Hooligans Sportsbook

apparently the bastards are trying

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Oh or it could cost someone A LOT who has zero other income, a large number of 600-1199 scores and planned to not declare those scores on their taxes anyway and thus didn't deduct losses against them b/c it was more profitable to take the standard...
 
Boner taking Reno to school

Reno be all like:

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Boner_18
The most that would ever cost anyone would be $2494.40. That person would be someone who won $6300 in 10-11 600+ payouts and lost exactly $6299 that year with no other deductions (e.g. state income tax - from FL basically, not a single $1 to charity). Oh and this person makes $413,201+ annually so they're in the top tax bracket (%39.6).

Someone with median household income in the same situation (10-11 $600 wins and the max losses before triggering itemizing - $6299) would pay an extra $1574.75. Admittedly, this will effect as many as single digit, maybe even tens of people per year! Reno is worried about them.
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you're a total focking moron. Anyone and everyone who dose not itemize deductions would be paying on all of their w2g's.
I don't know what kind of a lily white rich ass world you live in where everyone itemizes, but a large portion of the population does not.
A person who isn't paying out a mortgage or other loans would have no reason to itemize.

boner, your argument is dead on arrival. I don't know why you insist on going on with this stupidity.
Your main argument is that the casinos won't stand to lose business if this rule comes into effect. As I've stated the casinos are the ones who are opposing this. They sent out letters begging people to call their congressman.
Apparently, your ignorant ass knows more about what the casinos want than the casinos themselves.
 
tell me genius, what would a person do that rents an apartment makes say 25k a year? He doesn't have stocks or charities or whatever loopholes you rich twats use.
But he gambles and he has a net loss of 3k for the year. But he has 4k in w2g's. typical scenario

I'll answer it for you. He will be paying an extra $1000 in taxes even though he's a net loser. And his actual income after gambling is 22k not 29k
 
FTR, I am not paying income tax on zone proceeds. The zone is wholly owned by its players, and all players are responsible for all payments on winnings. You will all receive a form indicating the Zone basis, which is approximately $125.

Please consult your individual tax adviser, or Boner, on the best way to negate or minimize any tax liability. If you are a "Lilly white rich twat, there are probably some loopholes you can utilize.

Nina, as you have realized gains. be sure to claim that $55 on your return for the 2015 tax year. :chickendance:
 
Anyone with between $0-6300 in $600-1199 W2-G's AND $0-6299 in matching losses will lose the benefit of claiming those losses only - the individual you described would fit into this category (assuming the G's you described were between 600-1199 and not greater). That's why I said the max loss in benefit is $2494 (6299*.396 - the top tax rate).

The max cost to any one individual is as follows:

Income to 9.2k - $629.9
Income to 37k - 944.85 (this is you're hypothetical low income winner! actually he'd be out 600 not the 1000 you claim)
Income to 90k - 1574.75
Income to 190k - 1763.72
More up to the $2494 of the top tax bracket. I assume you don't care about these people.

You cannot create a scenario that will cost any of these taxpayers any more without assuming tax fraud under the status quo. The people that fit into these scenarios, as I've said from the beginning, are few and far between if they are not +ev gamblers (tax fraudsters). How typical is the scenario you described? There are only 43MM individuals between 18-100 years old in the country that make between 10.5k-25k. How many of them gamble, let alone have between 6300 in 600-1199 W-2 winnings and losses between 0-6299? Oh also they pretty much need to be from NV, FL, AK, NH, SD, TX, WA, WY or else the numbers (both the $ lost and taxpayers disadvantaged) get even smaller.

Your concern is an obvious and ridiculous attempt to mask your self-serving complaint about being held to the same standard of paying income tax as the other "regular" income world. A small subset of the population who is not a tax-frauding +ev winning gambler will be harmed up to $2494.xx MAX, i've said that. Your hypothetical taxpayer gambler is indeed an example of someone "harmed" by being forced to now declare winnings he previously could have hid. It's a ridiculous and atypical example and it's actually dangerously close to being false in a number of states with higher state income tax.

Sorry you're frauds were discovered. Good luck hunting the big one (or lots of $599 little ones).
 
Regardless of who ends up winning this debate, if accurate, I am impressed with the calculations given for various scenarios. Boner, why are you not in accounting?

And again, not to be a smartass, but do you claim the profit on the tickets you scalp as income?
 
Also how is my argument DOA when yours is based on tax fraud? Under current status quo, where there is no record of scores between 600-1199 my tax cost is 0, therefore in the new environment where a tiny subset of the gambling population (itself a subset) must report they are disenfranchised? Because it's much easier to not pay taxes now?!? WTF?!?
 
This is so FUBAR. Admit that all you care about is continuing to be able to defraud the gov't for wins between 600-1199. I've said I sympathize with you, I hate paying taxes and I do everything in my power to minimize my own. ADMIT YOU ARE A SELFISH FUCKING MOOCHER!
 
idiot, quit accusing me of shit, just because you feel like it. You're a pathetic pimple on the ass of Gamelive
You are not dumb enough to believe that every gambler is running around there counting every nickel they put in a slot machine and reporting it without w2g's.
You are not trying to be serious. You are wrong and you must by now know you are.
I've rehashed this backwards and upwards, maybe someday you'll realize something, until then I can't help you. :handshake:
 
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IAG
FTR, I am not paying income tax on zone proceeds. The zone is wholly owned by its players, and all players are responsible for all payments on winnings. You will all receive a form indicating the Zone basis, which is approximately $125.

Please consult your individual tax adviser, or Boner, on the best way to negate or minimize any tax liability. If you are a "Lilly white rich twat, there are probably some loopholes you can utilize.

Nina, as you have realized gains. be sure to claim that $55 on your return for the 2015 tax year. :chickendance:
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:lol: :up:
 
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