Re: [vpFREE] Stimulus check

 

The doubling of the standard deduction has chilled my desire to gamble for more than quarters.

I've long wondered why the American Gaming Association https://www.americangaming.org/  has never turned its lobbyists loose on the law that requires a W2-G to be issued for wins of $1,200 or higher.  It  would make only a tiny dent in federal and state tax receipts, simplify casinos' bookkeeping, and connect the tax laws to common sense. 

Someone else posted that taxes aren't fair; nowhere is that more true than here.  There aren't many folks who actually have a gambling profit for a year unless they happen to hit a mammoth jackpot. I know that "income" broadly defined means any money received, but with other income generating activities, the recipient is allowed to deduct offsetting expenses/losses.  Even for degenerate gamblers like us, the tax laws' definition of "taxable income" should have some relationship to "profit."

Or, if Congress can't be that reasonable, at least increase the W2-G threshhold to a much higher amount.  It's been $1,200 for as long as I can remember.  $1,200 in 1980 had the same purchasing power as $3,759 today.  A $5,000 threshhold would suit this former $1 VP player but many people who have large actual net losses would need a higher threshhold to escape governmental abuse. 

GMan.


On Wed, Apr 22, 2020 at 3:15 PM Marsha Cuddington mcuddington@hotmail.com [vpFREE] <vpFREE@yahoogroups.com> wrote:
 

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: Glen Gronseth <gleng4444@gmail.com>
Reply via web post • Reply to sender • Reply to group • Start a New Topic • Messages in this topic (23)
vpFREE Links:

http://usma1955.com/20228//V/Links.htm

                            ***************************************

vpFREE Messages (since 10 OCT 2019):

https://groups.google.com/forum/#!forum/vpfree-archives

                            ***************************************

Old vpFREE Yahoo archives:

http://usma1955.com/20228/V/Yahoo/vpFREE_Yahoo_Archives.htm

.

__,_._,___