Comments on: Tax Updates for Gamblers

By: Kevin Lewis

Kevin Lewis — Sat, 15 Feb 2014 23:36:58 +0000

The law that says you can’t deduct losses from winnings unless you itemize means that gamblers with W-2Gs are faced with two horrible choices: pay taxes on gambling “income” when they actually LOST money gambling during the year, or itemize and throw the standard deduction out the window (and if your itemized deductions are less than the standard deduction, you lose the difference by itemizing!). I have actually REFUSED to count W2-Gs as income statements and filed my gambling income as “zero” in those years when I had a net loss. I’ve only been bothered once, and my accountant actually convinced them to accept the session accounting method, even though I wasn’t a Schedule C filer for THAT activity. Moral: push back against the most egregiously unfair practices, and be prepared to stand up for yourself, through an audit and even tax court if you must. It’s better than bending over and paying taxes on your LOSSES! (The gummint wonders why so many people evade their taxes–it’s because the tax code is so criminally unfair!)

By: Patti G.

Patti G. — Fri, 14 Feb 2014 03:20:14 +0000

After having a very good year in Indiana, which take the state tax before paying you automatically, we have come to learn that they will not give it back to you if you live in Illinois, which is where we live. Now of course Illinois wants their share too. So we are being hit twice for state taxes when we only live in one state! It was a real shock to our accountant. He said it was like a little secret that you don’t discover till you file an out of state form. The same with Wisconsin. it really stinks since we prefer to gamble in Indiana.

By: norman

norman — Thu, 13 Feb 2014 06:14:51 +0000

I am done with high stakes gaming in the USA. The tax issues are not worth it. Taxing players instead of casinos is ridiculous. I think if we could start a movement the tax laws would change. The taxable amount of $1,200 is outdated. From now on quarter video poker is enough.