Originally Posted by
smurgerburger
Originally Posted by
coach belly
Why can't 90% of your losses be more than your W2G total?
Isn't that typically the case for most players?
If what he were saying were true it would be great for most forms of AP, because outside of VP grinding and very high limit slot hustling w2gs are a small percentage of your income, and according to slap you have no tax obligation for non-w2g income because the IRS doesn't "know" about it.
It is true. This is why many "professionals" are talking about doing very little gambling this year or retiring from it all together...
If you are playing table games like blackjack or poker... you basically report your net win for the year, otherwise you could never deposit into a bank account / get a mortgage / autoloan etc...
The main issue is with taxable wins like W2G's ($2000 or greater slot win / $5000 or greater poker tournament score / sports betting wins however those are reported). You can only write off 90% of those taxable wins, regardless of your total net loss or win for the year....
it is terrible...
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