How Arizona & IRS Tax Casino Wins

[OTABILL]

There is a short, interesting article in the September 2024 Arizona Gaming Guide on this subject. The article is on page 16 and can be accessed at the following link.https://www.azgamingguide.com/index_fil ... issue.html

[olds442jetaway]

Thanks Bill for posting the article. I did find an error though. When you itemize your deductions and are deducting your gambling losses in an amount up to your winnings, they are not subject to the 2 percent rule for misc itemized deductions. The gang can access the IRS Reg’s on line to verify this. The gambling losses are reported on 1040 Sch A I believe it is line 28 for other Misc deductions. Everyone should verify what I just posted with their own tax advisors.

[Hiker1]

…When you itemize your deductions and are deducting your gambling losses in an amount up to your winnings, they are not subject to the 2 percent rule for misc itemized deductions…

Everyone should verify what I just posted with their own tax advisors.

I agree with Olds, there is no 2% rule for itemized gambling losses. If one is able to and chooses to itemize the limit of reportable losses is the amount reported as winnings. But confirm on your own

[OTABILL]

Good catch Olds.

[olds442jetaway]

Now if I can translate that into a Royal…….No hand pays since 7/13, but when and if……I think the Salt River Horses could use an Apple or 2 by now!

[OTABILL]

Now if I can translate that into a Royal…….No hand pays since 7/13, but when and if……I think the Salt River Horses could use an Apple or 2 by now!

They keep cool in the river and consume the river grass. With the weather cooling somewhat, the horses are beginning to show up on land. Saw some while driving on the main highway. Not a place to stop to take pictures. Apologize for going off topic once again.