win 100k lose 100k and still owe the irs. committee voted to kill it but its still law

Every licensed book will give you an annual statement, usually in Jan. account history, deposits, withdrawals, win loss summary. Thats the number the IRS sees for anything that generated a W2G anyway, so you want it whether you itemise or not
If you're on four apps pull four statements. Takes 20 min and its the only way you find out which side of this you're on
 
and check them against your own records because they're wrong sometimes. i've had two statements in five years that didn't match what i had. both in the book's favour,which is a hell of a coincidence for something thats supposed to be a rounding error
 
books file the W2Gs whether you report or not. the irs already has the winnings side. what you're describing isn't hiding income, it's declining to claim deductions against income they can already see. it's strictly worse than filing
 
went and looked at the irs data on this because i wanted to know how many people are actually in the itemising group. 2023 filings reported just over 50 billion in gambling winnings with 42.7 billion in losses deducted. under a 90% cap that deduction drops to roughly 38.4 billion
so about four billion dollars of losses that used to offset income, now don't. spread across however many returns claimed it
 
Which is roughly four times the eight-year revenue estimate, in one year, on 2023 volumes.

Either the estimate was conservative or something in the modelling assumed behaviour change. I'd guess the second, and the behaviour change they assumed is people gambling less.
 
thats the argument the AGA has been making all year. push the volume offshore where nothing gets reported at all and you collect less than you did before
whether thats true or its the industry saying what suits it, i genuinely couldn t tell you. both can be the case
 
ive read this whole thread twice now and the answer is wait until after the midterms and hope
im going to be honest, i dont have a plan for the other branch. i've been telling myself all week that the committee vote meant it was sorted
 
get an actual accountant, not a forum. i mean that properly and not as a brush off

there are choices about filing status and professional treatment that change this materially and none of us should be the one telling you which. if you're genuinely looking at owing on a losing year that's worth a few hundred dollars of somebody who does this for a living
 
thats not what 48% means. it's priced to april 2027, so a lot of that discount is calendar risk rather than anyone doubting the intent
congress being away isn't a signal about whether they want to fix it. it's a signal about how many session days exist between now and the deadline the contract settles on
 
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