Insane State Gambling Laws

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olds442jetaway
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Insane State Gambling Laws

Post by olds442jetaway »

If I am a Ct resident which I am and decide to go play at a Massachuttes Casino ( about the same distance for me as going to a Ct casino), and win 5,000 bucks, that entire 5,000 bucks is taxable to me in Massachuttes unless I give it back at a Massachuttes casino. If I take that 5,000 bucks and make the hour drive to Foxwoods ir Mohegan Sun and lose it there, I still owe tax on 5,000 bucks to Massachuttes because I did not lose it at a Massachuttes casino.
If I make 5,000 bucks at a Massachuttes or Ct casino and lose it all by the end of the day, I still owe Ct income tax on that 5,000 bucks as well of course as on my other income.
If I make 5,000 bucks in gross gambling winnings for the 2019 year, I have the ability to write off the entire 5,000 in gross winnings on my Federal return as long as I itemize my deductions on my Federal return and have losses of at least 5,000 bucks
In order of screw jobs from worst to least.......Ct, then Mass, then Federal. The reason I have included Federal in this is you are forced to itemize your deductions on your Federal return to be able to write off that same 5,000 bucks in gross gambling income.
The above is just from what I have read and it is my opinion. Each person should consult their own tax advisor and or do their own tax research.

FloridaPhil
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Post by FloridaPhil »

If you gamble in Mississippi, be aware there is a 3% State Gambling Tax on all hand pays. There is NO offset or reimbursement process. The casino deducts the State tax out of your winnings before you are paid. The W2-G will show the full win amount with the State tax on a separate line. There is no State gambling tax in Florida.

Florida also has no State Income Tax. Our State constitution does not permit deficit spending. Until recently, Florida was running a $223 million dollar a year surplus. Political wrangling with the Tribes recently cost Florida $200 million in casino revenue. This year we are projected to have a surplus even with no gambling money included.

Our Governor has been Republican since 1999. Our State legislature has a Republican majority. We have the second lowest State Tax burden in the country. Florida's economy is booming. Real estate values are increasing. U Haul recently reported that their two largest moving routes are out of NY and California to Florida. We may not have great video poker odds, but we must have something else people value. :lol:

olds442jetaway
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Post by olds442jetaway »

Yep

Carcounter
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Post by Carcounter »

Phil, I hope to get to Florida permanently some day. I just hope the transplants from NY, NJ and CT don't bring their liberal politics with them. Remember your last governor's race was very close. DeSantis only beat Gillum by less than a percentage of the vote. Very scary.

Jstark
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Post by Jstark »

FloridaPhil wrote:
Wed Feb 26, 2020 5:07 am
If you gamble in Mississippi, be aware there is a 3% State Gambling Tax on all hand pays. There is NO offset or reimbursement process. The casino deducts the State tax out of your winnings before you are paid. The W2-G will show the full win amount with the State tax on a separate line. There is no State gambling tax in Florida.

Florida also has no State Income Tax. Our State constitution does not permit deficit spending. Until recently, Florida was running a $223 million dollar a year surplus. Political wrangling with the Tribes recently cost Florida $200 million in casino revenue. This year we are projected to have a surplus even with no gambling money included.

Our Governor has been Republican since 1999. Our State legislature has a Republican majority. We have the second lowest State Tax burden in the country. Florida's economy is booming. Real estate values are increasing. U Haul recently reported that their two largest moving routes are out of NY and California to Florida. We may not have great video poker odds, but we must have something else people value. :lol:
Is the Mississippi tax issue for out of state gamblers only? Do residents get that same 3% automatically taken out?

As for Florida, it'll one day be completely underwater and have no value at all. That and with the hurricanes and deplorable humidity, it's basically a ticking time bomb to me and worthless

FloridaPhil
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Post by FloridaPhil »

According to the global warming folks, we are all going to die anyway. We do have a large contingent of Democratic counties down south. Most of those folks are people who left NY and brought their politics with them. The exception is Cubans who escaped from Castro. They are not real fond of Bernie and his socialist view of America. They have witnessed first hand where this leads and they want no part of it.

Jstark
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Post by Jstark »

My post wasn't political. Just the unbearable humidity and the threat of hurricanes, makes it a known disaster area.

And my question about Mississippi taxes on jackpots for residents went unanswered. Many states automatically take out state tax on jackpots for out of state residents.

FloridaPhil
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Post by FloridaPhil »

Jstark wrote:
Wed Feb 26, 2020 9:46 am
And my question about Mississippi taxes on jackpots for residents went unanswered. Many states automatically take out state tax on jackpots for out of state residents.
I don't know the answer to that question as I am a non resident. I once asked an accountant if there was any way I could get a Mississippi gambling tax refund. He told me he tried for another client and it was impossible.

advantage playe
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Post by advantage playe »

the earth has been warming and cooling for 3 billion years without any help or hurt from mankind ! there r some scientists who say the earths slight warming will help the earth rather than hurt it ! one such scientist is dr. Patrick Michael ! GOD has the whole universe and earth under control ! GOD is GOD man is not GOD !!!

olds442jetaway
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Post by olds442jetaway »

Well Phil, If the three of us move to Florida from Ct., at least we can offset 3 of the commie/lib votes. My wife grew up in Florida in the Gulfport area. She loves the warm weather. Guess I will be here a while yet as long as I have dad to watch over. He’s 95 and I hope as long as there is quality of life left, I hope he just keeps on going. I have been checking up on real estate though off and on. Of course I know who to call down the road a bit. The three votes would be me, daughter, and Mrs. At least up here we offset my brother and his wife’s votes. Both were poisoned by lib professors in College. Anyway, back to vp. I will see if I can look up the Mississippi ta. Answer

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