Tax reforms impact Las Vegas gamblers
LAS VEGAS — Tax experts in Nevada say that President Donald Trump’s new Tax Cuts and Jobs Act is viewed as a relief to some in the Silver State, yet viewed as a drawback to others.
For amateur gamblers, they can still deduct gambling losses up to the amount of their total winnings.
The player will only be responsible for paying taxes on any net income they have received from gambling.
If losses are greater than winnings, the gambler would have no tax liability for their gaming income.
“The gambling winning is taxable the gambling loss is not deductible if you don’t have a winning you have to win to deduct the loss,” says Nadia Jurani.
The new law will impact “professional gamblers” by limiting their deductions for both wagering losses and expenses to the amount of their winnings.
Prior to these changes, professional gamblers were allowed to separately deduct expenses for wagering transactions without regard to their wagering wins and losses.
When gambling activity is pursued full time and income for a livelihood is not trade or business this makes you a professional gambler.
Amateur gamblers, however, are viewed as persons who gamble for recreation.
Overall, the burden of proof is on the individual to prove he or she merits professional gambler status.
tBesides gambling, meals and entertainment are also impacted.
If business meals were 100 percent deductible before, the new Trump law slashes that in half, a move that could force businesses to tighten these types of expenditures.
Stricter limits on entertainment expenses are also in the new rules. All entertainment expenses incurred after December 31st of 2017 are non-deductible unless they fall under specific exceptions for recreation and social activities for the benefit of the taxpayer’s employees, such as a company holiday party for example.
This is Fake News to discredit Trump Tax cut. Why go to Itemized deduction if you can get more refund on Trump (HALF PAGE) postcard Tax cut. Trump tax cut is 12K for Husband, 12K for wife, and 1K for each children. 12K+12K=24K, if your wining is over 24K go to Itemized deduction and pay H&R Block for Tax preparation fee of $200. Your refund will still be smaller for Itemized deduction, while going to Trump postcard a 24K deduction or more is deducted from your Gross Income and you might get more refund. Trump Tax cut is designed to 80% of Tax payers earning below $60K and this are future Trump voters. Trump campaign line is; “No single Democrat voted for the Tax cut, the Democrat does not want you the American taxpayer to become prosperous”. Trump tax cut will take effect NEXT YEAR April 2018.