Big, beautiful poke in the ass for gamblers!

[Trigger]

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!   

[JOHN FRANK]

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]

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!

 

[Harness racer]

 

[JOHN FRANK]

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]

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.

 

All the monikers are mine except for yours, can you imagine?! 

[Calhoun]

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]

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."

[bigbettor]

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. 
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

[Kenny]

Precisely! Perfectly stated. Well done Calhoun. 
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.