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2
Posted on 7/7/25 at 3:55 pm to TheWalrus
You can track it online and they send you an annual statement. But they don't send you a W2G or report it to the IRS unless certain thresholds are met. If they wanted to kill legal gambling altogether they would just make everything reportable.
Posted on 7/7/25 at 3:57 pm to TheWalrus
quote:
mean if you are using legal online Sportsbooks, I’d imagine it is very easy to track every bet.
but even if you are scattering gambling through apps, in person, in slots at multiple casinos, etc?
Posted on 7/7/25 at 3:59 pm to Eighteen
But it was a beautiful bill!!!
Posted on 7/7/25 at 3:59 pm to Eighteen
quote:
but even if you are scattering gambling through apps, in person, in slots at multiple casinos, etc?
Unless you are going this all in cash, including not putting your winnings in the bank, you aren’t going to be nearly as slick as you think you are
Posted on 7/7/25 at 4:20 pm to Eurocat
They crammed way too much into this thing - bills should be short, easy to understand, and most importantly narrow in scope.
I have a lot of disagreements with him, but Elon hit the nail on the head: “a bill can either be big or beautiful; not sure if it can be both.”
I have a lot of disagreements with him, but Elon hit the nail on the head: “a bill can either be big or beautiful; not sure if it can be both.”
Posted on 7/7/25 at 4:28 pm to Eurocat
This is an example of how absurd sports betting tax law already is:
Say you have 100k in “winning bets”
You have 150k in losing bets
So in reality you have lost 50k betting
But according to how the law is written, you are supposed to report the 100k as income and then you report losses up to the amount of your gambling income.
If your other income adds up to 100k, essentially it changes your income to 200k but then you deduct the 100k and you are back where you should be.
But if your other itemized deductions add up to less than the standard deduction, you pay tax on the difference.
So if the standard deduction is 14k and you have 4k in other itemized deductions, you are paying taxes on 10k even though you actually lost 50k gambling.
Of course that makes no fricking sense, so people don’t do it that way, but that’s how I’ve seen tax attorneys describe the interpretation of the law as written.
Say you have 100k in “winning bets”
You have 150k in losing bets
So in reality you have lost 50k betting
But according to how the law is written, you are supposed to report the 100k as income and then you report losses up to the amount of your gambling income.
If your other income adds up to 100k, essentially it changes your income to 200k but then you deduct the 100k and you are back where you should be.
But if your other itemized deductions add up to less than the standard deduction, you pay tax on the difference.
So if the standard deduction is 14k and you have 4k in other itemized deductions, you are paying taxes on 10k even though you actually lost 50k gambling.
Of course that makes no fricking sense, so people don’t do it that way, but that’s how I’ve seen tax attorneys describe the interpretation of the law as written.
This post was edited on 7/7/25 at 4:29 pm
Posted on 7/7/25 at 4:42 pm to ForeverEllisHugh
The cult of Trump once railed against pork…now they’re stuffing their faces with it because daddy told them to, it’s weird the amount of mental gymnastics they do to defend him.
I voted for him but don’t hesitate to call him out on his bullshite, Trump 2.0 started off well but has been pretty disappointing in recent months. As usual they’ll choose to believe this was all a 4D move with a greater move to come….
Anyway this probably only affects the people that actually honestly report their winnings, it’s bullshite but probably not worth the amount of sky screaming over it.
I voted for him but don’t hesitate to call him out on his bullshite, Trump 2.0 started off well but has been pretty disappointing in recent months. As usual they’ll choose to believe this was all a 4D move with a greater move to come….
Anyway this probably only affects the people that actually honestly report their winnings, it’s bullshite but probably not worth the amount of sky screaming over it.
Posted on 7/7/25 at 4:59 pm to Eurocat
I would support this.
A flat 5% federal tax on all gambling winnings above the W2-G threshold and increase that threshold to 2,500 dollars or 5,000 dollars. Money is taken out at time of winning. No complex accounting or logs. Just a flat tax.
A flat 5% federal tax on all gambling winnings above the W2-G threshold and increase that threshold to 2,500 dollars or 5,000 dollars. Money is taken out at time of winning. No complex accounting or logs. Just a flat tax.
Posted on 7/7/25 at 4:59 pm to TheWalrus
quote:
So if the standard deduction is 14k and you have 4k in other itemized deductions, you are paying taxes on 10k even though you actually lost 50k gambling.
State of Oklahoma got me from last year.
I never knew this but they passed a law in 2019 that only lets you deduct 17k.
Well last year I hit a lot of jackpots, but still ended up losing a good chunk, only for good ol Oklahoma to come demanding money.
Complete horseshite.
They had a bill that made it to the governors desk to allow the federal level of deduction(you lose more than you win you pay nothing) but the son of a bitch just vetoed it a couple weeks ago. Must have had a bunch of other fluff in it.
This post was edited on 7/7/25 at 5:01 pm
Posted on 7/7/25 at 5:02 pm to razorbackfan4life
And I don't know how anyone could possible support this non sense.
How the frick are you supposed to pay taxes on loss?
There's no logic in it.
How the frick are you supposed to pay taxes on loss?
There's no logic in it.
Posted on 7/7/25 at 5:03 pm to ForeverEllisHugh
quote:
bills should be short, easy to understand, and most importantly narrow in scope.
Member when he promised to do just that?
Posted on 7/7/25 at 5:05 pm to razorbackfan4life
quote:
How the frick are you supposed to pay taxes on loss?
There's no logic in it.
The tax code is about incentives and social engineering.
The feds want to discourage gambling and by limiting the losses they are making it more expensive and punitive to engage in gambling.
Tax code is primarily about social engineering not revenue collection.
Posted on 7/7/25 at 5:06 pm to TheWalrus
The federal gubmint is ensuring the mob has a steady income source.
Posted on 7/7/25 at 5:10 pm to jclem11
quote:
The tax code is about incentives and social engineering.
Posted on 7/7/25 at 5:12 pm to Eurocat
Vegas thought business was slacking now, hold onto your butts.
Posted on 7/7/25 at 5:15 pm to Chrome
quote:
Vegas thought business was slacking now, hold onto your butts.
It's gonna prevent me from going. frick that.
Casinos aren't going to like it.
Posted on 7/7/25 at 5:29 pm to razorbackfan4life
In a sports book you could look in a trash can & find 10k worth of losing tickets too offset your winnings. Do that a few times if needed 
Posted on 7/7/25 at 5:30 pm to bradygolf98
quote:
Say goodbye to the massive income Vegas receives from the WSOP. No professional will want to attempt to overcome this.
In my mind, they're just going to lose out on the tax money all together. Any professional knows that there is no way to overcome this and will just stop all together, thus 0 tax revenue from gambling. Losing gamblers don't care enough and aren't going to make their losses higher by paying these taxes. They'll just hope that they don't get audited.
If they wanted to get rid of professional gambling, then congrats I guess? Seems short sighted though.
Gamblers are literal fricking addicts.
You think that an extra 10% tax is going to stop them from getting their next fix?
Posted on 7/7/25 at 5:32 pm to TheWalrus
Gambling is not a “business expense”
You don’t get to deduct your “losses” from banging hookers or snorting blow, why should you be able to deduct losses above and beyond winnings.
You don’t get to deduct your “losses” from banging hookers or snorting blow, why should you be able to deduct losses above and beyond winnings.
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