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Video instructions and help with filling out and completing w2g 2021
Music it's time to get down to the brass tacks my name is Mel Samms and I'm the managing associate of Sam CPA and today I'd like to talk to you about gambling incoming losses as modified by the tax cut and Jobs Act of 2021 now this was an area of the tax reform that's been often overlooked but I find particularly interesting because it kind of goes counterintuitive to some of the main tenants of the tax reform whereby businesses and their owners get additional benefits the effect on gambling has kind of gone the other way and I'll explain what I mean by that prior to 2021 typically if you were a recreational gambler let's call it that you you go to the casino from time to time you wager lottery tickets whatever sports betting which is now legal in the becoming legal in the US per Supreme Court decision but this recreational gambling meaning that you did not do that for your primary revenue source recreational gamblers were able to deduct gambling losses if they itemize their deductions to the extent of their gambling winnings and they had to provide substantiation for those losses meaning if you wagered $2,000 in a slot machine and won 1500 back you would receive a w-2g in the amount of $1,500 but then you would be able to take $1,500 of gambling losses to offset now that extra 500 would just disappear it was a personal expense not deductible anywhere but it was limited to the cost of the wager the money you put in the slot machine the money you paid for the lottery ticket that initial wager and professional gamblers to the contrary before 2021 those people who met the very narrow definition of a professional gambler who gamble as a trader business they were able to deduct not only the cost of their wagers but also their travel meals other indirect costs related to a gambling business and they were able to take those deductions in excess of their income from gambling the tax cut and Jobs Act flipped that around and it's interesting to note that now individuals who have gambling winnings and I mean the recreational gamblers who have gambling winnings they can still offset if they autumn eyes they can still offset those loss those winnings to the extent of their losses but now they can claim their travel they can claim their meals in that indirect those indirect cost lodging those indirect costs that were paid in connection with the event in which they won that money you fly to Las Vegas you gamble you win $5,000 let's say you really lived it up and the total cost of your trip was six thousand dollars you wagered $2,000 under the old rules you'd have five thousand of income in two thousand of offset netting you a three thousand dollar taxable income from gambling but now under the new law you would have.