Re: [vpFREE] Re: Stimulus check

 

I use session record-keeping too, but that doesn't help offset winnings with losses in the absence of itemized deductions.  If you're in that situation, and can file as professional gambler, that's one solution, but meeting the criteria is not that easy unless you REALLY are a professional or close to it; most of us are not -- or have another large enough source of income that disqualifies you as a gambling pro.

There are other ways to increase your itemized deductions so that the losses will qualify for use, with some tax planning - shifting charitable deductions from one year to the following, and similar strategies, but again, not everyone has that flexibility.

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On Wednesday, April 22, 2020, 03:53:54 PM EDT, joel0457 joel0457@yahoo.com [vpFREE] <vpfree@yahoogroups.com> wrote:




I have been using the session method for filing my taxes for the last eleven years. When I lived in MA, it saved me thousands of dollars and even now in FL it reduces my AGI sginficantly. If you would like a copy of the IRS document, e-mail mne privately.
Joel



On Wednesday, April 22, 2020, 02:20:33 PM EDT, Merla McCormick merlamccormick@gmail.com [vpFREE] <vpfree@yahoogroups.com> wrote:


 


This is one of the main reasons we moved from IN to Vegas.  But then we started filing as a business so that solved the problem.

Jean Scott




On Wed, Apr 22, 2020 at 12:28 AM Barry Glazer b.glazer@att.net [vpFREE] <vpFREE@yahoogroups.com> wrote:
 

Indiana and several other states have had a state gross income tax, which is what you're describing, for a long time.  That alone was enough to make VP (or any gambling) almost impossible to win at after taxes, and after-tax VP if you live in those states is negative expectation no matter how you figure it.  Add the loss of itemized deductions and you're also paying federal on winnings regardless of losses.  Taxes have killed gambling for most people.

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On Tuesday, April 21, 2020, 09:00:47 PM EDT, Marsha Cuddington mcuddington@hotmail.com [vpFREE] <vpfree@yahoogroups.com> wrote:




Even worse, my state changed the tax laws and no longer allows the deduction of losses against the wins..  We now have to pay state income tax on the gross wins!  This will definitely impact my gaming until I can move to a more "gambler friendly" place for retirement.

 

From: vpFREE@yahoogroups.com <vpFREE@yahoogroups.com>
Sent: Tuesday, April 21, 2020 8:50 PM
To: vpfree@yahoogroups.com
Subject: [vpFREE] Re: Stimulus check

 

 

Yep. Totally unfair - W2Gs are not a reflection of winnings - and even using the session method, your AGI does not provide an accurate refection of the annual result of one's gambling for the year. I'm certain this affects many, many people. Adding to the frustration is reading about dead people receiving stimulus checks - sheesh!!





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Posted by: Barry Glazer <b.glazer@att.net>
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