2018 Tax Law Changes effects on wins

[tommiedee]

This is a subject no one talks about at the casinos, apparently anyone with 2018 W2 G winnings will no longer be able to offset wins at tax time against losses. Has anyone heard otherwise? If this is so, I no longer will be going to casinos as over the past 10 years went from a single line ddb poker 25cent play to multiline games at $1 and $5 and $10 even $25 single line games.

Never won after factoring in all my losses against winnings in the past, but if I will loose the ability to offset those hand pays come tax time, cannot afford to play anymore.

Any thoughts???

[FloridaPhil]

Sounds like a good reason the play quarters to me.  

[lenababe]

My understanding of the new tax law is that you can still offset gambling winnings with gambling losses on your Federal tax return, if you itemize. Other gambling expenses will be subject to an overall expense cap.

[DaBurglar]

This is a subject no one talks about at the casinos, apparently anyone with 2018 W2 G winnings will no longer be able to offset wins at tax time against losses. Has anyone heard otherwise? If this is so, I no longer will be going to casinos as over the past 10 years went from a single line ddb poker 25cent play to multiline games at $1 and $5 and $10 even $25 single line games.

Never won after factoring in all my losses against winnings in the past, but if I will loose the ability to offset those hand pays come tax time, cannot afford to play anymore.

Any thoughts???

What state do you live in?

[JIMDUECE`SWILD]

This is a subject no one talks about at the casinos, apparently anyone with 2018 W2 G winnings will no longer be able to offset wins at tax time against losses. Has anyone heard otherwise? If this is so, I no longer will be going to casinos as over the past 10 years went from a single line ddb poker 25cent play to multiline games at $1 and $5 and $10 even $25 single line games.

Never won after factoring in all my losses against winnings in the past, but if I will loose the ability to offset those hand pays come tax time, cannot afford to play anymore.

Any thoughts???Go to Bob Dancer & Richard Munchkin radio show " Gambling with an Edge" last weeks guest  was Russel Fox a tax adviser.  Bob's website dose not have it yet. Go to Richard Munchkin's website and download the podcast

[mattz]

Here you go

[hornsfan61]

You have to use the itemize form.

[Bobbi]

This happened on last years taxes - the "standard" deduction was raised which made the itemized deductions harder to obtain. If you did not have enough deductions to list (other than gambling), you found yourself taking the standard deduction and were unable to claim your losses.