Big, beautiful poke in the ass for gamblers!

[bigbettor]

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  by Trump and the Republicans

[Admin]

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

[jdogg1977]

Sounds like you're getting exactly what you voted for.  FAFO.  Welcome to the Find out stage

[Admin]

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

[RR70s]

Is this for all bets and betting for the year?
Or is it just for tax tickets which I believe was 300-1?

[bigbettor]

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.

[RR70s]

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.

[Trigger]

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!   

Fuck da Man! 

[mwins]

No tax on gambling wins in Canada. We pay through the ass for gas instead.

[Mr. Fix-It]

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!

[Brown jug]

god bless the USA
you can right off gambling losses and your mortgage interest

wow!!!

[dougie]

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?