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7craps
7craps
Joined: Jan 23, 2010
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January 9th, 2019 at 9:35:27 AM permalink
Quote: terapined

Why do professional gamblers have different rules?

in the US, the IRS says so. the recreational gambler gambles for a hobby and that is different from a pro gambler that gambles as a business.

hobby is so the IRS can get more money. can't blame them playing the game.
winsome johnny (not Win some johnny)
Wizard
Administrator
Wizard
Joined: Oct 14, 2009
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January 9th, 2019 at 9:51:49 AM permalink
Quote: terapined

Why do professional gamblers have different rules?
To me its somebody in business for themselves. You subtract loses from gains and pay taxes on the diff regardless if your business is gambling or selling something



That is the case now. You have to be a "professional gambler" to deduct gambling losses before itemizing or taking the standard deduction.
It's not whether you win or lose; it's whether or not you had a good bet.
Sandybestdog
Sandybestdog 
Joined: Feb 3, 2015
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January 9th, 2019 at 9:54:16 AM permalink
I think that “Excludes video poker” must be mandated at the bottom of every advertisement in Mississippi. Multiple point days are quite common at most casinos in Biloxi. I haven’t found one that included video poker. I signed up at the Hard Rock awhile ago. Nothing on the promo said video poker was excluded. I started playing and after a few minutes realized it was earning 6x points. On top of that they advertised a $300 loss rebate. Again there was nothing on there that said it wasn’t instant and in fact nothing on there that said 3x in 3 different weeks. Well I won’t be playing there anymore.
billryan
billryan
Joined: Nov 2, 2009
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January 9th, 2019 at 9:55:57 AM permalink
Quote: Wizard

That is the case now. You have to be a "professional gambler" to deduct gambling losses before itemizing or taking the standard deduction.



The recent tax law allows casual gamblers to deduct some things previously reserved for professionals.
It's what you do and not what you say If you're not part of the future then get out of the way
AcesAndEights
AcesAndEights
Joined: Jan 5, 2012
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January 9th, 2019 at 10:10:36 AM permalink
Quote: billryan

The recent tax law allows casual gamblers to deduct some things previously reserved for professionals.


Yes, but you still have to itemize in order to reap those benefits. Which a much larger number of people won't be doing with the increased standard deduction.
"So drink gamble eat f***, because one day you will be dust." -ontariodealer
terapined
terapined
Joined: Dec 1, 2012
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January 9th, 2019 at 10:18:58 AM permalink
Quote: Wizard

That is the case now. You have to be a "professional gambler" to deduct gambling losses before itemizing or taking the standard deduction.




If I am not a professional gambler
Why cant I itemize and deduct my losses
"Everybody's bragging and drinking that wine, I can tell the Queen of Diamonds by the way she shines, Come to Daddy on an inside straight, I got no chance of losing this time" -Grateful Dead- "Loser"
tringlomane
tringlomane
Joined: Aug 25, 2012
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January 9th, 2019 at 10:28:13 AM permalink
Quote: Sandybestdog

I think that “Excludes video poker” must be mandated at the bottom of every advertisement in Mississippi. Multiple point days are quite common at most casinos in Biloxi. I haven’t found one that included video poker. I signed up at the Hard Rock awhile ago. Nothing on the promo said video poker was excluded. I started playing and after a few minutes realized it was earning 6x points. On top of that they advertised a $300 loss rebate. Again there was nothing on there that said it wasn’t instant and in fact nothing on there that said 3x in 3 different weeks. Well I won’t be playing there anymore.



Sam's town Tunica used to include VP until a few years ago. Roadhouse/Horseshoe give 3X only on VP but 3X/5X/100X on slots for multiplier days. Gf got 100X on my birthday last year at Roadhouse, so we had to play slots instead that night.
FCBLComish
FCBLComish
Joined: Apr 11, 2010
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January 9th, 2019 at 10:34:32 AM permalink
Quote: terapined

If I am not a professional gambler
Why cant I itemize and deduct my losses



You have to have enough deductions to make it worthwhile. The standard deduction has been raised to a level that many people are better off taking that.
Beware, I work for the dark side.... We have cookies
cf1984
cf1984
Joined: Jul 19, 2014
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January 9th, 2019 at 10:45:26 AM permalink
Quote: billryan

The recent tax law allows casual gamblers to deduct some things previously reserved for professionals.



Yes, but only benefits you if you made a profit and would have already itemized deductions. Still can't deduct travel and expense if you had a losing year. But if you made money and are above the standard deduction anyway, that would be a nice perk to deduct flights to Vegas and such.
AcesAndEights
AcesAndEights
Joined: Jan 5, 2012
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January 9th, 2019 at 11:15:34 AM permalink
Quote: terapined

If I am not a professional gambler
Why cant I itemize and deduct my losses


We just had an entire thread on this. Tax Question

Definitely read through it if you are curious. Also, Michael Bluejay's page is a very good summary:
https://vegasclick.com/gambling/taxes

tl;dr: It sucks, and isn't fair at all. Welcome to taxes.
"So drink gamble eat f***, because one day you will be dust." -ontariodealer

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