Thursday, December 13, 2012

Tax Changes Could Be Costly For Horseplayers

Today on the NTRA website:

 "Congress and President Obama have recently proposed capping or otherwise limiting itemized deductions in an effort to raise revenue for the U.S. government. Some horseplayers may be negatively impacted if they are unable to fully deduct pari-mutuel wagering losses as itemized deductions."


Steve Zorn said...

Simple example. Bettor wagers $40,000, has gross win of $40,000. Under current rules, 0 net come from wagering. Under proposed $25,000 deduction cap,, bettor has AT LEAST $15,000 of wagering income, and maybe much more, depending on other deductions.Meanwhile, Wall Street bettor who wagers on pork bellies and loses gets full deduction, even to the extent of creating a tax loss. Hugely unfair.

Anonymous said...

It's been that way forever. Until the industry can get Congress to treat gambling winnings (and loses) the same as stock market gains and loses (or real estate or anything else that involves investing money where there is risk for loss and gain, players are always going to get screwed.