Big beautiful bill to fuck gamblers.

[accountinquestion]

This one is dedicated to mickey. Trumps biggest fan.

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[Don Perignom]

[Rob.Singer]

More liberal attention-seeking & Trump-hating nonsense. And if you don't like it and cant afford whats claimed, don't gamble.

Really very simple stuff.

[accountinquestion]

More liberal attention-seeking & Trump-hating nonsense. And if you don't like it and cant afford whats claimed, don't gamble.

Really very simple stuff.

What are you talking about you old fool? You wrote a whole book on demonstrating how stupid you were yet too stupid to realize this.

Just like Kewl, you're another guy whose sole purpose on this board is to pretend you were an actual winning gambler. Such a clown to the core. And not even intentionally.

Really very simple stuff.

Now for the pro gamblers out there - I'd love to hear some thoughts.

[MDawg]

Table game winnings aren't reported anyway. Up to you what you report, or do not report.

I am not assuming that Phil read the bill correctly, but if he did, sounds like the average AP will have a hard time making it if he reports or is forced to report (due to...reporting) exact figures.

UNKewlJ may breath a nasally sigh of relief however, as it will not affect her income.

I'm rather certain he has money from something he feels shame over.
Most likely a prostitute

Pretending to be some hero AP gives him purpose and a sense of accomplishment.

[DGenBen]

Lol, gold!

[jdaewoo]

Why is that stupid cunt MCunt commenting when this has nothing to do with him. He's a lifetime loser at gambling.

[Dan Druff]

Here's what I posted on my PFA site about it....

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Many of the people clutching pearls are either losing gamblers, non-gamblers, or ones who blatantly lie to the IRS about their wins-losses anyway.

There's confusion about this law.

It does NOT limit your loss deduction to 90% of your winnings. That would be an absolute disaster, as everyone would be responsible for gambling taxes, even those who get absolutely destroyed by the casino.

Instead, it is essentially a reduction to your loss claim. So whatever you claim is a loss against your taxable winnings, you now have to multiply that number by 0.9 first.

So here's how it would work:

If you won $100k and lost $100k, your tax liability would be on $10k of gambling income, despite breaking even.

If you won $100k and lost $112k, your tax liability would be zero. That's because your claimed gambling income would be $100k - (0.9 * $112k), which equals less than zero.

If you won $900k and lost $800k, your tax liability would be on $180k worth of gambling income, despite only being up $100k. That's calculated by $900k - (0.9 * 800k).



From what I can tell, nothing else changes. Much of this is self-reported, especially poker cash game results.

The burden of proof is on the IRS, not you.



Finally, there's the matter of "sessions". The above does NOT apply to sessions, which are accounted for by strictly subtracting losses from wins.

For example, if I won $200k in a session but lost the $200k back in the same session, my session income would be 0, and this 90% loss reduction would not apply. So this would be entered into the records as a $0 win, and thus not affect taxes.

But what defines a session? The IRS isn't clear, and has never been clear. And that leaves a lot open to interpretation.

If you're on a gambling trip and win the first day but lose the second, how many sessions is that? One? Two? More?

If you go to dinner in the middle of gambling and take 3 hours, is it considered the same session when you resume?

What about online poker? If you remain logged in for the entire year, can you claim it's one long session? And if it's based upon logins, what if you're in the middle of playing and your computer crashes, and you restart it? Is that a new session, or a continuation of the old one? If you're sitting and waiting for opponents to sit with you heads up after a match is done, and finally one sits with you 6 hours later, is that a new session or the same session?

Without accurate definitions from the IRS, gamblers can rely upon broad definitions of "sessions" to somewhat neuter this new law (and do so legally).



Finally, there's the matter of audits.

Very few pro gamblers get audited. As you might imagine, I know a LOT of pro gamblers -- through poker, sportsbetting, and casino advantage play worlds. Of all those gamblers, very few have been audited due to their handling of their tax filings. Of those I know who did get audited, almost all of them were people who simply didn't file tax returns for a few years in a row, and the IRS eventually came knockin'. But among those who file taxes and voluntarily send money to the IRS that they weren't otherwise expecting to receive, they tend to get left alone.



This law could be difficult on tournament players, though. It's much easier for the IRS to claim that one tournament comprises a "session" (though there's a valid argument against that), and casinos keep meticulous records of tournament buyins versus cashes. Sportsbettors could also have an issue for this, especially if a "session" is thought to be a day's slate of games.

We will have to see what happens. It's possible the Big Beautiful Bill won't pass. It's possible this bill will get amendments in the House, and this law could be dropped or modified. It's also possible that the IRS will simply choose not to enforce this.

This isn't good, but it's not going to have the earthshattering impact that many on X are predicting.

[mickeycrimm]

This one is dedicated to mickey. Trumps biggest fan.

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That's your only issue with the big beautiful bill? Well, I guess the deficit spending wouldn't bother a liberal. No, I don't like this provision in the bill. I'm still trying to figure out exactly who put it in the bill? Overall, I have to support the bill, not for myself but for my large extended family who are not gamblers. They are working stiffs. No tax on tips, no tax on overtime, tax deduction for car loan interest, no tax on SS. etc., will effect probably over 100 million americans for the good. All 47 Dems voted against these policies. So the working class voting for dems is voting against their interests.

The bill is still not final. Politicians suck at math. They have to be shown how stupid this tax provision is in order to get it out of the bill. The poker lobby should be working hard on this because I think it has the potential to kill tournament poker.