New PPA project needed - lobby for tax law change!

[DING-DONG YO]

I know the PPA has their hands full at the moment with the anti-internet gambling bill and such. But when and if that blows over, maybe the PPA should start to lobby congress to change the tax law as it relates to reporting gambling acvitiy. I'm going to contact them about it once the anti-gambling bill brew-ha-ha (sp?) is over.

Discuss!!

[Mr.K]

Agree in principle, but won't happen. As you say, though, PPA has much larger fish to fry now, and if they don't win that battle, the one you identify (tax) will be mostly irrelevant.

[DING-DONG YO]

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Agree in principle, but won't happen.

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Not with that attitude!!

[Berge20]

Change it how?

[Mr.K]

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Change it how?

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Presumably to allow regreational gamblers with a net gambling income of less than X (where X = some reasonably number, like $4500 or so) may pay taxes on the net amount of their winnings and losses in a calendar year under the "other income" portion of IRS form 1040. Currently, of course, all rec gamboolers must pay taxes on their winning sessions, and may take losses as a deduction up to the value of their winning session total. This focus on sessions, rather than net income, causes rec gamboolers to effectively have to over-report their actual winnings, and thereby unfairly increase their tax liability. This is particularly true for high variance players.