Taxes
December 16th, 2021 at 3:43:58 PM
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OnceDear,
I may have commented on this before, but essentially EVERYTHING is taxable for US citizens/residents. If you make or gain money in any way, 99.999% chance it’s taxable…if you move into a new house and find a million dollars buried in the backyard, it’s taxable. And it doesn’t matter if you live abroad for years…you still owe US taxes
And regarding the NHS, I’ve heard that there can be extremely long waiting times to see a doctor or get an MRI. Not sure how true it is
I may have commented on this before, but essentially EVERYTHING is taxable for US citizens/residents. If you make or gain money in any way, 99.999% chance it’s taxable…if you move into a new house and find a million dollars buried in the backyard, it’s taxable. And it doesn’t matter if you live abroad for years…you still owe US taxes
And regarding the NHS, I’ve heard that there can be extremely long waiting times to see a doctor or get an MRI. Not sure how true it is
It’s all about making that GTA
December 16th, 2021 at 4:08:59 PM
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I don't claim to understand US taxes, but did I read of situations where you could churn some bankroll multiple times, receive W2Gs on the wins, but potentially not be allowed to cancel wins and losses out? It should surely be that you get to offset losses?Quote: Ace2OnceDear,
I may have commented on this before, but essentially EVERYTHING is taxable for US citizens/residents. If you make or gain money in any way, 99.999% chance it’s taxable…if you move into a new house and find a million dollars buried in the backyard, it’s taxable. And it doesn’t matter if you live abroad for years…you still owe US taxes
And regarding the NHS, I’ve heard that there can be extremely long waiting times to see a doctor or get an MRI. Not sure how true it is
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And you have state taxes too, with different rules by state? I realise that All a US citizens income is taxed, wherever in the world it is derived. Our HMRC don't want to have to give rebates on losses and realise that on aggregate, we punters lose. So they just stay the hell out of it. They simply tax casinos on their profits. Probably rethinking as we now take our gambling off shore.
Sidenote. Our NHS is what I'd refer to as 'acceptable quality at appropriate cost.' Not state of the art for everything and no MRI's on a whim. Preventative check-ups a bit spartan. Most urgent treatments are handled quickly enough. All basic and essential treatment available to an OK standard. It wasn't and isn't always so. Private healthcare available too for those that want it. We Brits love NHS, but it's not perfect by a long stretch. Speaking of stretch. our hospitals and ER departments are very stretched now. I can see a doctor within 2 days for most things. Never had an MRI, but elderly parent had a TIA. Rushed to hospital and had brain MRI same night.
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December 16th, 2021 at 4:33:09 PM
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Quote: OnceDearI can see a doctor within 2 days for most things.
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Having experienced US model healthcare and "other places", I much prefer other places.
May the cards fall in your favor.
December 16th, 2021 at 4:51:58 PM
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You must be referring to online gambling, which I’m not familiar with.
I’d bet only a very small percentage (if even one percent) of US casino gamblers report anything on their taxes.
Most people are walking into a casino with not that much cash and walking out with not much cash. All cash off the books, not really material and usually a net loss for the year. An exception would be if, for instance, you hit a large slot machine jackpot that generates a tax statement right there (so I’ve heard anyway)
Now if you’re playing at a level where you’re withdrawing/depositing tens of thousands of dollars in your bank account…that could raise questions…but very few people, relative to the total, are playing at that level
My experience with state taxes is that they just take your federal tax due, apply a percentage, make a few adjustments, and that’s it
I’d bet only a very small percentage (if even one percent) of US casino gamblers report anything on their taxes.
Most people are walking into a casino with not that much cash and walking out with not much cash. All cash off the books, not really material and usually a net loss for the year. An exception would be if, for instance, you hit a large slot machine jackpot that generates a tax statement right there (so I’ve heard anyway)
Now if you’re playing at a level where you’re withdrawing/depositing tens of thousands of dollars in your bank account…that could raise questions…but very few people, relative to the total, are playing at that level
My experience with state taxes is that they just take your federal tax due, apply a percentage, make a few adjustments, and that’s it
It’s all about making that GTA
December 17th, 2021 at 6:36:38 AM
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Quote: Ace2
My experience with state taxes is that they just take your federal tax due, apply a percentage, make a few adjustments, and that’s it
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I think you are very wrong. There have been threads detailing the extreme differences from state to state. That if you are from certain states you really can’t effectively wash your wins away with losses.
December 17th, 2021 at 7:10:15 AM
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Quote: SOOPOOQuote: Ace2
My experience with state taxes is that they just take your federal tax due, apply a percentage, make a few adjustments, and that’s it
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I think you are very wrong. There have been threads detailing the extreme differences from state to state. That if you are from certain states you really can’t effectively wash your wins away with losses.
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That is very true. Some states do not care about the losses at all, just pay your taxes on the winnings and be done.
What surprises me is how many people gamble without first thinking of the tax implications. I personally can't wait to pay my taxes when I win the Powerball.
You can't know everything, but you can know anything.
December 17th, 2021 at 9:13:05 AM
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Quote: DRichQuote: SOOPOOQuote: Ace2
My experience with state taxes is that they just take your federal tax due, apply a percentage, make a few adjustments, and that’s it
link to original post
I think you are very wrong. There have been threads detailing the extreme differences from state to state. That if you are from certain states you really can’t effectively wash your wins away with losses.
link to original post
That is very true. Some states do not care about the losses at all, just pay your taxes on the winnings and be done.
What surprises me is how many people gamble without first thinking of the tax implications. I personally can't wait to pay my taxes when I win the Powerball.
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What surprises me is how many people live life without thinking of taxes. As if the Federal and state governments have a right to thirty percent of your income. How they would rather pay dollars to the government instead of a dime to someone who could reduce their burden substantially. They grouse about the government taking part of their gambling winnings while thousands are withheld from their paychecks.
The older I get, the better I recall things that never happened
December 17th, 2021 at 9:46:40 AM
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About half of Americans pay zero federal income tax
It’s all about making that GTA
December 17th, 2021 at 11:24:52 AM
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Quote: Ace2About half of Americans pay zero federal income tax
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If that is true it surprises me. I know some super rich don't pay any and the lowest income people may not but I would assume the majority of income earners do pay some income tax.
Does that 50% number include children that have no income?
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December 17th, 2021 at 12:12:23 PM
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https://www.washingtonpost.com/blogs/wonkblog/post/why-do-half-of-all-americans-pay-no-federal-income-taxes/2011/07/11/gIQA8olBuI_blog.html
Says 46% of US households pay no federal taxes. Actually not so hard to believe when you consider (approximate numbers): median household income is $68,000, the standard deduction for a family is $25,000, then lots of families get child credits and/or earned income credit that are worth $thousands
Says 46% of US households pay no federal taxes. Actually not so hard to believe when you consider (approximate numbers): median household income is $68,000, the standard deduction for a family is $25,000, then lots of families get child credits and/or earned income credit that are worth $thousands
It’s all about making that GTA
December 17th, 2021 at 2:15:19 PM
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Quote: Ace2https://www.washingtonpost.com/blogs/wonkblog/post/why-do-half-of-all-americans-pay-no-federal-income-taxes/2011/07/11/gIQA8olBuI_blog.html
Says 46% of US households pay no federal taxes. Actually not so hard to believe when you consider (approximate numbers): median household income is $68,000, the standard deduction for a family is $25,000, then lots of families get child credits and/or earned income credit that are worth $thousands
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A family of 4 with a single wage earner making $40k (likely) pays no federal taxes. This assumes you don’t count FICA as a federal tax. That roughly translates to guy making $20 an hour. I’ll let Paco tell me how many jobs pay that or less, but it has to be in tens of millions.
December 17th, 2021 at 2:43:57 PM
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40k? More like $80k or even higher
80k less 25k standard deduction is 55k. The tax on 55k (all at 10 or 12%) is about $6k tax liability. Less $3k per child credit (assume 2 children) is net tax liability of zero.
And it’s probably closer to $90k tax free since that family is likely paying $10k per year in health insurance premiums, which are deducted from gross income for tax purposes. Could even be $110k tax free if the family is maxing their 401k contributions (doubtful) at about $20k per year, also deducted from taxable income
@OnceDear: There are definitely parts of the US tax code I don’t like, especially that capital gains are taxed, but you must agree that 0% tax on $100k income (for some people) is a pretty good deal
80k less 25k standard deduction is 55k. The tax on 55k (all at 10 or 12%) is about $6k tax liability. Less $3k per child credit (assume 2 children) is net tax liability of zero.
And it’s probably closer to $90k tax free since that family is likely paying $10k per year in health insurance premiums, which are deducted from gross income for tax purposes. Could even be $110k tax free if the family is maxing their 401k contributions (doubtful) at about $20k per year, also deducted from taxable income
@OnceDear: There are definitely parts of the US tax code I don’t like, especially that capital gains are taxed, but you must agree that 0% tax on $100k income (for some people) is a pretty good deal
Last edited by: Ace2 on Dec 17, 2021
It’s all about making that GTA
January 22nd, 2022 at 11:21:42 AM
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I am finally back after the 30 days. I am getting $1,000,000 in W2G's from the 2 days I had my crazy day. I have also started getting session results from the online casinos. The W2G's are from 2 days where the sessions were negative and I believe my accountant is OK with using session accounting.
January 22nd, 2022 at 1:32:12 PM
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Quote: Ace240k? More like $80k or even higher
80k less 25k standard deduction is 55k. The tax on 55k (all at 10 or 12%) is about $6k tax liability. Less $3k per child credit (assume 2 children) is net tax liability of zero.
And it’s probably closer to $90k tax free since that family is likely paying $10k per year in health insurance premiums, which are deducted from gross income for tax purposes. Could even be $110k tax free if the family is maxing their 401k contributions (doubtful) at about $20k per year, also deducted from taxable income
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Tax on a joint return if the couple makes betweein $20,000 and $81,000 is about 12% of the total, minus $400.
Er, aren't health insurance premiums deductible (a) only if you itemize, and (b) even then, only the amount (plus anything you spent directly on medical bills) that exceeds 7.5% of your income (which, for a family making $90K, is $6750)?
On the other hand, remember that the $3000 (actually $3600 for a child under 6 at the end of the year, and $3000 for a child between 6 and 17) is a credit; if your calculated tax is less than that, the difference is a tax refund.
January 22nd, 2022 at 2:33:37 PM
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Going by memory, I think health insurance premiums are deducted at W2 level, so your gross income reported on your tax return is net of the premiums
Medical expenses themselves must be itemized and must exceed a floor to be deducted. I think
Medical expenses themselves must be itemized and must exceed a floor to be deducted. I think
It’s all about making that GTA
January 22nd, 2022 at 3:59:12 PM
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Quote: Ace2Going by memory, I think health insurance premiums are deducted at W2 level, so your gross income reported on your tax return is net of the premiums
You are referring to employer-provided health care - but in that case, should that be included in your salary numbers? (i.e. when you say "90K," you mean, "80K plus 10K worth of insurance premiums")
February 28th, 2024 at 4:26:34 PM
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Does anybody have a recommendation for someone or someplace in Vegas that does taxes
FL resident
Just have to file a federal return
My cousin always did my taxes and passed away
Mine are fairly simple and I should do them myself
But prefer a pro to make sure I'm not missing anything
Any recommendations
FL resident
Just have to file a federal return
My cousin always did my taxes and passed away
Mine are fairly simple and I should do them myself
But prefer a pro to make sure I'm not missing anything
Any recommendations
When somebody doesn't believe me, I could care less. Some get totally bent out of shape when not believed. Weird. I believe very little on all forums
May 22nd, 2024 at 7:29:42 AM
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I know this is older but will be dealing with tax forms next year from borgata online slots but very confused by what they post on their app about w2g forms.
“Forms are generated for individual wins and unlike a 1099 form and End of Year Statement, W2G forms are aggregate based on a 24-hour period by game type - Casino, Sports, and Poker, but do not aggregate on a full year basis. This means players who had multiple wins, exceeding the stipulated win threshold per product, will receive one for each time they did/do so.”
I keep reading it as if you have smaller wins throughout a 24 hour period that add up to 1200 or more you will you will get a tax form each day this happened. I always thought the forms are only generated for single wins not cumulative. I know you spoke with borgata but just wanted more confirmation on this based on what I quoted above from them.
“Forms are generated for individual wins and unlike a 1099 form and End of Year Statement, W2G forms are aggregate based on a 24-hour period by game type - Casino, Sports, and Poker, but do not aggregate on a full year basis. This means players who had multiple wins, exceeding the stipulated win threshold per product, will receive one for each time they did/do so.”
I keep reading it as if you have smaller wins throughout a 24 hour period that add up to 1200 or more you will you will get a tax form each day this happened. I always thought the forms are only generated for single wins not cumulative. I know you spoke with borgata but just wanted more confirmation on this based on what I quoted above from them.
February 24th, 2025 at 4:45:50 AM
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I know I'm replying to an old post but people will still find it when searching, so let me add an answer:
While I don't know how your casino handles aggregate W-2Gs, it doesn't matter, because you don't enter the W-2G amounts on your tax return, you enter your total daily wins from your diary as income, and your total daily losses from your diary as expenses (if you itemize). The W-2G amounts are irrelevant. It's a big topic and more than can be detailed in a forum post, so see my article, Gambling Taxes.
While I don't know how your casino handles aggregate W-2Gs, it doesn't matter, because you don't enter the W-2G amounts on your tax return, you enter your total daily wins from your diary as income, and your total daily losses from your diary as expenses (if you itemize). The W-2G amounts are irrelevant. It's a big topic and more than can be detailed in a forum post, so see my article, Gambling Taxes.
I run Easy Vegas ( https://easy.vegas )
February 24th, 2025 at 7:06:55 AM
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So I'm down a penny after 6 trips this year, that's just coincidence. Not the machine reading my Player's card and adjusting my wins downward.
I'm tempted to never cash out a TITO at the cage or the ATM and keep reusing the one issued from the machine so I can count this as all one long session with the same buy-in monies, until the next buy-in. I'll just put a notation in my diary, "TITO not cashed" for the daily win/loss column. If I cash out nothing (<$1), then I can realize a loss on the TITO. If I cash out $3K, then I can realize a win on the TITO. Otherwise my daily session reports will have me winning and losing 4 to 5 figures for a net win of not much for the year (unless my luck turns around and makes me rich).
That may not work so well for table games.
(Said fast like it was the side-effects disclaimer of a TV medicine ad.)
I'm tempted to never cash out a TITO at the cage or the ATM and keep reusing the one issued from the machine so I can count this as all one long session with the same buy-in monies, until the next buy-in. I'll just put a notation in my diary, "TITO not cashed" for the daily win/loss column. If I cash out nothing (<$1), then I can realize a loss on the TITO. If I cash out $3K, then I can realize a win on the TITO. Otherwise my daily session reports will have me winning and losing 4 to 5 figures for a net win of not much for the year (unless my luck turns around and makes me rich).
That may not work so well for table games.
(Said fast like it was the side-effects disclaimer of a TV medicine ad.)
Last edited by: ChumpChange on Feb 24, 2025
February 24th, 2025 at 7:08:59 AM
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Quote: ChumpChangeSo I'm down a penny after 6 trips this year, that's just coincidence. Not the machine reading my Player's card and adjusting my wins downward.
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I would rather be down a penny than up a penny. If you are up, you need to report it on your taxes which takes more effort than the penny is worth.
You can't know everything, but you can know anything.
February 24th, 2025 at 7:40:30 AM
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Not exactly. The total of all your daily wins for the year must be reported as income, even if you have an overall yearly loss. Again, see my article. Also, the IRS lets you round to the nearest dollar (so long as you round *all* your figures), so if the total of all your daily wins for the year is <50¢, you have no wins to report.Quote: DRichI would rather be down a penny than up a penny. If you are up, you need to report it on your taxes which takes more effort than the penny is worth link to original post
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February 24th, 2025 at 8:34:28 AM
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If we can get a 70 cents per mile deduction, a 200 mile trip would cost $140, instead of 8 gallons of gas at 25 mpg at $5/gallon totaling $40 (not to mention parking fees).
Not sure if this deduction counts as gambling losses or gets swallowed up in the standard deduction, or both.
Tax laws could change soon with a reversion to pre-2017 tax schedules.
Not sure if this deduction counts as gambling losses or gets swallowed up in the standard deduction, or both.
Tax laws could change soon with a reversion to pre-2017 tax schedules.
February 24th, 2025 at 8:44:04 AM
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Quote: ChumpChangeIf we can get a 70 cents per mile deduction, a 200 mile trip would cost $140, instead of 8 gallons of gas at 25 mpg at $5/gallon totaling $40 (not to mention parking fees).
Not sure if this deduction counts as gambling losses or gets swallowed up in the standard deduction, or both.
Tax laws could change soon with a reversion to pre-2017 tax schedules.
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Unless you are filing as a professional gambler I don't think there are many write offs you can take.
You can't know everything, but you can know anything.
February 24th, 2025 at 9:14:46 AM
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Non-pros can deduct expenses. Yet again, this is covered in my article.Quote: DRichUnless you are filing as a professional gambler I don't think there are many write offs you can take.link to original post
I run Easy Vegas ( https://easy.vegas )
