Video Poker Forum

I wish that were the case. In Ct, you pay State income tax on gross gambling income which is part of your Adjusted Gross income on your federal 1040 before writing off the losses on your itemized deductions. In my case, the state steals 7 percent off the top. Another really bad thing tax wise is in order to offset your gross gambling winnings, you must itemize your deductions on your Federal 1040 even though without the gross gambling income, taking a standard deduction would have saved you thousands in Federal tax. There is just no way around it. It is unfortunately another downside to having gross gambling winnings before writing off large losses. In this day and age, the technology allows casinos to compute exactly how much you won or lost for the year. Most all of us are net losers no matter how many nice hands we win unless we win a huge progressive jackpot. It should be downright illegal to tax someone when they have no net profit very similar to someone who filed a schedule C from self employment and lost money for the year. That person would have no income tax liability if they had a net loss. The greedy politicians have made sure they can legally steal from us even though most of us have 0 net gambling income. I should add there is one way and that would be to register as a professional gambler. Good luck with that. An almost guaranteed audit every year with countless hours of record keeping, accounting and or legal fees. Even then, if you cannot show a profit in a reasonable number of years, your deduction as a professional gambler will be disallowed and you will be classified as a hobby not a business. That goes for all hobbies/ businesses by the way. .

olds442jetaway wrote: ↑

Thu Apr 07, 2022 2:11 am

In this day and age, the technology allows casinos to compute exactly how much you won or lost for the year.

If this is true, then why is the win/loss ALWAYS wrong even though I virtually ALWAYS play with my card inserted. And in years where I have virtually no table play? And when I say wrong I'm not talking 1 or 2 %. The technology allows it but they don't use that technology?

No idea. Mine is right on

TripleTriple wrote: ↑

Thu Apr 07, 2022 3:44 pm

olds442jetaway wrote: ↑

Thu Apr 07, 2022 2:11 am

In this day and age, the technology allows casinos to compute exactly how much you won or lost for the year.

If this is true, then why is the win/loss ALWAYS wrong even though I virtually ALWAYS play with my card inserted. And in years where I have virtually no table play? And when I say wrong I'm not talking 1 or 2 %. The technology allows it but they don't use that technology?

TT all casinos account for free play differently, where I play my year end statement is all most always off by my free play amount that year here is why. You download 100 bucks in machine and play on it, you cash out $100 you play another machine and lose it. You lost no out of pocket money but there system says I lost $100. There is another casino I play at and there numbers are on the money win/loss wise.

Go figure. I just wish the law would change to make gaming win snd losses more fair similar to reporting stock gains and losses. Especially when they force you to itemize your deductions to deduct any losses. This costs me thousands every year along with the cap in State and local tax defuction of 10,000. My State rules are the most unfair of all taxing me on gross winnings with no ability to write-off losses. Fat chance any of this will change!!

olds442jetaway wrote: ↑

Sun Apr 10, 2022 10:03 am

I just wish the law would change to make gaming win snd losses more fair

They're not trying to be fair. They're trying to be powerful.

Your betting system seems unusually effective at racking up tax liabilities. For a standard $5 single line bet, the non-royal premium hands mostly pay 1000 or less. But when you bet 6 or $7, some of those wins pay 1200 or 1400.

Correct. But the clone has bailed me out more times than one with some huge hits over 10 grand. And that makes up for it. None that big this year yet but last year I ended up with a loss 1/5 of what I normally would’ve had for the year without the monster wins on a few sessions

olds442jetaway wrote: ↑

Sun Apr 10, 2022 2:51 pm

Correct. But the clone has bailed me out more times than one with some huge hits over 10 grand. And that makes up for it. None that big this year yet but last year I ended up with a loss 1/5 of what I normally would’ve had for the year without the monster wins on a few sessions

Imagine what you could have accomplished had you been using the clone prior to last year.

I was, but no discipline and erratic. Also pushed it too much busting bankroll

Olds, you inspired me to try my own clone system. And this was the result:



Royal on three paylines for $600 plus incidentals. No tax form!

Here's the clone I was using:



To be honest, I could do without fragrance, but for $600 I'll deal with it. No pun intended.