Originally Posted by
kewlJ
While running some errands this morning, I was thinking about this new tax 'penalty'. I am expecting pushback from the casino industry and their lobby. But so far it has been almost non-existant. There is pushback from analysts and such in the industry speculating some negatives, and from lawmakers representing Las Vegas and Nevada, but really not much from the industry itself. You would think they would be up in arms.
So I was thinking what if the actual casino industry is on board with this bill? Maybe they
think it as a way to fight back against advantage players? In the last 10 years or so there has been an explosion of machine type advantage play. You went from poker advantage play which has been around far long than 10 years, to different advantage play with all the newer type machines. There was the multi-carding period, to now the slot AP that mickey and others are doing is very big,
The industry has been slow to come up with ways to combat some of these advantage play methods and about the time they figure something out some new AP thing pops up. Maybe this new law which they are secretly or silently on board with is their way to combat the whole growing
machine advantage play problem they have faced for a decade or more.
I mean we know these game protection groups and consultants feed the casinos and industry over-inflated numbers about how much advantage play is hurting their bottom line.
Personally, I think it would be a stupid move because it is going to hurt them far more driving down, just your regular gamblers. Kind of a cut off your nose to spite your face scenario. Would it surprise me if the industry made a bad decision like that? absolutely not. Anyway, just trying to figure why we haven't seen much push back from the actual casinos and casino industry. THAT is the part that doesn't make sense. (Bad) ulterior motive?

There are videos of tax professionals and professional gamblers who have looked into this...
The casino industry is not going to speak out against this as they want you to keep feeding the machines...
It would be great if they overturn it but I am not holding my breath.
The law is pretty clear.... "You can only write off 90% of your losses"
In gambling, you can not write off more than you have won. Then you start needing to prove where those additional funds came from for one, and there is no benefit for writing off more as you are not going to get any additional deductions.
Note, that the 90% of losses is against REPORTED WINS... Reported wins are W2G or Stated Income...
If you are a slot player, your wins are shown on W2G's...
If you are a professional black jack player, your wins come from what you state...
IF you were to report EVERY WIN, and EVERY LOSS, the amount would be crazy that you would owe... Say you are a professional black jack player and you decide to be a fuckass and report every win and every loss, itemized... Based on the new law, say you won $1,000,000 worth of hands, and lost $900,000 worth of hands.... Not only are you paying tax on $100,000 worth of income but also an additional $90,000 for your losses you decided to report. Do you think you are better off itemizing and paying taxes on $190,000 worth of income even though you only made $100,000?
I'm tired of repeating myself. You guys are in denial if you think this isn't going to effect you. But if you are playing $0.25 video poker and lower it wont... $0.50 video poker player will only effect you if you hit a royal... etc etc...
It applies to W2G payouts mainly... Judging by the "Big Casino Wins and Jackpots" thread, majority of you aren't playing enough for this to matter...
Fact is, 10% of W2G's are now taxable... No additional "writing off losses" is going to cancel that out...
If you aren't getting W2G's it doesn't apply to you.
If you have gotten W2G's in the past, you know how to handle the taxes with them...
I know very very well about W2G's... Unfortunately my tax guy in 2015 tax year neglected to account for about $120K worth of W2G's... I found out when I got a tax bill for about $35K... They said I could file an amended return so I did.. They denied it because they said "I could not file additional losses"... Lawyers involved etc, we tried to explain to the IRS how it worked where you could get a W2G for a "Win" but it actually just get you even or you still have a loss for that session etc... No luck... I got fucked and had to pay $35K plus penalties etc on W2G income I didn't actually have... So I've been there before and it fucking sucks...
For you brokeass fucks, this doesn't matter to you.
For those of you who are playing, winning or not, every W2G you need to keep in mind, unless this bill changes, 10% of that win is going to be taxable winning year or not...
Fucks...