US taxation on gambling wins

**jetset** · 2nd September 2007, 10:05 AM

Good article here on new tax provisions affecting US land casino players who win over $5 000.

http://www.cardplayer.com/poker-news...ament-winnings

**pokeraddict** · 2nd September 2007, 10:24 AM

Yeah isn't this crap? I wonder how many fewer will be playing big tourneys, especially people from outside the US. 25% is beyond ridiculous too.

**SlotsWizard** · 2nd September 2007, 10:42 AM

I guess poker is right up there with lotteries now?

And the court ruling referring to in the following quote sets a convenient precedent for the DOJ etc. -

Language in the new tax code pointed to a tax court ruling that took place earlier this year. The ruling held that tournament poker is not a skillful competition and should be considered a gambling activity, at least for the purposes of taxation.

No doubt that ruling will be used in the future to squash any hope of online poker being deemed a skill game.

"At least for the purposes of taxation" my ass.

**tennis_balls** · 2nd September 2007, 10:45 AM

such bullshit!......brought to you by the toilet-stall toe-tapping american taliban

**SlotsWizard** · 2nd September 2007, 10:50 AM

Originally Posted by tennis_balls

such bullshit!......brought to you by the toilet-stall toe-tapping american taliban

"I'm telling you, I picked up the piece of toilet paper with my right hand."

"You had a wedding ring on your hand, I saw it with my own eyes. It was your left hand."

"Okay, then you saw something that didn't happen."

(I'm paraphrasing here)

**Mousey** · 2nd September 2007, 01:35 PM

So if they take out their 25 (f*ckin') percent when we win, does that mean we can get it back if we overpaid our taxes come tax time?

**BingoT** · 2nd September 2007, 01:58 PM

The government still hits us already.
If you hit a jackpot of $2000.00 they take the money.anything over $1199.00 And the State where you live take some too.
The best is save all your old lotto and your gaming loses and clam them.You have the right to clam up to what you won in loses.

**silcnlayc** · 2nd September 2007, 03:15 PM

The best is save all your old lotto and your gaming loses and clam them

You can only claim what you lost in the year you gambled. Old tickets are no good. It is stated that if you lost in 1999 you cannot claim it in 2005 (an example).

It is in the year of the loss and win you can offset each other, otherwise it is a wash..or in otherwords , you SOL and have to bite the bullet and pay your taxes on the winnings as an income for that year.

If you win at the track, the only offset is from track winnings. Same as if you win at a casino you can offset losses from the casino. Like as like win loss are allowed. You cannot file losses at the track against your casino winnings. Sucks, but that is the way it works.

I have been filing W9-G forms for many years...hope this helps.

**BingoT** · 2nd September 2007, 03:36 PM

Originally Posted by BingoT

The best is save all your old lotto and your gaming loses and clam them.You have the right to clam up to what you won in loses.

I would think everyone knows this.That you can ONLY clam what you lost in that year.I did'nt mean old stuff from 10 years past.
When I won that $14500.00 I saved every ticket I found at the Dogs,Lotto's,Jai-Alai up to that amt
In That Year

**victor_tenn** · 2nd September 2007, 06:23 PM

Hi Everyone,
This is my first post, but maybe it a good time to tell everyone here to read about The fair tax at thefairtax dot org. Let's abolish the IRS in the next presidential cycle if we can.

Just a thought.

Sincerely,
Steve