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?

[Harness racer]

So on my $.10 super boxes I will only be able to claim $2.16 in loss?  That's bullshit!   

[JOHN FRANK]

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.

[helpplease]

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