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
Posted by: what7do7you7want@yahoo.com
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