My husband and I just completed our taxes and I am so frustrated. The new tax laws regarding gambling don't seem to be very well thought out … or maybe I am just eating sour grapes. So, we had $9K plus in handpays last year. Prior to 2018, we sold our rental properties. Our children are grown and our family business operates under a corporation. We have zero debt and no write offs, so while our Win/Loss statement shows a significant amount of loss over our reported wins, we were not allowed to deduct the losses, as we did not meet the criteria for itemizing deductions. Now, I am not whining about the tax obligations on a winning year at all. We fully believe we should pay our share on earned income. The problem is … there was no income at all. In our business, we write off every expense. How are losses on gambling not an expense toward income on gambling. We are in pre-retirement mode, so we are simplifying our lives, which should be a good thing. However, the new tax laws will prove to be a problem for casinos if they are not addressed, I think. Well, thanks for listening to me vent. I'm really just a little cranky over the additional $1,900 they took from us this year.
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Originally Posted by Elf70
