After all he says he made over 2 million gambling. How can anyone have a profit if you have to pay taxes on 10% of your Losses? Maybe he will have to get a side job until the Dems get back in power in 2026.
After all he says he made over 2 million gambling. How can anyone have a profit if you have to pay taxes on 10% of your Losses? Maybe he will have to get a side job until the Dems get back in power in 2026.
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Originally Posted by accountinquestion
KJ should be fine, so long as he avoids machines.Quote:
Originally Posted by Midwest Player
Isn't it true that unlike slots or VP no winning reports are sent to the IRS viz. nice scores on table games like BJ and craps?
google thinks so...
"In general, casinos are not required by federal law to issue a Form W-2G or withhold income taxes on winnings from table games such as blackjack, craps, baccarat, or roulette. This differs from other forms of gambling like slot machines, bingo, keno, and poker tournaments, where reporting and withholding are generally mandated at specific thresholds."
I don't think anyone documents their losing sessions properly anyway, even if they pay more or less accurately on their net.
I will be fine MWP. Thanks for thinking (and worrying) about me though. I fully expect there will be some revision or bill passed that offsets what was included in the "Big Beautiful bill". The reason I think this is that, this is NOT a Democrat vs Republican issue. Most republicans were caught off guard by this inclusion and do not support it. It seems to be something that was added into the bill, most likely by someone on behalf of some special interest group. I am confident it will get "fixed".Quote:
Originally Posted by Midwest Player
But if it doesn't, I and every other professional player will be just fine.
You know it is funny, I am just starting to get into and learn about some minor AP slot play. This won't make me throw on the brakes to that but will keep an eye out to see what happens. There were already a couple things I don't care for with the slot AP play. If this new regulation stands, this will just be another on that list that I will have to consider, how much time/effort I want to invest going forward.Quote:
Originally Posted by MisterV
But you are right MrV, table game players can really report whatever the hell they want. I honestly have tried to be pretty fair in what I report and pay my fair share. (where is that angel emoji?) Seriously I like paying my fair share.
I know (of) some APs a lot actually) that everything is under the table and off the radar. They don't pay taxes, they don't have medical insurance (some finagle Govt assisted insurance and other subsidies).
Are you REALLY a professional player/Gambler if you can't pay taxes and basic needs? :confused: Sure most of us skimp at the beginning, when we are building a bankroll and getting going. But there has to be a point, if you are not really supporting yourself from your play, which includes paying some taxes, then you are not a professional advantage player. Just an opinion. :rolleyes:
The simple answer has to be "No."Quote:
Originally Posted by kewlJ
By definition a professional gambler relies on gambling as their sole means of support, of making it in this wicked world, and without enough money coming in to fund all your daily activities and expenses, securing health insurance and setting up an IRA or two for retirement ... you're fucked: bad tidings will befall you.
I suppose some degenerate gamblers call themselves professional simply because they gamble all the time but hey...the proof is in the pudding: how much money we bring in and have left at the end of the day is the main type of objective proof as to how well we have played the game of life / the games we chose to play in our lives.
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Originally Posted by smurgerburger
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Originally Posted by MDawg
There are multiple definitions people have in mind when they say "professional gambler". I can think of 3 and none of them are incorrect.Quote:
Originally Posted by MisterVThe simple answer has to be "No."Quote:
Originally Posted by kewlJ
By definition a professional gambler relies on gambling as their sole means of support, of making it in this wicked world, and without enough money coming in to fund all your daily activities and expenses, securing health insurance and setting up an IRA or two for retirement ... you're fucked: bad tidings will befall you.
I suppose some degenerate gamblers call themselves professional simply because they gamble all the time but hey...the proof is in the pudding: how much money we bring in and have left at the end of the day is the main type of objective proof as to how well we have played the game of life / the games we chose to play in our lives.
Even a dirt broke person who supports themselves via gambling is a professional in the eyes of some.
Some will say to be professional you approach it professionally.
There are some people out there who gamble unprofessionally but still manage to pull it off. They're still professionals.
Then there is the IRS definition.