This is odd, but included in a new bill
https://taxabletalk.com/2025/07/01/sena ... -gambling/
US Betting legislation
-
- Posts: 163
- Joined: Wed Sep 02, 2020 3:00 pm
Very good to pro poker players seem like they will be getting it the worst. The hypothetical players in the article are kinda funny.
There are so many things in that bill that i do not understand.
There are so many things in that bill that i do not understand.
- wearthefoxhat
- Posts: 3559
- Joined: Sun Feb 18, 2018 9:55 am
What sounds weird is: Say to "Win" $1000 and then Lose $1000 = Nett $0....but then they would pay 10% on the win and 10% on the losses, $200!
If you never backed a winner and lost $1000, then you pay 10% on your losses = $100!
Or am I missing something? (quite likely)
If you never backed a winner and lost $1000, then you pay 10% on your losses = $100!
Or am I missing something? (quite likely)
-
- Posts: 163
- Joined: Wed Sep 02, 2020 3:00 pm
I think that's right. But how about this.wearthefoxhat wrote: ↑Wed Jul 09, 2025 1:38 pmWhat sounds weird is: Say to "Win" $1000 and then Lose $1000 = Nett $0....but then they would pay 10% on the win and 10% on the losses, $200!
If you never backed a winner and lost $1000, then you pay 10% on your losses = $100!
Or am I missing something? (quite likely)
You win $100k in a year but lose $105k in a year. Down $5k for the year you will be taxed on $55k. Amazing.
So. I don't think this is political. Books here for years (depending on the state you're in) have tried to limit or ban winners. Not new news. Some states have told them they cannot do this though. New tax law makes winning consistently so much harder than it was before.
Or
One of Donnies boys is a part owner of one of those prediction market websites apparently. Different tax code so not effected by this. Business maybe get pushed that way?
Fuked if i i know.
- wearthefoxhat
- Posts: 3559
- Joined: Sun Feb 18, 2018 9:55 am
Here are a couple of other examples where a previous loss is worse off and a bigger staked winner is taxed more.
They would reduce the losses by 10% which in turn impacts the overall tax nett position for tax (phantom taxable)
If you are employed and are a semi-pro gambler that lost on gambling, then the phantom taxable will affect you too.
Still unclear if you are a Nett loser as a full-time pro, after the 90% deductable, if the phantom taxable is in the red, do they pay 10% on that loss?
.
They would reduce the losses by 10% which in turn impacts the overall tax nett position for tax (phantom taxable)
If you are employed and are a semi-pro gambler that lost on gambling, then the phantom taxable will affect you too.
Still unclear if you are a Nett loser as a full-time pro, after the 90% deductable, if the phantom taxable is in the red, do they pay 10% on that loss?
.
You do not have the required permissions to view the files attached to this post.