Don't wager on horse racing if you live in ILLINOIS !!!

I received a letter today stating I owe back Illinois state back taxes. Illinois does not allow gambling losses to be deducted against gambling winnings for state income tax purposes. Total bullshit, so I have to pay income tax on income I never had !!! So I had 30K in W-2G's and 30K in losses, well Illinois expects to collect tax on that 30K.

Here is a guy with a similar problem, with Illinois income tax response...I'm done, f*ck these stupid a-holes in Springfield. Do they think everyone who walks into a riverboat is paying tax?

http://www.revenue.state.il.us/Legal...7/ig070007.pdf

[randallscott35]

Well I sure wouldn't bet exotics over 300-1.

[randallscott35]

Change you can believe in.

[gales0678]

Originally Posted by SundaySilence

I received a letter today stating I owe back Illinois state back taxes. Illinois does not allow gambling losses to be deducted against gambling winnings for state income tax purposes. Total bullshit, so I have to pay income tax on income I never had !!! So I had 30K in W-2G's and 30K in losses, well Illinois expects to collect tax on that 30K.

Here is a guy with a similar problem, with Illinois income tax response...I'm done, f*ck these stupid a-holes in Springfield. Do they think everyone who walks into a riverboat is paying tax?

http://www.revenue.state.il.us/Legal...7/ig070007.pdf

tell them you know charlie rangel and he will speak to obama to get it fixed

[Scav]

Originally Posted by SundaySilence

I received a letter today stating I owe back Illinois state back taxes. Illinois does not allow gambling losses to be deducted against gambling winnings for state income tax purposes. Total bullshit, so I have to pay income tax on income I never had !!! So I had 30K in W-2G's and 30K in losses, well Illinois expects to collect tax on that 30K.

Here is a guy with a similar problem, with Illinois income tax response...I'm done, f*ck these stupid a-holes in Springfield. Do they think everyone who walks into a riverboat is paying tax?

http://www.revenue.state.il.us/Legal...7/ig070007.pdf

It comes to about $900 at the 3% number, and probably end up being half that. And probably less that, if you have 30k in signers, your doing just fine

You are going to get hit with some late fees also.

It comes to about $900 at the 3% number, and probably end up being half that. And probably less that, if you have 30k in signers, your doing just fine

You are going to get hit with some late fees also.

You understand I didn't win anything...30K in signers and 30K in losses, so I should just give them 1K on no f*ck'n income...what so I can bet horses? You would have to be an addict or f*ckin brain dead to bet a horse in Illinois.

[Scav]

Originally Posted by SundaySilence

You understand I didn't win anything...30K in signers and 30K in losses, so I should just give them 1K on no f*ck'n income...what so I can bet horses? You would have to be an addict or f*ckin brain dead to bet a horse in Illinois.

Did you count all the $1 exacta boxes that you won with?

This is there way to actually get revenue off gambling income. It isn't an exact science, but I would rather not have to keep unbelievably detailed records for them and just pay the 3% on the signers.

[pweizer]

It is not just Illinois. I have the same situation in Massachusetts and a much higher state tax rate.

Paul

Did you count all the $1 exacta boxes that you won with?

This is there way to actually get revenue off gambling income. It isn't an exact science, but I would rather not have to keep unbelievably detailed records for them and just pay the 3% on the signers.

You don't get it, it has nothing to do with record keeping, if you have a W-2G you pay tax on it in Illinois, whether or not you have losses to offset it. Federal you can offset losses, Illinois you can't !!!

[gales0678]

Originally Posted by SundaySilence

You don't get it, it has nothing to do with record keeping, if you have a W-2G you pay tax on it in Illinois, whether or not you have losses to offset it. Federal you can offset losses, Illinois you can't !!!

with obama coming from Ill will the federal offset for losses be taken away soon as well?

[Scav]

Originally Posted by SundaySilence

You don't get it, it has nothing to do with record keeping, if you have a W-2G you pay tax on it in Illinois, whether or not you have losses to offset it. Federal you can offset losses, Illinois you can't !!!

I do get it, and I am very aware of the situation. It is the price of a horse player man, the only way around it is to get someone to sign for you.....

[dellinger63]

Originally Posted by Scav

I do get it, and I am very aware of the situation. It is the price of a horse player man, the only way around it is to get someone to sign for you.....

and when and if IL increases its State tax by 50% (Proposed right now) it gets a lot worse. !-888-888-BONES. www.bones.com think I'm on to something...

I do get it, and I am very aware of the situation. It is the price of a horse player man, the only way around it is to get someone to sign for you.....

Pay someone to sign for you through a ADW ? Or if you hit for over 5K with the 25% withholding what do you do then? Forget it man, you are asking for trouble if you play in this state.

[2Hot4TV]

Originally Posted by SundaySilence

You don't get it, it has nothing to do with record keeping, if you have a W-2G you pay tax on it in Illinois, whether or not you have losses to offset it. Federal you can offset losses, Illinois you can't !!!

Just pay them you cant win......... 30K in signers and you still lost money why are you playing???????????

[2Hot4TV]

On second thought ,,,,,,,,,,,somebody has to pay taxes,



























It may as well be you.

[dellinger63]

Originally Posted by SundaySilence

I received a letter today stating I owe back Illinois state back taxes. Illinois does not allow gambling losses to be deducted against gambling winnings for state income tax purposes. Total bullshit, so I have to pay income tax on income I never had !!! So I had 30K in W-2G's and 30K in losses, well Illinois expects to collect tax on that 30K.

Here is a guy with a similar problem, with Illinois income tax response...I'm done, f*ck these stupid a-holes in Springfield. Do they think everyone who walks into a riverboat is paying tax?

http://www.revenue.state.il.us/Legal...7/ig070007.pdf

BONES! ok only very few will get it.......IL joke

[hoovesupsideyourhead]

Originally Posted by dellinger63

BONES! ok only very few will get it.......IL joke

lololololol

[pba1817]

Look at it this way... you can pay the 3%, or you can pay some suspect character at the track to take your winning ticket, and sign for it... His cut will be most likely over the 3% in question.... either way, you are gonna pay when you cash a decent winning ticket.

[Bigsmc]

You've got 5 choices.

1. Go into politics, get elected and change your State Laws.
2. Move to a state with no state taxes.
3. Stop using ADW's and get someone to sign for you.
4. Quit gambling.
5. Do nothing and stfu.

We can all sympathize with your plight, it sucks.