year 2025 (filed in 2026):
State and Local Tax (SALT) Deduction:
Under current law (part of the 2017 Tax Cuts and Jobs Act (TCJA)), the SALT deduction was capped at $10,000 per household through 2025.
However, a recent bill (sometimes referred to as the "One Big Beautiful Bill") passed by Congress and awaiting the President's signature temporarily increases the SALT cap to $40,000, starting in 2025. This increase will be phased out for taxpayers with modified adjusted gross income (MAGI) over $500,000.
The $40,000 cap will increase by 1% each year through 2029 and then revert to $10,000 in 2030.
Standard Deduction:
This is a fixed amount you can subtract from your income if you choose not to itemize deductions.
2025 Standard Deduction Amounts:
Single or Married Filing Separately: $15,000
Married Filing Jointly or Qualifying Surviving Spouse: $30,000
Head of Household: $22,500
Additional Standard Deduction (for those 65 or older or blind):
This is an extra amount you can add to your standard deduction if you are 65 or older or blind.
For 2025, it's $2,000 for single filers or heads of household, and $1,600 for married individuals.
Itemized Deductions (General Limitation):
There is no overall limitation on itemized deductions for tax years 2018 through 2025.
However, individual itemized deductions may have specific limits, based on your Adjusted Gross Income (AGI).
Examples of such limitations include:
Medical Expenses: Deductible only to the extent they exceed 7.5% of your AGI.
Charitable Contributions: Starting in 2026, those who don't itemize can claim up to $1,000 (or $2,000 for married couples).
Home Equity Debt Interest: For debts incurred after December 15, 2017, the interest deduction is limited to the interest on $750,000 of debt for married couples filing jointly.
Other Potential Limits/Changes:
Excess Business Loss Limitation: This limitation treats excess business losses as net operating losses (NOLs) that can be carried forward. The current limitation makes this permanent.
Qualified Business Income (QBI) Deduction: The 20% deduction is made permanent, and the phase-in window for limitations is expanded.
Retirement Savings Contribution Credit: Income limits for claiming this credit have increased for 2025.
-
No.
Presently you can only deduct losses up to your amount of winnings.
In your first example, you can't deduct $200 presently or $180 going forward.
Going forward, you can deduct losses up to 90% of your winnings.
So, in your first example
Win $100
Lose $200
Your allowable deduction is 90% of the $100 you won, or $90.
Winnings: $100
Less: Allowable Deduction $90
= Taxable Income $10
So, Ipso Fatso, you owe tax on $10.
Which is all kinds of fun since you'll owe tax on income you never received.
But alas, don't despair for gamblers.
Just like Mitch McConnell said of poor white folks losing Medicaid, "Well, they'll just have to get over with."
I used the Microsoft AI Copilot tool & asked verbatim the following question: "after the new usa budget takes effect what if any are the tax consequences of the following scenario, i won $100 gambling but lost $200" ............... The answer was 0 taxable income.
_________________ _________________ _________________ _________________ _________________ ______
I then asked the following question: after the new usa budget takes effect what if any are the tax consequences of the following scenario, i won $100 gambling but lost $109 ................. .. The answer was taxable income of $1.90
-
they will rewrite this befor 2026
-
https://www.drf.com/news/bill-introduced-restore-full-gambling-loss-write