Presidential Election 2020 Biden vs. Trump

Quote: Gandler

You would get a W2G for the 5k (since its over 1200), the losses are irrelevant, though you can claim them. You can claim on a tax year your total losses (if you can prove it, also requires itemizing).
Edit: Total losses up to your winnings.

However, this is a poor anaology, because gambling losses don't carry year to year, they only care about a tax year.
If you lose 20k this year, but win 15k next year, its irrelevant, the full 15k is taxable income next year.

I believe a professional gambler can carry some losses forward. Also, you can win $5000 without getting a W2g.

Quote: rxwine

No one is arguing he didn't successfully use the tax system to his advantage.

But certainly he should have run on information that he lost a billion, didn't pay taxes for 11 years, and then only paid 750 for two years. Only idiots would have elected him.

He pretended he was a successful "business" man and was worth 10 billion. Not. Even. Close.

It does knock a whole in your claims that he didn't put any of his money in to his Atlanta Casino fiascos. I assume they are a large portion of his losses.

Quote: kenarman

It does knock a whole in your claims that he didn't put any of his money in to his Atlanta Casino fiascos. I assume they are a large portion of his losses.

I don't remember that claim, maybe it was someone else who said it.

Quote: rxwine

I don't remember that claim, maybe it was someone else who said it.

It was possibly somebody else.

Quote: DRich

I believe a professional gambler can carry some losses forward. Also, you can win $5000 without getting a W2g.

I don't think any gambling losses can carry over (I am welcomed to be corrected on that)?

Not at slots you cannot (the example given), 1200+ triggers a W2G. I think the 5K limit you are thinking of is strictly for poker winnings [1].

(This is all U.S. if you guys are from Canada, then we may be speaking over each other, I don't know anything about Canadian taxes or gambling winning thresholds).

[1] https://www.investopedia.com/ask/answers/taxes-on-vegas-gambling-winnings/

Quote: Gandler

I don't think any gambling losses can carry over (I am welcomed to be corrected on that)?

Not at slots you cannot (the example given), 1200+ triggers a W2G. I think the 5K limit you are thinking of is strictly for poker winnings [1].

(This is all U.S. if you guys are from Canada, then we may be speaking over each other, I don't know anything about Canadian taxes or gambling winning thresholds).

[1] https://www.investopedia.com/ask/answers/taxes-on-vegas-gambling-winnings/

You can hit 5 quarter Royals for $1000 each and not get a w2g. Once again, all gambling winnings in the U.S. are taxable for residents even if you don't get a w2g.

Quote: DRich

Quote: Gandler

I don't think any gambling losses can carry over (I am welcomed to be corrected on that)?

Not at slots you cannot (the example given), 1200+ triggers a W2G. I think the 5K limit you are thinking of is strictly for poker winnings [1].

(This is all U.S. if you guys are from Canada, then we may be speaking over each other, I don't know anything about Canadian taxes or gambling winning thresholds).

[1] https://www.investopedia.com/ask/answers/taxes-on-vegas-gambling-winnings/

You can hit 5 quarter Royals for $1000 each and not get a w2g. Once again, all gambling winnings in the U.S. are taxable for residents even if you don't get a w2g.

Yes all income is taxable. But, most people lose more gambling than they win so its a wash.

But, I am still pretty sure that gambling losses do not carry over, and the 1200 W2G is the limit for slots.

Of course you can win 1k 5 times in a night or 1195 20 in a night and not generate one. That is getting a little too semantical.

The big point is, unless gambling losses carry over year to year, its not a valid comparison.

Quote: Gandler

But, I am still pretty sure that gambling losses do not carry over, and the 1200 W2G is the limit for slots.

.

You might be correct. I thought a change was made last year for professionals but I can't seem to find it.

It all theoretical to me because all gambling winnings in Canada are tax free even multi-million lottery wins. Another little perk for being Canadian.

Quote: DRich

You might be correct. I thought a change was made last year for professionals but I can't seem to find it.

I knew a guy that did time for tax evasion on gambling winnings
Met him in the late 70's when I worked at a liquor store.
He wasn't a gambler
He hung out at Pimlico, Laurel, Bowie (since closed), Timonium ect
He hung out with a huge bankroll and offered to pay any winning tkt minus I think 5%
He easily collected losers (they are everywhere on the floor) to offset the winnings for tax purposes
He did quite well for years till the IRS got sick of him and took him to court and beat him due to scuff marks and dirt on his losers.