If what I am reading is correct recreational gamblers could be hurt to the extent they are hit with state taxes on W2G? Some states are a real pain.
C
Sent from my iPad
Deduction of gambling losses (as an offset to reported winnings) hasn't been a focus of the proposed code revisions this year.
What is specifically eliminated is deduction of related expenses related to "hobbyist" play.
I find this a little confusing because such expenses have never been deductible by recreational gamblers; only qualified "professionals" filing a Sch C could take the deduction.
Bottom line, I see no impact on recreational players who deduct gambling losses via Sch A, to the extent of reported winnings. And the reference to "hobbyists" appears to me not to restrict expense deductions by Sch C "pro" filers.
misscraps wrote :Preliminary reports seem to say gambling losses as itemized deductions would be gone in the new tax plan.
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Posted by: C <cmayhem@comcast.net>
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