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Raising the Federal Tax Reporting Limit?
Posted: Wed Mar 09, 2022 4:17 pm
by Tedlark
There is a bipartisan bill working through Congress aiming to get the Federal Tax reporting threshold raised from its current $1,200.00 up to $5,000.00. Bill sponsors said that the current level was established in 1977 and adjusting for inflation $5,000.00 is a more appropriate number. The fill is backed by gaming and resort associations.
This would not change the requirement that ALL gambling winnings be properly reported.
Re: Raising the Federal Tax Reporting Limit?
Posted: Wed Mar 09, 2022 7:47 pm
by case
Seems they have tried this bill a few times before. One of these days....
Re: Raising the Federal Tax Reporting Limit?
Posted: Thu Mar 10, 2022 9:01 am
by Columbo
It will not work. If the reporting threshold is 5K, then that is what people will self-report on their taxes. People win $1000 all the time and never report it. The feds cannot accept the magnitude of taxation loss this change would create. I am all for it, but it will not happen.
Re: Raising the Federal Tax Reporting Limit?
Posted: Thu Mar 10, 2022 12:42 pm
by Waiting4RF
The feds just started tracking electronic accounts of +$600 for Venmo and paypal for the year. I doubt they will allow one time wins of less than $5,000 to be tax free.
Re: Raising the Federal Tax Reporting Limit?
Posted: Thu Mar 10, 2022 3:58 pm
by Tedlark
Columbo wrote: ↑Thu Mar 10, 2022 9:01 am
It will not work. If the reporting threshold is 5K, then that is what people will self-report on their taxes. People win $1000 all the time and never report it. The feds cannot accept the magnitude of taxation loss this change would create. I am all for it, but it will not happen.
What gets me is that tables players can win much, much more without fear of any generated tax paperwork.
I just reported on the article that I read in the LVRJ.
Re: Raising the Federal Tax Reporting Limit?
Posted: Thu Mar 10, 2022 6:15 pm
by FAA
Hand Pay: A Dream Deferred.
Re: Raising the Federal Tax Reporting Limit?
Posted: Thu Mar 10, 2022 11:13 pm
by olds442jetaway
My state would lose a bundle. They will fight and if needed find another way around it. I suspect they are all in the process of eliminating cash period. Younger folks will see that for sure in their lifetime
Re: Raising the Federal Tax Reporting Limit?
Posted: Mon Mar 28, 2022 8:08 am
by billryan
I was in a gas station the other day and this guy came to buy a six-pack. He dug into his socks and started pulling out these decrepit-looking $1 bills. He's putting them on the counter as the clerk is thinking he should have stayed in school. I couldn't tell if the odor was from the bills or from his socks but at that moment I could see the need to get rid of cash.
Re: Raising the Federal Tax Reporting Limit?
Posted: Mon Mar 28, 2022 1:19 pm
by olds442jetaway
I think I read somewhere that 90% of all currency in circulation as cocaine residue on it
Re: Raising the Federal Tax Reporting Limit?
Posted: Mon Mar 28, 2022 5:15 pm
by TripleTriple
and the other 10% is newly printed and just came out of the atm machine for the first time...
keep your eyes peeled for silver certificates and more importantly silver coinage. About 7 or 8 years ago I got a few mercury dimes back in change at work. Ended up exchanging for about 15 more some were "good/very good" condition...cashier had no clue