Avincow
Avincow
Joined: Oct 17, 2014
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October 2nd, 2017 at 11:08:09 PM permalink
If you live in these states you cannot deduct gambling losses. If you don't live in these states, but gamble in them you probably have to file a nonresident return (and cannot deduct gambling losses that you had in that state). So how do you do it? I always see you guys posting about certain casinos which are in these states.
mamat
mamat
Joined: Jul 13, 2015
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October 3rd, 2017 at 3:33:12 AM permalink
you can play as a professional gambler (Schedule C).

have to pay self-employment tax
but can deduct some expenses
odiousgambit
odiousgambit
Joined: Nov 9, 2009
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October 3rd, 2017 at 6:30:42 AM permalink
don't gamble in such a way as to get w2g's. especially, don't play slots
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
Romes
Romes
Joined: Jul 22, 2014
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October 3rd, 2017 at 7:24:32 AM permalink
Um, I live in one of these states. My accountant deducted losses against my W2 winnings last year on my taxes in the proper section of the return...
Playing it correctly means you've already won.
sabre
sabre
Joined: Aug 16, 2010
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October 3rd, 2017 at 7:39:56 AM permalink
On your state taxes?
odiousgambit
odiousgambit
Joined: Nov 9, 2009
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Thanks for this post from:
mamat
October 4th, 2017 at 6:09:48 AM permalink
Quote: Romes

Um, I live in one of these states. My accountant deducted losses against my W2 winnings last year on my taxes in the proper section of the return...



"can't deduct gambling losses on state return" is pretty straightforward - you better check with that guy or maybe take a peak at the copies he gave you
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
Avincow
Avincow
Joined: Oct 17, 2014
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October 4th, 2017 at 6:05:15 PM permalink
Quote: odiousgambit

don't gamble in such a way as to get w2g's. especially, don't play slots



If I play blackjack (no W2G): win $1000 on Friday, but lose $1000 on Sunday. How much state tax would I owe: tax on $1000 or $0?
odiousgambit
odiousgambit
Joined: Nov 9, 2009
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October 4th, 2017 at 7:24:34 PM permalink
Quote: Avincow

If I play blackjack (no W2G): win $1000 on Friday, but lose $1000 on Sunday. How much state tax would I owe: tax on $1000 or $0?



well, I certainly would *not* claim that the tax rules would *not* have you report you won $1000 whether you got a W2g or not. And if your state is 'one of the states' you would not be able to deduct the $1000 loss.

If you don't know what I mean when I say to avoid the W2g's , what the reason is, then we will just let it be a secret amongst those that don't have to have it explained.
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
rdw4potus
rdw4potus
Joined: Mar 11, 2010
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October 8th, 2017 at 11:18:57 AM permalink
Quote: Avincow

If I play blackjack (no W2G): win $1000 on Friday, but lose $1000 on Sunday. How much state tax would I owe: tax on $1000 or $0?



I agree with OG - why provide info about wins when there is no proof?

More than that, why define a session as a day? Is that in the law? Play a hand, win, owe tax. Play another hand, lose, can't net... I'd try to claim an annual session with a net win that cannot be negative (this has the same effect as netting losses)
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
rdw4potus
rdw4potus
Joined: Mar 11, 2010
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October 8th, 2017 at 11:21:33 AM permalink
Quote: Romes

Um, I live in one of these states. My accountant deducted losses against my W2 winnings last year on my taxes in the proper section of the return...


I have filed in your state. There is an add-back that is supposed to happen when transitioning from the 1040 to the state form. The size of that adjustment depends on your filing status, documentation, and boldness.
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett

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