Re: [vpFREE] Possible tax changes

 

I am a 1, 2, and 5 dollar player this would impact me greatly if I couldn't deduct

my winnings against my losses.
I probably have 40000.00 in taxable jackpots this year but I've lost around 57000.00


-----Original Message-----
From: lfcmja@verizon.net [vpFREE] <vpFREE@yahoogroups.com>
To: vpFREE <vpFREE@yahoogroups.com>
Sent: Thu, Dec 21, 2017 3:34 pm
Subject: Re: [vpFREE] Possible tax changes

 



---In vpFREE@yahoogroups.com, <ed.miller@...> wrote :

From what I've read your source is wrong. As I read it in NYT, the change is that for professional filers, gambling expenses (i.e., travel, etc.) will be added to gambling losses and then deducted from wins. The main effect being that professional filers won't be able to deduct expenses in excess of net win.

They're increasing the standard deduction, though, so the change will probably indirectly have a negative effect on non-professional filers.

I'm not even remotely a tax expert though.

Ed

On Mon, Dec 18, 2017 at 6:55 AM, w hat7do7you7want@... [vpFREE] <vpFREE@yahoogroups.com> wrote:
 
An acquaintance of mine, who happens to play VP at a high level of skill, told me something yesterday.

I did not confirm this, so it may be totally false.  However, if what he said is true, all gamblers need to be aware of the changes that may be coming.

According to this acquaintance, gamblers will no longer be allowed to deduct losses on their taxes.  i.e. the deduction for gambling losses will be eliminated.  This might happen as early as 2018.   This is all part of the new tax proposal that is underway.

According to this source, this will not affect the ability to offset losses for those who file as a professional gambler.and is restricted to a change in how one itemizes   Such losses would still be allowed as business expenses.

If anyone here knows more, please comment.

I know there are probably many people here who might be negatively impacted by these changes if they are enacted.

At a minimum, I suggest all gamblers who anticipate creating W2G events will want to pay attention to this situation and think about its impact before making any bets in 2018.

Or.... My acquaintance is totally wrong.  I sure hope that is the case.   


QZ


Now that its law...
Does anyone else have any further info on this extremely important topic  to vp players ?

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