They will take 3.4% right off the top of any $1200+ VP win. If you live in
IN you will only recover a very tiny amount equal to 3.4% of the exemption.
Since, like most states the tax rate is based on you Federal adjusted gross
income, the only way to affect this is to have deductions that affect that
number directly. If you declare as a professional gambler, your losses
offset winnings directly. Beware that if you do this, you should not have
significant other work income as you will likely lose in the event of an
audit which is far more likely than normal in this situation..
From: vpFREE@yahoogroups.com [mailto:vpFREE@yahoogroups.com] On Behalf Of
Lisa
Sent: Monday, May 14, 2012 6:47 PM
To: vpFREE@yahoogroups.com
Subject: RE: [vpFREE] Gambling taxes as an Indiana Resident?
I think Jean Scott used to be an Indiana resident.if you ask her this on her
blog maybe she can help you.
From: vpFREE@yahoogroups.com <mailto:vpFREE%40yahoogroups.com>
[mailto:vpFREE@yahoogroups.com <mailto:vpFREE%40yahoogroups.com> ] On Behalf
Of
nita.royal
Sent: Monday, May 14, 2012 5:46 PM
To: vpFREE@yahoogroups.com <mailto:vpFREE%40yahoogroups.com>
Subject: [vpFREE] Gambling taxes as an Indiana Resident?
In preparing to move to Indiana, I did some reading on the archives here.
Finding some posts that caused concern regarding taxes, I did look up the
state tax forms, and am now seeking clarity.
If I am reading correctly, losses are not deducted against the wins that
must be reported. Having been burned in the past by the AGI impact a1lone,
this would appear to be motivation to avoid machine jackpots
I have played in Indiana for the past few years, and have had no problem
recovering the state taxes, as a non-resident.
However, since this move wasn't planned earlier this year, I have already
accumulated some W2Gs from Indiana, and other states. I'm guessing that I'll
be on the hook for these, even though they were received prior to becoming a
resident.
If anyone with firsthand knowledge can confirm or correct my understanding,
I'd be grateful. Meanwhile, I'm brushing up on my blackjack, and hoping I
can find nickel or quarter machines.
Appreciate any insights or advice!
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