vpFREE2 Forums

New Book on Gambling and Taxes

Marissa Chien, my financial planner and tax preparer and a member on
some of these lists, and I are just finishing up a book with the working
title of "Tax Help for
the Frugal Gambler." This started out as a chapter I planned to put in
"More Frugal Gambling" but soon just grew so big it
needed a book of its own. (I know, I know - I said I was "never" going
to write another book - so I lied! Well, not exactly - I'm NOT writing
it all my own!!!!)

We want to be sure we have up-to-date information, especially in the
state tax section. Things are changing so quickly on the state level
and not all state websites keep information updated regularly.
I particularly want to be sure we have included all jurisdictions that
automatically withhold state tax from any W2G jackpot. Here is what we
have - and the %. Does anyone have personal knowledge of any changes or
additions to this list?

Missouri - (4%) - did this start in July of 2003?
Louisiana (6%)
Iowa (5%)
Indiana (3.4%).
(Mississippi used to automatically withhold 5% state tax from reportable
jackpots, but in 2002 they started taking out 3%, calling it a gambling
tax instead of having it be a state income tax - and therefore it is not
refundable to anyone.)

As usual, I depend on all of you to "keep me straight."

···

____________________
Jean $cott - "The Frugal Gambler"
MORE FRUGAL GAMBLING can now
be ordered, autographed, at
http://www.FrugalGambler.biz

Jean,

Sign me up for the tax book! I'd like to know how to really handle
my tax situation regarding wins/losses here in Nevada. I see and
read about players writting down every machine number and the times
they played and their win/loss. I believe this to be overkill. I
can't believe that any recreational gambler does this. I've relied
on casino win/loss statements to figure my wins/losses for the year.
Although I've had w2g's totaling anywhere from $1,250 to this year's
$52,000 plus, I have yet to be audited. Perhaps I've just been lucky?

<<Sign me up for the tax book! I'd like to know how to really handle
my tax situation regarding wins/losses here in Nevada. I see and
read about players writing down every machine number and the times
they played and their win/loss. I believe this to be overkill. I
can't believe that any recreational gambler does this. I've relied
on casino win/loss statements to figure my wins/losses for the year.
Although I've had w2g's totaling anywhere from $1,250 to this year's
$52,000 plus, I have yet to be audited. Perhaps I've just been lucky?>>

The book should be out in January - in time for help on your 2003 return. It should answer many of your questions, although things aren't as cut and dried as we would like. Some people don't keep as detailed diaries as others do - and that is probably okay in many cases.

But you have been "lucky." Win/loss statements from the casino are NOT adequate in case of an audit. You DO need a gambling diary - and the win-/loss statements are just back-up evidence.

···

____________________
Jean $cott - "The Frugal Gambler"
MORE FRUGAL GAMBLING can now
be ordered, autographed, at
http://www.FrugalGambler.biz

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

I can confirm your information on Iowa and Missouri. And, yes,
Missouri just started withholding. I think this was in lieu of
raising taxes on the casinos.

Rick

···

--- In vpFREE@yahoogroups.com, "Jean Scott" <QueenofComps@f...> wrote:

Marissa Chien, my financial planner and tax preparer and a member on
some of these lists, and I are just finishing up a book with the working
title of "Tax Help for
the Frugal Gambler." This started out as a chapter I planned to put in
"More Frugal Gambling" but soon just grew so big it
needed a book of its own. (I know, I know - I said I was "never" going
to write another book - so I lied! Well, not exactly - I'm NOT writing
it all my own!!!!)

We want to be sure we have up-to-date information, especially in the
state tax section. Things are changing so quickly on the state level
and not all state websites keep information updated regularly.
I particularly want to be sure we have included all jurisdictions that
automatically withhold state tax from any W2G jackpot. Here is what we
have - and the %. Does anyone have personal knowledge of any changes or
additions to this list?

Missouri - (4%) - did this start in July of 2003?
Louisiana (6%)
Iowa (5%)
Indiana (3.4%).
(Mississippi used to automatically withhold 5% state tax from reportable
jackpots, but in 2002 they started taking out 3%, calling it a gambling
tax instead of having it be a state income tax - and therefore it is not
refundable to anyone.)

As usual, I depend on all of you to "keep me straight."
____________________
Jean $cott - "The Frugal Gambler"
MORE FRUGAL GAMBLING can now
be ordered, autographed, at
http://www.FrugalGambler.biz

Jean,

Here is some information that you might find useful regarding the
treatment of the Mississippi 3% tax for a resident of another state.

Fisrt, here is a copy of a question that I sent to the Louisiana
Department of Revenue.

···

__________________________________

"I am a Louisiana resident. In 2002 I had some W2-G (gambling
income) tax withheld in Mississippi. In the past, I have filed a non-
resident tax return in Mississippi for this type of income, and I
have attached the Mississippi return to my Louisiana tax return in
order to take a credit against my Louisiana tax liability for
whatever final amount I paid to Mississippi. Beginning with this
year's tax return, Mississippi has changed their procedure regarding
W2-G income tax. Mississippi now collects an immediate 3% tax on
taxable jackpot winnings, which is considered by Mississippi to be a
non-refundable income tax. Since you can't get any kind of refund
from Mississippi for this withholding tax, non residents no longer
fill out a Mississippi non-resident income tax return if their only
Mississippi income came from W2-G winnings. The Mississippi tax
instruction booklet for non-resident income states this.

This change in the Mississippi procedure creates a conflict for
Louisiana residents, because the Louisiana personal income tax return
clearly states that the taxpayer must attach a copy of any out of
state tax return(s) in order to claim a credit for any income tax
paid to other states. All that I am going to have from Mississippi
are the W2-G forms showing the 3% income tax withheld by
Mississippi. To put it simply, Louisiana says that I must attach a
copy of a Mississippi non-resident return, while Mississippi says
that I do not file a non-resident return. Has there been any
discussion regarding how to resolve this conflict?

Thanks in advance for your reply."

______________________________________

I received this reply (I've x'd out the real names)....

_____________________________________

"From: XXXXXXXXXXXX [XXXXXXXXXXX@rev.state.la.us]
Sent: Wednesday, January 15, 2003 10:21 AM
To: XXXXXXXXXXXXXXXXXXX
Subject: MS W2-G Income

Mr. XXXXXXXXXXXXXXX,

Just attach copies of W2-G's to your LA return."

__________________________________________

Of course, the reply came with this disclaimer...

____________________________________________

"This reply to your inquiry constitutes "informal advice" from the
Department of Revenue, as contemplated by Louisiana Administrative
Code. LAC 61:III.101.D.3, which provides that informal advice does
not have the force and effect of law and is not binding on the
Department, the public, or the individual seeking advice. Informal
advice will have no effect on an audit."

______________________________________________

So anyway, it appears that residents of LA don't have to worry about
getting double taxed for jackpots that they hit in Mississippi. I
would be interested in the experience of people from other states
that are close to Mississippi, such as Alabama, Arkansas, and
Tennessee.

EE

Someone who is a resident of Alabama got this instruction from the AL state tax people<<Just attach copies of MS W2-G's to your LA return.">>
(Of course, they didn't say what they would do if you did this, not actually saying that you would get this as a credit on AL state taxes owed!!!!)

Someone with MS W2G's they can check: Do the W2-G's issued by MS have that 3% withheld amount listed and labeled. If so, how is it labeled - MS State Tax or MS State INCOME Tax. I was under the impression that MS did NOT call this 3% an INCOME tax, but just a state gaming/gambling tax. I am thinking that if it isn't labeled as state INCOME tax, other states wouldn't give you a credit. Of course, I am assuming government tax laws and regulations are "logical." That's really not safe!!!

Below is the whole post I am referring to:

<<Here is some information that you might find useful regarding the
treatment of the Mississippi 3% tax for a resident of another state.

First, here is a copy of a question that I sent to the Louisiana
Department of Revenue.

···

__________________________________

"I am a Louisiana resident. In 2002 I had some W2-G (gambling
income) tax withheld in Mississippi. In the past, I have filed a non-
resident tax return in Mississippi for this type of income, and I
have attached the Mississippi return to my Louisiana tax return in
order to take a credit against my Louisiana tax liability for
whatever final amount I paid to Mississippi. Beginning with this
year's tax return, Mississippi has changed their procedure regarding
W2-G income tax. Mississippi now collects an immediate 3% tax on
taxable jackpot winnings, which is considered by Mississippi to be a
non-refundable income tax. Since you can't get any kind of refund
from Mississippi for this withholding tax, non residents no longer
fill out a Mississippi non-resident income tax return if their only
Mississippi income came from W2-G winnings. The Mississippi tax
instruction booklet for non-resident income states this.

This change in the Mississippi procedure creates a conflict for
Louisiana residents, because the Louisiana personal income tax return
clearly states that the taxpayer must attach a copy of any out of
state tax return(s) in order to claim a credit for any income tax
paid to other states. All that I am going to have from Mississippi
are the W2-G forms showing the 3% income tax withheld by
Mississippi. To put it simply, Louisiana says that I must attach a
copy of a Mississippi non-resident return, while Mississippi says
that I do not file a non-resident return. Has there been any
discussion regarding how to resolve this conflict?

Thanks in advance for your reply."

______________________________________

I received this reply (I've x'd out the real names)....

_____________________________________

"From: XXXXXXXXXXXX [XXXXXXXXXXX@rev.state.la.us]
Sent: Wednesday, January 15, 2003 10:21 AM
To: XXXXXXXXXXXXXXXXXXX
Subject: MS W2-G Income

Mr. XXXXXXXXXXXXXXX,

Just attach copies of W2-G's to your LA return."

__________________________________________

Of course, the reply came with this disclaimer...

____________________________________________

"This reply to your inquiry constitutes "informal advice" from the
Department of Revenue, as contemplated by Louisiana Administrative
Code. LAC 61:III.101.D.3, which provides that informal advice does
not have the force and effect of law and is not binding on the
Department, the public, or the individual seeking advice. Informal
advice will have no effect on an audit."

______________________________________________

So anyway, it appears that residents of LA don't have to worry about
getting double taxed for jackpots that they hit in Mississippi. I
would be interested in the experience of people from other states
that are close to Mississippi, such as Alabama, Arkansas, and
Tennessee.>>

____________________
Jean $cott - "The Frugal Gambler"
MORE FRUGAL GAMBLING can now
be ordered, autographed, at
http://www.FrugalGambler.biz

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

issued by MS have that 3% withheld amount listed and labeled. If so,
how is it labeled - MS State Tax or MS State INCOME Tax. I was under
the impression that MS did NOT call this 3% an INCOME tax, but just a
state gaming/gambling tax. I am thinking that if it isn't labeled
as state INCOME tax, other states wouldn't give you a credit. Of
course, I am assuming government tax laws and regulations
are "logical." That's really not
safe!!!......<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Jean,

Last night I checked my W2-Gs from Mississippi for this year (2003),
and the block where they show the 3% tax withheld is labeled exactly
like this: "State income tax withheld". I think it would be
difficult for the other states to argue that this is not really an
income tax when the W2-G shows it to be exactly that.

EE

···

--- In vpFREE@yahoogroups.com, "Jean Scott" <QueenofComps@f...> wrote:

..... Someone with MS W2G's they can check: Do the W2-G's