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Author Topic: For horse players who reflect winnings on tax returns.....  (Read 145 times)

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ghostzapper

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For horse players who reflect winnings on tax returns.....
« on: November 02, 2017, 12:29:41 pm »

I believe the current proposed tax plan eliminates the deduction for gambling losses.  That means, if you win $5500 and get a W-2g for it, and then lose back 3 grand, you are still paying taxes on $5500.  Not sure what motivated that thought process, but it seems to me that 2 effects of this change would be (1) increase the number of people who cheat on their taxes (by not reporting or using stooges as signers) or (2) act as a disincentive to gamble, hurting the industry.  Anyone worried about this?   
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heavylifting

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Re: For horse players who reflect winnings on tax returns.....
« Reply #1 on: November 03, 2017, 12:47:25 am »

Probably just a negotiating tactic, but if true then maybe Trump is trying to stick it to his former rivals in the casino industry.

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oldman1015

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Re: For horse players who reflect winnings on tax returns.....
« Reply #2 on: November 03, 2017, 06:40:08 am »

Will it work the same way on people who hit slot jackpots at his casinos and end up losing money?
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ghostzapper

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Re: For horse players who reflect winnings on tax returns.....
« Reply #3 on: November 03, 2017, 11:52:59 am »

Yep.  Unless they file as professional gamblers.
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heavylifting

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Re: For horse players who reflect winnings on tax returns.....
« Reply #4 on: November 03, 2017, 08:06:51 pm »

Hard to believe that Mitch McConnell would allow a bill with such a provision that would potentially do great harm to his home state to reach the Senate floor.
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mckinneyhog5

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Re: For horse players who reflect winnings on tax returns.....
« Reply #5 on: November 04, 2017, 04:34:02 pm »

Just play offshore..screw em. Texas thought they were gonna be cute and ban legal online horse racing. Just moved people to offshore sites.
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