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Started By
Message
re: Tax bill has gamblers confused and mad, may still have to pay taxes even if they lose.
Posted on 7/7/25 at 5:33 pm to Pecos Pedro
Posted on 7/7/25 at 5:33 pm to Pecos Pedro
quote:
You think that an extra 10% tax is going to stop them from getting their next fix?
I believe it will.
0
Posted on 7/7/25 at 5:59 pm to Pecos Pedro
quote:
Gamblers are literal fricking addicts.
Professional gamblers are fricking nerds that are good at math
quote:
You think that an extra 10% tax is going to stop them from getting their next fix?
Absolutely
This post was edited on 7/7/25 at 6:03 pm
Posted on 7/7/25 at 6:02 pm to Mingo Was His NameO
quote:
The provision was written by an Idaho legislator, where gambling isn’t legal.
Mike Crapo really lives up to his name.
Posted on 7/7/25 at 6:11 pm to Eurocat
They should
Posted on 7/7/25 at 6:50 pm to Eurocat
This seems fair to me. It should be more strict IMO. What makes someone a “professional gambler?” Who’s to say somebody just has an addiction and wants Uncle Sam to pay back 1/3 of his mistakes?
Posted on 7/7/25 at 6:52 pm to Dallaswho
quote:
Who’s to say somebody just has an addiction and wants Uncle Sam to pay back 1/3 of his mistakes?
Retard
Posted on 7/7/25 at 6:52 pm to Mingo Was His NameO
You have to wonder if this was some sort of political statement from the Republican Party.
Right now, Nevada has two Democrat Senators. Nevada also has five Congresspeople and four are Democrats.
It’s definitely a purple state. If Nevada had one Republican senator, that Senator could’ve stopped this bill from being passed. The House is so close that just a couple of Republican Congress people could’ve stopped this bill.
Further, we all know that Nevada cheats like motherf*ckers in every election. This is especially true for Clark County that always comes in late and comes in almost exclusively for Democrats.
Perhaps Congress is trying to send a message to tell these motherf*ckers to stop cheating and elect a couple of Republicans given that the state is purple and not some deep blue shithole.
I say this, realizing that other states now have gambling. However, no State relies on gambling revenue and gambling tourism as much as Nevada.
Right now, Nevada has two Democrat Senators. Nevada also has five Congresspeople and four are Democrats.
It’s definitely a purple state. If Nevada had one Republican senator, that Senator could’ve stopped this bill from being passed. The House is so close that just a couple of Republican Congress people could’ve stopped this bill.
Further, we all know that Nevada cheats like motherf*ckers in every election. This is especially true for Clark County that always comes in late and comes in almost exclusively for Democrats.
Perhaps Congress is trying to send a message to tell these motherf*ckers to stop cheating and elect a couple of Republicans given that the state is purple and not some deep blue shithole.
I say this, realizing that other states now have gambling. However, no State relies on gambling revenue and gambling tourism as much as Nevada.
Posted on 7/7/25 at 7:28 pm to Eurocat
Nobody, and I mean nobody who is a net loser gambling reports any of that whatsoever on their taxes.
And most everyone is a net loser with gambling.
And most everyone is a net loser with gambling.
Posted on 7/7/25 at 7:40 pm to Mingo Was His NameO
quote:
Gamblers are literal fricking addicts.
Professional gamblers are fricking nerds that are good at math
quote:You think that an extra 10% tax is going to stop them from getting their next fix?
From a gambler myself, we are no different than mathematicians playing the stock market. Except out big win comes in the next hand of cards, roll of the dice, spin on a slot machine, or a big bet on a football team to win.
Sometimes we win a lot and other times we lose our arse.
It is no different than a business taking a gamble on a new venture or buying the next penny stock that becomes the next big thing.
Posted on 7/7/25 at 7:43 pm to Eurocat
So did some politicians just get greedy, looking for a way to increase tax dollars?
Or did some holier than thou politicians who want gambling and Vegas ruined figure out a way to do it?
So how much of legal gambling moves offshore and the politicians wave buh bye to those tax dollars?
Or did some holier than thou politicians who want gambling and Vegas ruined figure out a way to do it?
So how much of legal gambling moves offshore and the politicians wave buh bye to those tax dollars?
Posted on 7/7/25 at 8:46 pm to Eurocat
quote:
Until now, gamblers have been allowed to deduct all of their betting losses from their declared income - meaning, bettors who win more than they lose over the course of a year pay taxes only on their profits.
The bold part is incorrect. Gambling losses go on Schedule A and can only be claimed if you itemize. They don't offset winnings on a dollar-for-dollar basis.
quote:
Gambling losses
You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized Deductions."
IRS.GOV
Posted on 7/7/25 at 8:52 pm to Pecos Pedro
quote:
Gamblers are literal fricking addicts. You think that an extra 10% tax is going to stop them from getting their next fix?
That’s not the point of my post. There are professional gamblers that make a living doing what they’re doing. They are the ones footing the taxes for gamblers in this country. This won’t stop Joe from throwing together his $10 parlay on Sunday to watch the NFL.
What I’m saying is ultimately you’re going to kill the industry and the tax revenue brought in from it because the people actually paying the taxes will just retire or move to a country that allows them to continue making a living doing what they’re doing. Which still causes the US to lose that tax money.
Posted on 7/7/25 at 8:56 pm to bradygolf98
quote:
What I’m saying is ultimately you’re going to kill the industry and the tax revenue brought in from it
I think a lot of people are just fine with that.
Posted on 7/7/25 at 8:58 pm to Mingo Was His NameO
quote:
Professional gamblers are fricking nerds that are good at math
Getting downvoted for being right
There are mathematicians that are professional sports bettors that know nothing about sports other than the stats that populate their excel sheet every morning. Any professional gambler is a math nerd, sports, poker, etc, it’s all about the edge against the house to those guys.
So common sense tells you that if they know they can’t overcome the new tax code, their math brain won’t do it, at least in the US. It’s fairly simple to understand.
Posted on 7/7/25 at 8:58 pm to bradygolf98
I can also see fewer gambling contests that bring in customers to the gaming areas, spending money with local merchants.
Its not just casinos that this hurts. And with less tax revenue from gambling, politicians will look for new ways to bleed money from the tax payers
Its not just casinos that this hurts. And with less tax revenue from gambling, politicians will look for new ways to bleed money from the tax payers
This post was edited on 7/7/25 at 9:04 pm
Posted on 7/7/25 at 9:02 pm to TheOcean
quote:
I think a lot of people are just fine with that.
Like I said earlier, if that’s what they want, okay congrats. It’s just a lot of tax money that’s going to need to be replaced elsewhere.
My main point is that someone said it’s their way of increasing tax revenue without raising tax rates and I think the complete opposite will happen.
Posted on 7/7/25 at 11:00 pm to Eighteen
quote:Casinos are required to issue form W-2G when a gambler wins money above a certain threshold. It's over $1,000 for some games, higher for others. Several years ago I was playing craps on a kiosk and the machine locked after I won about $1500. A rep came out and made me sign the form, then she paid me cash, then reset the machine, and I was able to put money back in and continue playing.
How would the IRS even be able to actually (at least efficiently and accurately) audit gambling winnings/losses?
I don't gamble like that anymore, so don't think I am bragging. I could tell an even more sad story of losing more than that. It's fun if you just leave it at that, having some fun.
Posted on 7/7/25 at 11:23 pm to JohnnyKilroy
quote:
While I philosophically disagree with this aspect of the bill, sports gambling has jumped the shark so fricking bad I’m ok with it.
The thing that made me realize sports gambling was out of control is when I bought some new hats on fanatics a few months ago. As a part of the checkout process they “invited” me to sign up for whatever their stupid gambling platform is and get a matching contribution equal to my purchase price. I thought to myself how this shite is so common, how many kids see promotions like this and want to sign up and the entire culture glorifying sports gambling. Every single pregame sports show on TV these days has the lines and gambling promo codes, it’s sickening.
I personally think sports gambling is going to have a major reckoning soon. We already have players getting banned for betting and throwing games, only a matter of time till we get a coach or ref implicated and we get a real scandal. I can’t wait, I hope draftkings, fanduel and every other online gambling platform gets forced to shut down.
Posted on 7/7/25 at 11:24 pm to Eurocat
I got my money at +200 this gets overturned
Posted on 7/8/25 at 8:22 am to TheWalrus
If you win $100k and documentable losses are $10k (and you don’t have other deductions to carry you over the Standard Deduction threshold) you’re kind of SOL. The entire $100k goes on line 8 of the 1040 and is included in AGI.
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