With technology, the only fair way for both sides (IRS and the gambler), is to require anyone gambling at a casino to be required to use a a players card for 100% tracking. It would be just like driving a vehicle, gotta have the key in the ignition. The bet/spin button always disabled unless a card is inserted. Eliminate the handpay stops. End of the year, each casino sends you a W2G for your true Net Wins and Losses. You pay taxes on whatever that Net is or a tax deduction on the Loss.
Interesting information. As a CPA, I can say correct on everything I heard. One thing I don't understand is why on the cruise ships they issue W-2G. The ships are non-US registry and you are international waters. There must be some agreement somewhere about governance of cruise ship casinos and that they will operate as though they were US based.
It just seems like it literally is not worth it at all based on tax laws. People call sportsbooks a "scam" but the reason sports betting seems like a scam isn't because you can't win (I've won a lot but literally stopped because of the tax laws and it wasn't worth it at all) but because of how the tax rules are set up. Literally the only people that actually lose are the regular people that actually do the bets. IRS, sportsbook, state, federal all gain and the only one that ultimately loses is the bettor. It's 100% not worth it just based on how ridiculous the tax laws are on sports betting. It's illogical and nonsense
Can you write off training you’ve paid for? I.e. poker training courses?
With technology, the only fair way for both sides (IRS and the gambler), is to require anyone gambling at a casino to be required to use a a players card for 100% tracking. It would be just like driving a vehicle, gotta have the key in the ignition. The bet/spin button always disabled unless a card is inserted. Eliminate the handpay stops. End of the year, each casino sends you a W2G for your true Net Wins and Losses. You pay taxes on whatever that Net is or a tax deduction on the Loss.
Interesting information. As a CPA, I can say correct on everything I heard. One thing I don't understand is why on the cruise ships they issue W-2G. The ships are non-US registry and you are international waters. There must be some agreement somewhere about governance of cruise ship casinos and that they will operate as though they were US based.
It just seems like it literally is not worth it at all based on tax laws. People call sportsbooks a "scam" but the reason sports betting seems like a scam isn't because you can't win (I've won a lot but literally stopped because of the tax laws and it wasn't worth it at all) but because of how the tax rules are set up. Literally the only people that actually lose are the regular people that actually do the bets. IRS, sportsbook, state, federal all gain and the only one that ultimately loses is the bettor. It's 100% not worth it just based on how ridiculous the tax laws are on sports betting. It's illogical and nonsense