Afraid I know the answer! Not good!!
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Trumps New Tax Deductions
You realize this will effect all professional gamblers right ?
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On Apr 26, 2017, at 9:00 PM, Bruce bruce…@…com [vpFREE] <vpF…@…com> wrote:
Afraid I know the answer! Not good!!
Sent from my iPad
You realize this will effect all professional gamblers right ? ARGH!
This will AFFECT all …
or
This will have an EFFECT on all …
Apologies! I could not stop my fingers. I hope that this does not ban me from the site, since it does not have anything to do with video poker or gambling.
… bl
I’d happily give up my gambling deduction if the standard deduction for a married couple goes from $12,000 to $50,000, like I have seen reported. It would have to be a monster gambling year for gambling losses claimed to be greater than the increased standard deduction.
I also read that the number of people who itemize would go from about 53 million to 4 million. That would be a good thing as well. The only thing missing is where does he make up of for the $2 to $9 trillion dollar loss in government revenue?
I would say it has lots to do with video poker and gambling.
It’s not yet obvious how it would affect professional gamblers. Pros usually opt to file a Sch C (“Profit or Loss from Business”), and losses can be taken on Sch C as a business expense or under “returns and allowances”, bypassing the ‘deduction’ issue.
–Dunbar
—In vpF…@…com, <poisonivey888@…> wrote :
You realize this will effect all professional gamblers right ?