Author Topic: Big, beautiful poke in the ass for gamblers!  (Read 1696 times)

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Trigger

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Re: Big, beautiful poke in the ass for gamblers!
« Reply #15 on: July 03, 2025, 05:14:28 PM »
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

"Be kind to animals and care for them." - Roy Rogers

JOHN FRANK

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Re: Big, beautiful poke in the ass for gamblers!
« Reply #16 on: July 03, 2025, 05:20:52 PM »
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.

Trigger

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Re: Big, beautiful poke in the ass for gamblers!
« Reply #17 on: July 03, 2025, 05:50:02 PM »
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!

 
"Be kind to animals and care for them." - Roy Rogers

Harness racer

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Re: Big, beautiful poke in the ass for gamblers!
« Reply #18 on: July 03, 2025, 09:20:26 PM »
 tmbz1

JOHN FRANK

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Re: Big, beautiful poke in the ass for gamblers!
« Reply #19 on: July 03, 2025, 10:20:52 PM »
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.

Trigger

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Re: Big, beautiful poke in the ass for gamblers!
« Reply #20 on: July 03, 2025, 10:35:41 PM »
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
"Be kind to animals and care for them." - Roy Rogers

Calhoun

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Re: Big, beautiful poke in the ass for gamblers!
« Reply #21 on: Today at 08:15:58 AM »
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.




Calhoun

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Re: Big, beautiful poke in the ass for gamblers!
« Reply #22 on: Today at 08:44:35 AM »
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."




 

shout out

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