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The Greedy Hand
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dbldbl scotty
- Senior Member
- Posts: 133
- Joined: Wed Apr 15, 2009 1:31 am
Re: The Greedy Hand
with the exception of the lottery (who taxes on $600 or more), i thought $1200 and up was nationwide in casinos...
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BillyJoe
- Video Poker Master
- Posts: 3198
- Joined: Sat Aug 23, 2008 2:00 pm
Well my issue is that $1199 limit is like 30 years old. It needs to be raised. $1199 is not what it used to be in 1982 or whenever they drew the line. I wish they would raise it to at least $2100. That would save a ton of paper work on those $5 quads for $1250, .50 royals and $1 AWAK'S. How can we get that petition started
I totally agree. But with the Feds as broke and in debt as they are, finding someone to champion a cause up there to allow us to claim LESS winnings and taxes will probably be impossible.
I totally agree. But with the Feds as broke and in debt as they are, finding someone to champion a cause up there to allow us to claim LESS winnings and taxes will probably be impossible.
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BillyJoe
- Video Poker Master
- Posts: 3198
- Joined: Sat Aug 23, 2008 2:00 pm
with the exception of the lottery (who taxes on $600 or more), i thought $1200 and up was nationwide in casinos...
Don't confuse Federal taxes with State taxes. In both cases, you are supposed to claim ALL your winnings. The Feds require a W2G for winnings at or above $1200. The states can do whatever they want.
The Feds let you deduct losses up to the amount of your declared winnings. Some states, like Arizona, let you deduct losses from your state winnings. Most states do not let you deduct your losses on state returns.
Don't confuse Federal taxes with State taxes. In both cases, you are supposed to claim ALL your winnings. The Feds require a W2G for winnings at or above $1200. The states can do whatever they want.
The Feds let you deduct losses up to the amount of your declared winnings. Some states, like Arizona, let you deduct losses from your state winnings. Most states do not let you deduct your losses on state returns.
