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US taxation on gambling wins

Discussion in 'Casinomeister's Poker Room' started by jetset, Sep 2, 2007.

    Sep 2, 2007
  1. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    Good article here on new tax provisions affecting US land casino players who win over $5 000.

    You must register/login in order to see the link.
     
  2. Sep 2, 2007
  3. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    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.
     
  4. Sep 2, 2007
  5. SlotsWizard

    SlotsWizard Dormant account webmeister

    Occupation:
    I currently work for the Wizard of Odds
    Location:
    North of Antarctica
    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. -

    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.
     
  6. Sep 2, 2007
  7. tennis_balls

    tennis_balls Dormant account

    Occupation:
    fish n chips promoter
    Location:
    Albuquerque, NM
    such bullshit!......brought to you by the toilet-stall toe-tapping american taliban
     
  8. Sep 2, 2007
  9. SlotsWizard

    SlotsWizard Dormant account webmeister

    Occupation:
    I currently work for the Wizard of Odds
    Location:
    North of Antarctica
    "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)
     
  10. Sep 2, 2007
  11. Mousey

    Mousey Ueber Meister Mouse CAG

    Occupation:
    Pencil Pusher
    Location:
    Up$hitCreek
    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?
     
  12. Sep 2, 2007
  13. BingoT

    BingoT Nurses love to give shots webmeister

    Occupation:
    Nursing & Run Bus Trips
    Location:
    Hartford,Ct
    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.
     
  14. Sep 2, 2007
  15. silcnlayc

    silcnlayc Just one more spin pleez! CAG MM PABnonaccred PABaccred

    Occupation:
    IT Director of Operations
    Location:
    Left Hungary
    Taxes

    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.
     
    2 people like this.
  16. Sep 2, 2007
  17. BingoT

    BingoT Nurses love to give shots webmeister

    Occupation:
    Nursing & Run Bus Trips
    Location:
    Hartford,Ct
    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
     
  18. Sep 2, 2007
  19. victor_tenn

    victor_tenn Dormant account

    Occupation:
    Warehouse clerk
    Location:
    Nashville, Tennessee
    let try to repeal the IRS in the next election then.

    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
     
  20. Sep 2, 2007
  21. silcnlayc

    silcnlayc Just one more spin pleez! CAG MM PABnonaccred PABaccred

    Occupation:
    IT Director of Operations
    Location:
    Left Hungary
    Actually many don't...

    BingoT, many don't know this. I have run across many of my friends who play at gambling and always thought they could claim losses in one year from another and the same for the types of wins/losses. They thought they could write off track wins from gambling at casino losses...just thought I would refresh the USA players on this minor oversight of our wonderful governments nit picking..
     
    2 people like this.
  22. Sep 2, 2007
  23. lojo

    lojo Banned User - repetitive violations of <a href="ht

    Occupation:
    Tradesman
    Location:
    USA
    I think it was during Reagans admin that the carry over was abolished... three year averaging.

    Old myths die hard :D
     
  24. Sep 2, 2007
  25. lojo

    lojo Banned User - repetitive violations of <a href="ht

    Occupation:
    Tradesman
    Location:
    USA
    Do casinos still require W2G for slots at 1200? Do they require this as well from Poker tourneys or does the new ruling make it 5k?

    A bit OT, but not really You must register/login in order to see the link. seems to be a case where a judge was found guilty of filing false tax returns because "US Court Rules Not Reporting Gambling Activity When Net is a Loss is a Crime". That, my friends, sucks.

    Story You must register/login in order to see the link.
     
  26. Sep 2, 2007
  27. Atlanta

    Atlanta Banned User - player fraud - violation of <a href=

    Occupation:
    Gambling
    Location:
    Atlanta
    Damn. They expect us to defeat the odds that is already against us in a casino. And then give them a cut. Yep we as American People allows anything.

    I would like to know...What would happen if enough people decided to stop paying their taxes?
     
  28. Sep 2, 2007
  29. SlotsWizard

    SlotsWizard Dormant account webmeister

    Occupation:
    I currently work for the Wizard of Odds
    Location:
    North of Antarctica
    The news would become a lot more boring - we wouldn't be able to watch republicans make asses of themselves.
     
  30. Sep 2, 2007
  31. lojo

    lojo Banned User - repetitive violations of <a href="ht

    Occupation:
    Tradesman
    Location:
    USA
    Is that what the good senator was trying to make? LOL there were 6 guys in a two head bathroom at a concert the other night in Utah, I held my nose and said, 'paging larry craig, paging larry craig' and they scattered. bwahaha
     
  32. Sep 2, 2007
  33. SlotsWizard

    SlotsWizard Dormant account webmeister

    Occupation:
    I currently work for the Wizard of Odds
    Location:
    North of Antarctica
    :lolup:

    What a great way to clear a bathroom when you need a toilet in a hurry!
     
    1 person likes this.
  34. Sep 3, 2007
  35. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    If you file as a pro you can carryover your losses from a losing year into a winning year as long as you have shown a pattern of being a winning player. For example I have filed as a winning pro since 2003 (some years with other income too) so if I have a losing year I can write off the max that year and carryover any losses over the max as a business loss. Of course talk to a tax advisor before doing this.
     
    1 person likes this.
  36. Sep 3, 2007
  37. Simmo!

    Simmo! Moderator Staff Member

    Occupation:
    Web Dev.
    Location:
    England
    What I don't get is this:

    When you hit a $1200 in a B&M in America you get a "Call Attendent" message up and the screen locks, and you have to do all the IRS forms. So how do high rollers cope with this? If someone is spinning $50/$100 or more a spin, surely that's gonna happen all the time??
     
  38. Sep 3, 2007
  39. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    Correct, they need to keep good records of their play so they can deduct losses. Also if you're playing somewhere that has a player's club they will collect win/loss information. The trouble is that unless you file as a pro you will get screwed because you will lose your standard deduction by writing off gambling losses. The only exception to that is if you already itemized deductions. Examples of this are giving lots to charities or carry a large mortgage on a home.
     

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