Any chance that the $1200 W2G requirement will change?

[Alan Mendelson]

There is an interesting question in John Grochowski's online column about the threshold for W2Gs. As the law stands now, you must get a W2G for each slot of VP win of $1200 or more, but this hasn't changed with inflation.

http://grochowski.casinocitytimes.co...-players-62280

I wonder what the casinos also think about this?

I think that most gamblers who get a W2G for small wins probably have the losses to offset them and it's all just an unnecessary paper blizzard for the taxpayers, the casinos and the government. So why bother with small amounts, say under $3,000 or even $5,000??

Have the casinos ever lobbied for a change in the law. The casinos are probably the biggest losers with the W2G regulations because they have to go through the trouble of writing them and that takes time for casino employees on the floor and in the back, sending copies to the IRS and the players and for the players that means printing and postage, and keeping track of the records for several years.

[arcimede$]

Many people do not itemize deductions and cannot take the losses. They end up paying extra taxes to the government even though they are net losers. Any reduction in this amount will cost the government money. Don't look for any changes.

[regnis]

You are so right Arci. It has been talked about for years with no action.

Years ago when the federal law was changed and you could only deduct on Sch A, Illinois didn't change it's tax laws meaning that in Illinois you are taxed on the gross gambling winnings---no deduction. At that time I put the losses in a column on the Illinois return called "additional deductions", knowing it didn't qualify but as an attempt to fight it without going to court. I lost, and I was told it would take an amendment to the tax laws in Illinois which has never happened and which cost 3% per year until a year ago when the Illinois tax increased to 5%.

I have always hoped someone would file a lawsuit here in Illinois, or that maybe a client would hire me to do so, but when it comes to gambling you can always assume a court will rule against you anyway.

That is one reason , in Illinois, to file as a professional gambler if your gross is high.