I'm not sure where Nersessian's friend got the idea that gross W-2Gs would
be taxed under this law. I am not a tax accountant but I read the law and it
seems to be a tax on gross income, which would be net gambling winnings
before expenses. You even get to deduct up to $300k of compensation before
the tax kicks in. There isn't even a place on Schedule C to enter the W-2G
total.
Opinions of tax accountants would be welcome.
Cogno
-----Original Message-----
From: vpFREE@yahoogroups.com [mailto:vpFREE@yahoogroups.com]
Sent: Saturday, November 1, 2014 4:28 AM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] Proposition 3 on the Nevada Ballot affects Video Poker
Players Big Time
It doesn't seem like that big a deal. Just do what most gamblers do and
report your gambling winnings on Form 1040 and report gambling losses as
itemized deductions. Perhaps not as economical as using Schedule C, but
probably not a big difference unless you have a lot of related expenses like
unreimbursed travel.
Sent from my iPad
>
[Non-text portions of this message have been removed]
------------------------------------
Posted by: Vegasvpplayer <vegasvpplayer@gmail.com>
------------------------------------
vpFREE Links: http://www.west-point.org/users/usma1955/20228/V/Links.htm
------------------------------------
Yahoo Groups Links
Posted by: Cogno Scienti <cognoscienti@hotmail.com>
| Reply via web post | • | Reply to sender | • | Reply to group | • | Start a New Topic | • | Messages in this topic (7) |
