Deduction of losses against winnings still worked for me on the federal, but some states don't allow that. That's where I got burned. Returned to my home state of NC, which had always been "safe", only to find that they had changed the tax code. There are several states that way now, so I wonder if this nasty trend is growing! Indiana and Ohio had the same rules so maybe it's just following me…..
Thinking Nevada would be the last state to burn gamblers, so it's still on my list for places to retire 😉
From: vpFREE@yahoogroups.com <vpFREE@yahoogroups.com>
Sent: Wednesday, April 22, 2020 12:26 AM
To: vpFREE@yahoogroups.com
Subject: Re: [vpFREE] Stimulus check
You can deduct the losings if you itemize -- I've been doing it for years -- up to the amount of your winnings -- but starting last year (2018) I was unable to itemize because the standard deduction was higher, and I therefore got hit with tax on my winnings, while my larger losses did me no good. Again in 2019. Likewise charitable deductions; we've downsized and have been clearing out gobs of accumulated goods donated to Goodwill and similar, but no deduction anymore.
But nobody ever said taxes were "fair" -- nobody :)
--------------
On Tuesday, April 21, 2020, 08:06:38 PM EDT, 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
Posted by: Marsha Cuddington <mcuddington@hotmail.com>
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