Re: [vpFREE] Stimulus check

 

Why most high stakes machine players who generate a lot of W2-G's have to file as a professional gambler using Schedule C.   That allows the W2's, expenses, and losses to be netted out before it gets to form 1040.   Drawback is you have to pay SE tax though but many find it's worth it and they enhance their future Social Security benefits in the process.    Just make sure you follow the qualification requirements which can be difficult if you have a square job of any kind. (Professional Gambler status often disallowed).  If that happens the State will want their money and that can be quite expensive if your State does not allow a loss offset.

BP

On Tue, Apr 21, 2020, 6:27 PM Greg grolling@aol.com [vpFREE] <vpFREE@yahoogroups.com> wrote:
 

Yes welcome to the new tax code. My accountant explained it to me and yes unfair.  Changes the way we play   

Sent from my iPhone

On Apr 21, 2020, at 7:06 PM, William Lobuzzetta LOBO1971L@netscape.net [vpFREE] <vpFREE@yahoogroups.com> wrote:


Its not fair to not deduct the losings and then total your income


-----Original Message-----
From: Marsha Cuddington mcuddington@hotmail.com [vpFREE] <vpFREE@yahoogroups.com>
To: vpFREE@yahoogroups.com <vpFREE@yahoogroups.com>
Sent: Tue, Apr 21, 2020 8:02 pm
Subject: RE: [vpFREE] Stimulus check

 
Yes and (UGH), just had to pay a whopping tax bill due to those W2Gs.  Closing the casinos protects me in more ways than one!
 
From: vpFREE@yahoogroups.com <vpFREE@yahoogroups..com>
Sent: Tuesday, April 21, 2020 7:59 PM
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Stimulus check
 
 
Anyone else not getting a stimulus check because W2-g income was too high?😡.

Sent from my iPhone

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Posted by: BP <bjbigplayer@gmail.com>
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