Yes, thwarting the will of the people is always wonderful.
Printable View
That's the way, they be-came the Robby Bunch!
Did I do that?
There's nothing like watching a bunch of supposedly winning gamblers whine over a new provision that might make you pay taxes on money you lost. True colors shine brightly at the most opportune times.
Trump didn't know a thing about this inclusion because his friends and associates whom he may lend an ear to have wealth, and the majority of truly wealthy people do not hang out in casinos to gamble. Look around next time you gamble--are you among society's cream of the crop?
Nothing's gonna change in this new rule. Some states allow no losses deducted from gambling winnings, which kinda makes sense. Earnings get taxed, and whenever you spend that money or just throw it away doing whatever, by and large you can't deduct it. So just be happy you're allowed to deduct ANY losses on federal returns.
Most poker players are puke anyway. Who cares what they say?
A current example of why this new gambling deductions provision is irrelevant to players who know what they're doing in and around casinos....vs. those who like to talk the talk on these forums:
We've been in the Reno/Tahoe area for about a month now after driving back from the east coast and traveling thru the south. I chose to play exclusively at Peppermill Reno until 2 days ago, and I will not play anything anywhere other than freeplay for the remainder of the summer (which for us ends Oct. 15th).
Why Peppermill? Because after hitting that $1.5mil winner a few years ago I simply am not thrilled with playing that much anymore, but there's a lot of things I like about the Peppermill--especially the Tuscany suites. I also will not play higher than dollars after that hit, as the "bigger" jackpots just aren't as meaningful any more.
But....if you know Peppermill you know many of their machines with the $1 denomination allow up to 25 credits for your bet, which means I can cheat a little and get around my self-imposed "limitation". As such, ALL of my play in 9 visits has ONLY been for 20 credits on 98.8% Super Aces Bonus Poker--20 credits so as to eliminate signers for quads other than 2's thru 4's, unfortunately SF's on this game, and of course A's.
I've played a LOT--much more than I wanted to. But one of my goals was to confirm how, even on 4X and higher days, their comps accumulation is one of the worst in the business (while they DO have one of the best offers program for out-of-state players like me). I don't know how much I put through, but my comp balance is a comparatively pathetic $824, and I know it would be 4 times higher had I played an equal amount down the street at Atlantis.
Nonetheless, I've concluded my play having hit four Aces (an $8k winner) on 6 of my 9 visits, along with 11 four 2's, 3's, & 4's ($1600 ea.) and 2 SF's ($1200 ea.). I finished up $18,800 plus the $800+ in food comps, and I await all the lucrative room and freeplay offers to come.
Do I care about this new 10% gambling losses deductions rule or whatever it is? Am I concerned about parsing words in my contemporaneous gambling log about sessions or anything else that is being assumed by basically anyone who gambles? Nope and Nope! Why not? BECAUSE I'VE WON, and I won because I know what game to play and what cards to hold when to give me the best chance of getting lucky.
Trump doesn't care about this stuff because the people he knows don't waste time playing chink and white trash casino games.
Pay your taxes, stop complaining, or don't play!
How...strange.
We get to deduct capital gain losses against profits on the sale of securities.
Business get to deduct shop lifting losses.
I'd never heard this but sure enough some states follow this for state income tax purposes, one of which is Connecticutt, homw of Foxwoods and Mohegan Sun.
I simply cannot see any "sense" or fairness to such a rule: let's say a Big Player plays a lot at Foxwoods and over a year has winnings of one million and losses of one million; he has to pay tax on one million?
Whoa...
[QUOTE=MisterV;198960]How...strange.
We get to deduct capital gain losses against profits on the sale of securities.
Business get to deduct shop lifting losses.
I'd never heard this but sure enough some states follow this for state income tax purposes, one of which is Connecticutt, homw of Foxwoods and Mohegan Sun.
I simply cannot see any "sense" or fairness to such a rule: let's say a Big Player plays a lot at Foxwoods and over a year has winnings of one million and losses of one million; he has to pay tax on one million? [\]QUOTE[]
I know 4 states off the top of my head, Iowa, Missouri, Indiana, Illinois, that withhold state gambling tax from every W2-G, 3 to 5%, depending on state. What? You want to file and get a refund? Fuck you, jack. Homey don’t play.
Oh, yeah. Mississippi too
How then do big bettors at Foxwoods and Mohegan Sun get around this?
In the scenario I mentioned above I cannot imagine a bettor with a million in wins and a million in losses will in fact wind up joyfulliy paying tax on a million?
Gotta be a loophole / work around or else why would anybody venture into the high limit rooms there?
*shudders*
20+ years ago I won a $5K drawing in Tunica MS. They withheld 5% I think. I didn't live in MS. I got a MS Non Resident income tax form and filed it.
They only counted the $5K as my (MS) income. I didn't have to count my non MS income. I got the usual personal/standard deductions on the form and so didn't have much MS taxable income. I didn't try to claim any losses.
I got a refund of about half the withholding.
I have no idea what MS laws are now or how other states would handle non residents.
This wouldn't have helped much for a million dollar win though but might help on a slot hand pay.
I'll suck a dick on Tuesday for 20 million dollars, but other than that, you're very insecure with a need for validation and this shows in your aggression. You may have had no choice but to stop drinking, but you haven't gotten over your issues that led to your drinking. You're still an asshole and you just cannot comprehend just because you're successful at AP, it doesn't mean you're successful nor intelligent in your actions elsewhere.
You suck cock at truck stops for free. I dont gratuitously attack people. But i do respond in kind to gratuitous atacks on me. Like the attack you started on me right here out of the blue for no reason other than you are a retard, blowscockontuesdays.
You started it, faggot. So man up, bitch. I own you. You my bitch. When i say shit, you squat.
SHIT!!!!!!
Okay, you can stand up now