vpFREE2 Forums

LVA Question of the Day - 8 JUN 2009

#1

Q: I live in Hawaii and like many folks here love to go to Vegas
to eat and to gamble. I am writing because my friend just told me
our state Legislature just passed a law so that they are going to
tax me now on anything I win when I gamble - even if I lose
overall! Do you know about this and can you explain?

Read the answer here:

http://www.lasvegasadvisor.com/qod.cfm

<a href="http://www.lasvegasadvisor.com/qod.cfm">
http://www.lasvegasadvisor.com/qod.cfm</a>

NOTE: vpFREE access to the Question of the Day link has been
approved by LVA and expires after the current day for non-LVA
members.

···

************************************************

This link is posted for informational purposes and doesn't
constitute an endorsement or approval of the linked article's
content by vpFREE. Any discussion of the article must be done
in accordance with vpFREE's rules and policies.

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#2

This is just plain insanity. If laws like this start to pass, it will be a
significant change in the viability of gambling and still having +EV. Whats
even crazier is that they're making it retroactive to 1/2009, so you may
already owe them a good chunk of change!

···

On Mon, Jun 8, 2009 at 7:52 AM, vpFREE Administrator <vpfreeadmin@cox.net>wrote:

Q: I live in Hawaii and like many folks here love to go to Vegas
to eat and to gamble. I am writing because my friend just told me
our state Legislature just passed a law so that they are going to
tax me now on anything I win when I gamble - even if I lose
overall! Do you know about this and can you explain?

Read the answer here:

http://www.lasvegasadvisor.com/qod.cfm

<a href="http://www.lasvegasadvisor.com/qod.cfm">
http://www.lasvegasadvisor.com/qod.cfm</a>

NOTE: vpFREE access to the Question of the Day link has been
approved by LVA and expires after the current day for non-LVA
members.

************************************************

This link is posted for informational purposes and doesn't
constitute an endorsement or approval of the linked article's
content by vpFREE. Any discussion of the article must be done
in accordance with vpFREE's rules and policies.

************************************************

[Non-text portions of this message have been removed]

#3

This is not new. Laws just like this one are already in some states. This info is in Jean and Marisa's book, but perhaps Jean will list the states that do not allow deductions for losses.

Chris

···

--- In vpFREE@yahoogroups.com, Dennis Salguero <salguero@...> wrote:

This is just plain insanity. If laws like this start to pass, it will be a
significant change in the viability of gambling and still having +EV. Whats
even crazier is that they're making it retroactive to 1/2009, so you may
already owe them a good chunk of change!

On Mon, Jun 8, 2009 at 7:52 AM, vpFREE Administrator <vpfreeadmin@...>wrote:

>
>
> Q: I live in Hawaii and like many folks here love to go to Vegas
> to eat and to gamble. I am writing because my friend just told me
> our state Legislature just passed a law so that they are going to
> tax me now on anything I win when I gamble - even if I lose
> overall! Do you know about this and can you explain?
>
> Read the answer here:
>
> http://www.lasvegasadvisor.com/qod.cfm
>
> <a href="http://www.lasvegasadvisor.com/qod.cfm">
> http://www.lasvegasadvisor.com/qod.cfm</a>
>
> NOTE: vpFREE access to the Question of the Day link has been
> approved by LVA and expires after the current day for non-LVA
> members.
>
> ************************************************
>
> This link is posted for informational purposes and doesn't
> constitute an endorsement or approval of the linked article's
> content by vpFREE. Any discussion of the article must be done
> in accordance with vpFREE's rules and policies.
>
> ************************************************
>
>
>

[Non-text portions of this message have been removed]

#4

Welcome to my (CT) world. But the retroactive nature of this would make it an ex post facto law, which are generally prohibited in the US by the Constitution. However, there are exceptions, and unless there is a big public outcry against it, an ex post facto tax law may well be held as constitutional

···

________________________________
From: Dennis Salguero <salguero@gmail.com>
To: vpFREE@yahoogroups.com
Sent: Monday, June 8, 2009 9:04:13 PM
Subject: Re: [vpFREE] LVA Question of the Day - 8 JUN 2009

This is just plain insanity. If laws like this start to pass, it will be a
significant change in the viability of gambling and still having +EV. Whats
even crazier is that they're making it retroactive to 1/2009, so you may
already owe them a good chunk of change!

On Mon, Jun 8, 2009 at 7:52 AM, vpFREE Administrator <vpfreeadmin@ cox.net>wrote:

Q: I live in Hawaii and like many folks here love to go to Vegas
to eat and to gamble. I am writing because my friend just told me
our state Legislature just passed a law so that they are going to
tax me now on anything I win when I gamble - even if I lose
overall! Do you know about this and can you explain?

Read the answer here:

http://www.lasvegasadvisor.com/qod.cfm

<a href="http://www.lasvegas advisor.com/ qod.cfm">
http://www.lasvegas advisor.com/ qod.cfm</a>

NOTE: vpFREE access to the Question of the Day link has been
approved by LVA and expires after the current day for non-LVA
members.

************ ********* ********* ********* *********

This link is posted for informational purposes and doesn't
constitute an endorsement or approval of the linked article's
content by vpFREE. Any discussion of the article must be done
in accordance with vpFREE's rules and policies.

************ ********* ********* ********* *********

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

#5

I think every state with an income tax does not allow deducting gambling wins. I would like to hear from some one who knows of a state that does.
Re: Ex post facto. It would not apply to taxation. Greedy legislators discovered this years ago.

···

----- Original Message -----
  From: Guru Perf
  To: vpFREE@yahoogroups.com
  Sent: Tuesday, June 09, 2009 10:39 AM
  Subject: Re: [vpFREE] LVA Question of the Day - 8 JUN 2009

  Welcome to my (CT) world. But the retroactive nature of this would make it an ex post facto law, which are generally prohibited in the US by the Constitution. However, there are exceptions, and unless there is a big public outcry against it, an ex post facto tax law may well be held as constitutional

  ________________________________
  From: Dennis Salguero <salguero@gmail.com>
  To: vpFREE@yahoogroups.com
  Sent: Monday, June 8, 2009 9:04:13 PM
  Subject: Re: [vpFREE] LVA Question of the Day - 8 JUN 2009

  This is just plain insanity. If laws like this start to pass, it will be a
  significant change in the viability of gambling and still having +EV. Whats
  even crazier is that they're making it retroactive to 1/2009, so you may
  already owe them a good chunk of change!

  On Mon, Jun 8, 2009 at 7:52 AM, vpFREE Administrator <vpfreeadmin@ cox.net>wrote:

  >
  >
  > Q: I live in Hawaii and like many folks here love to go to Vegas
  > to eat and to gamble. I am writing because my friend just told me
  > our state Legislature just passed a law so that they are going to
  > tax me now on anything I win when I gamble - even if I lose
  > overall! Do you know about this and can you explain?
  >
  > Read the answer here:
  >
  > http://www.lasvegasadvisor.com/qod.cfm
  >
  > <a href="http://www.lasvegas advisor.com/ qod.cfm">
  > http://www.lasvegas advisor.com/ qod.cfm</a>
  >
  > NOTE: vpFREE access to the Question of the Day link has been
  > approved by LVA and expires after the current day for non-LVA
  > members.
  >
  > ************ ********* ********* ********* *********
  >
  > This link is posted for informational purposes and doesn't
  > constitute an endorsement or approval of the linked article's
  > content by vpFREE. Any discussion of the article must be done
  > in accordance with vpFREE's rules and policies.
  >
  > ************ ********* ********* ********* *********
  >
  >
  >

  [Non-text portions of this message have been removed]

  [Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

#6

Unless they've changed in the last few years, NY allows the offset. One website reports that the following do not allow the offset:

  * Connecticut

  * Illinois

  * Indiana

  * Massachusetts

  * Michigan (first $300 exempt)

  * Minnesota (because of its AMT)

  * Mississippi

  * Ohio

  * West Virginia

  * WisconsinI'm not a CPA, so I can't tell you if that's all inclusive , or even up to the minute.

···

________________________________

I think every state with an income tax does not allow deducting gambling wins. I would like to hear from some one who knows of a state that does.
Re: Ex post facto. It would not apply to taxation. Greedy legislators discovered this years ago.

__

[Non-text portions of this message have been removed]

#7

Louisiana

···

________________________________
From: Matt <thebat@snet.net>
To: vpFREE@yahoogroups.com
Sent: Tuesday, June 9, 2009 3:40:56 PM
Subject: Re: [vpFREE] LVA Question of the Day - 8 JUN 2009

I think every state with an income tax does not allow deducting gambling wins. I would like to hear from some one who knows of a state that does.
Re: Ex post facto. It would not apply to taxation. Greedy legislators discovered this years ago.
----- Original Message -----
From: Guru Perf
To: vpFREE@yahoogroups. com
Sent: Tuesday, June 09, 2009 10:39 AM
Subject: Re: [vpFREE] LVA Question of the Day - 8 JUN 2009

Welcome to my (CT) world. But the retroactive nature of this would make it an ex post facto law, which are generally prohibited in the US by the Constitution. However, there are exceptions, and unless there is a big public outcry against it, an ex post facto tax law may well be held as constitutional

____________ _________ _________ __
From: Dennis Salguero <salguero@gmail. com>
To: vpFREE@yahoogroups. com
Sent: Monday, June 8, 2009 9:04:13 PM
Subject: Re: [vpFREE] LVA Question of the Day - 8 JUN 2009

This is just plain insanity. If laws like this start to pass, it will be a
significant change in the viability of gambling and still having +EV. Whats
even crazier is that they're making it retroactive to 1/2009, so you may
already owe them a good chunk of change!

On Mon, Jun 8, 2009 at 7:52 AM, vpFREE Administrator <vpfreeadmin@ cox.net>wrote:

Q: I live in Hawaii and like many folks here love to go to Vegas
to eat and to gamble. I am writing because my friend just told me
our state Legislature just passed a law so that they are going to
tax me now on anything I win when I gamble - even if I lose
overall! Do you know about this and can you explain?

Read the answer here:

http://www.lasvegasadvisor.com/qod.cfm

<a href="http://www.lasvegas advisor.com/ qod.cfm">
http://www.lasvegas advisor.com/ qod.cfm</a>

NOTE: vpFREE access to the Question of the Day link has been
approved by LVA and expires after the current day for non-LVA
members.

************ ********* ********* ********* *********

This link is posted for informational purposes and doesn't
constitute an endorsement or approval of the linked article's
content by vpFREE. Any discussion of the article must be done
in accordance with vpFREE's rules and policies.

************ ********* ********* ********* *********

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

[Non-text portions of this message have been removed]

#8

The book "Tax Help for Gamblers" lists the tax situation for gambling - in all 50 states and discusses all the in's and out's of state taxes. For example, gambling in a non-resident state and what to do when taxes are taken out.

Hard copy can be ordered at my site below. E-book can be ordered at lasvegasadvisor.com.

···

________________
Jean $�ott, Frugal Gambler
http://queenofcomps.com/
You can read my blog at
http://lasvegasadvisor.com/blogs/jscott/

#9

Wisconsin did the retroactive tax several years back.
With our 8% marginal tax on jackpots it is nearly impossible for me to get any advantage on dollar games.
I keep asking casino's to get more reasonable multi-line quarter games. Then you have to deal with a W-2 in rare multiple royals situations.
Unfortunately, even 8/5 bonus poker seems to be on the way out.
I just visited Vegas for the first time in 10 months. There was a time I did up to 6 trips each year.
The main reason is I just can't get comps playing one line quarters and can't afford the taxes on dollar wins.

While few people actually do the math, I've know many people who have stopped gambling when they got hit with a $1300 tax bill on a $4000 royal.

···

----- Original Message ----
From: Guru Perf <guruperf@yahoo.com>
To: vpFREE@yahoogroups.com
Sent: Tuesday, June 9, 2009 3:10:45 PM
Subject: Re: [vpFREE] LVA Question of the Day - 8 JUN 2009

Unless they've changed in the last few years, NY allows the offset. One website reports that the following do not allow the offset:

    * Connecticut

    * Illinois

    * Indiana

    * Massachusetts

    * Michigan (first $300 exempt)

    * Minnesota (because of its AMT)

    * Mississippi

    * Ohio

    * West Virginia

    * WisconsinI'm not a CPA, so I can't tell you if that's all inclusive , or even up to the minute.

________________________________

I think every state with an income tax does not allow deducting gambling wins. I would like to hear from some one who knows of a state that does.
Re: Ex post facto. It would not apply to taxation. Greedy legislators discovered this years ago.

__

[Non-text portions of this message have been removed]

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