- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
The new sports betting tax in the BBB could kill sports betting
Posted on 7/4/25 at 5:18 pm
Posted on 7/4/25 at 5:18 pm
You now pay taxes on 100% of your winnings minus 90% of your losses.
if you win $1,000,000 and lose $1,005,000, you owe taxes on $96,500.
Whoever passed this bill has no concept of how gambling works.
if you win $1,000,000 and lose $1,005,000, you owe taxes on $96,500.
Whoever passed this bill has no concept of how gambling works.
Loading Twitter/X Embed...
If tweet fails to load, click here. This post was edited on 7/5/25 at 4:13 pm
39
Posted on 7/4/25 at 5:20 pm to Corinthians420
Posted on 7/4/25 at 5:24 pm to Corinthians420
Absolutely terrible bill.
Posted on 7/4/25 at 5:26 pm to Corinthians420
already use off shore accounts.
Posted on 7/4/25 at 5:27 pm to SeeeeK
quote:
already use off shore accounts.
that's gonna be the only option next year
Posted on 7/4/25 at 5:30 pm to Corinthians420
This may be the best part of the bill the percentage of college age young men that are addicted to online gambling is absolutely insane
Posted on 7/4/25 at 5:32 pm to OWLFAN86
funny that you think they'll realize the tax law changes and quit gambling rather than just magically end up owing $20k on top of their losses
This post was edited on 7/4/25 at 5:33 pm
Posted on 7/4/25 at 5:33 pm to Corinthians420
Good maybe we will get honest sports results and Vegas won't control the outcomes
Posted on 7/4/25 at 5:34 pm to burke985
sports betting wasn't legal when the NFL robbed the Saints
Posted on 7/4/25 at 5:37 pm to Corinthians420
Posted on 7/4/25 at 5:37 pm to Corinthians420
Funny that anyone in this thread thinks gamblers are paying taxes
Posted on 7/4/25 at 5:37 pm to Corinthians420
People who used the standard deduction were screwed already if they did things by the book. Very few did since they didn’t get tax forms.
Posted on 7/4/25 at 5:59 pm to Corinthians420
Whats the minimum you pay taxes on? 5k?
Posted on 7/4/25 at 6:03 pm to Corinthians420
I liked gambling better when it was illegal
Posted on 7/4/25 at 6:05 pm to slutiger5
quote:
Whats the minimum you pay taxes on? 5k?
You must report all gambling winnings to the IRS regardless of amount.
Currently you can offset your winnings with your losses and only have to pay taxes on your winnings. next year you will have to pay taxes on all winnings and can only offset winnings with 90% of your losses.
If you haven't reported in the past you should always be aware the IRS can come knocking at any time. They have the info on file. the sportsbook only automatically deduct winnings of 300x your original bet, the rest you are supposed to report yourself.
Posted on 7/4/25 at 6:27 pm to Corinthians420
quote:
You must report all gambling winnings to the IRS regardless of amount.
35 years worth un claimed and counting
Posted on 7/4/25 at 6:30 pm to SeeeeK
BetMGM has sent me earnings forms a couple of years, so I felt like I better report and pay.
It’s ridiculous you could have more losses than wins and be liable to pay now.
It’s ridiculous you could have more losses than wins and be liable to pay now.
Posted on 7/4/25 at 6:34 pm to Corinthians420
Elections have consequences.
Posted on 7/4/25 at 6:35 pm to SeeeeK
quote:
35 years worth un claimed and counting
i mean that's great and all until someone in the IRS/government decides they don't like you for whatever reason...
Posted on 7/4/25 at 6:45 pm to Corinthians420
Bookies will make a comeback.
Page 1 of 7
Popular
Back to top
Follow TigerDroppings for LSU Football News