The Greedy Hand

[farmfreshguy]

SHADOWMAN NOT SO IN NY, NY LIMITS THE AMOUNT YOU CAN DEDUCT.

[Vman96]

Indiana doesn't allow you to deduct for state taxes either, iirc. You'll be able to deduct losses up to your W2G amounts for federal taxes in any state, however.

[marie meijer]

Interesting topic and posts, everyone! Michigan has no deductions for state gaming taxes, so I always have state taxes taken out of my wins at the time of the hand pay/W2G. Usually, the ee paying me says that is what most peeps do. This keeps me from losing that amount I have to pay anyway and will keep a mugger from taking it before I leave or get home from the casino. It's a stress reliever to have that portion off my back. I was surprised when someone admitted on chat they could not find a W2G.  I consider W2Gs important enough to keep in one safe place when I return home and notate wins/losses on a calendar reserved for that purpose. I can see me having to mail in that calendar some day to IRS to substantiate my losses.

[julesw92]

You can claim losses on your taxes for the amount of your wins. Ask a tax professional 

[marie meijer]

julesw92, Agreed, on FEDERAL taxes but NOT state taxes in Michigan.

[julesw92]

Oh okay

[dbldbl scotty]

haha

[farmfreshguy]

NY CAPS YOUR WIN?LOSSES AT $500,000.

[spxChrome]

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

[paco13]

NY they tax anything above $599