Comments on: The Taxing Part of Gambling

By: queen of comps

queen of comps — Fri, 27 Apr 2012 18:27:31 +0000

The latest edition is shown at http://www.shoplva.com/collections/ebooks/products/tax-help-for-gamblers-2nd-edition-ebook. Be sure you refresh a page if it shows the old edition.

By: Nancy Turnage

Nancy Turnage — Fri, 27 Apr 2012 18:26:22 +0000

Never mind. I found the 2nd edition on a later page on LVA and ordered it.

By: Nancy Turnage

Nancy Turnage — Thu, 26 Apr 2012 22:08:54 +0000

I can’t find a way to order the latest e-book edition of your tax book. The e-book at the LVA link appears to be only the original edition.

Can you provide a link where I could order the latest edition of the e-book?

Thanks,
Nancy

By: Dave H.

Dave H. — Sun, 15 Apr 2012 14:42:49 +0000

Relax George. Whether you file as a professional gambler, or as a bricklayer working for yourself, that is YOUR job. You may legally and ethically AVOID taxes, but not EVADE them. 401K’s for individuals are legit. Frugal common sense is not a crime:-)

By: GEORGE MILTON

GEORGE MILTON — Sun, 15 Apr 2012 03:37:32 +0000

And we can still shelter some of our income with 401K plans

SEEMS TO ME YOU SHOULD HAVE A JOB TO PUT IN 401K MONEY–WITH A COMPANY THAT HAS A 401K PLAN. CHEATING UNCLE SAM ??

By: dave

dave — Sat, 14 Apr 2012 10:16:19 +0000

Dan-

I am an accountant. And yes, any state taxes you pay are deductible on Schedule A. I know you normally don’t have any state taxes since you live in Texas, but rest assured that that’s where all state taxes go on your tax return, not just gambling-related ones. So, not to worry there.

Depending on your specific tax number, it might be possible to file in Louisiana and get a small portion of the withholding back, even if you’re not a professional gambler. The withholding is an estimate — your actual Louisiana tax liability may be more or less than that number.

By: George Mikutowicz

George Mikutowicz — Fri, 13 Apr 2012 20:09:32 +0000

I seem to be in your camp regarding 2012 ROYAL successes.
100000+ hands since my last ROYAL. The “royal fairy” obviously does not understand statistics.

George

By: Cheryl

Cheryl — Fri, 13 Apr 2012 13:38:27 +0000

Do you know if the tax law will be changing next year for filing expenses against winnings? Our accountant said so, the government does not like how it set up that you can deduct your expenses against winnings.

May good luck be with you always!

By: Bill Draper

Bill Draper — Fri, 13 Apr 2012 13:25:15 +0000

If you do not mind, what would be the appropriate activity code to put on schedule C? Is see 713200 as gambling industry.
Bill

By: Dan Sowards

Dan Sowards — Fri, 13 Apr 2012 12:41:22 +0000

Jean, quick question. I, too, have incurred state tax in Louisiana on W2G VP wins. I live in Texas. In the past I’ve deducted that tax on my Schedule A under “taxes.” I’ve not been questioned by the IRS on this in the past. Do you see a problem with handling this tax in this manner? Obviously I’m not a professional gambler so I wouldn’t be handling it the same way you have described above. Thanks.