Bill nulls gambling write-offs - Busi...

Bill nulls gambling write-offs - Business

There are 23 comments on the Honolulu Star-Bulletin story from May 9, 2009, titled Bill nulls gambling write-offs - Business. In it, Honolulu Star-Bulletin reports that:

If you lose money in Las Vegas, it might well stay in Vegas for good if a bill on Gov.

Join the discussion below, or Read more at Honolulu Star-Bulletin.

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Makiki

Glendale Heights, IL

#1 May 9, 2009
For anyone who likes to gamble and gets W-2G's for winnings over $1,200.00 this should be huge. In fact this should be huge for anyone who gambles. Usually you would win this "taxable" income through the course of gambling and most wouldn't actually end up "gaining" from the win because most if not all goes back to the casino if you continue to play. This false $1,200.00 ceiling is the same if you play pennies or if you play $1,000.00 Slots. Depending on how the law is written they could tax any gaming "win" and depending on how they decide to enforce it could cause trouble. In IL, revenue agents watch to see who cashes in chips on the gambling boats here.

The bottom line is that if this is passed they could easily tax any winnings from gambling and the impact on both sides would much larger that stated in the article.
Be Real

Kalaheo, HI

#2 May 9, 2009
If we win a jackpot in Vegas, the IRS is right there to collect the taxes. I haven't used this deduction in the past, but if I lossed my entire income,for example, then I would still be taxed on this income that I no longer had. THAT'S UNFAIR! Lingle is just out for the rich before she leaves office, which is evident by the bills she tried to push that wouldn't tax the rich on their incomes of over $150 grand
and their luxury homes (and 2nd homes) worth over $2 million. The average local person from Hawaii has never seen that kind of money, including myself, in any year or lifetime - with the exception of the major ICE dealers. What is she trying to say to us?? Screw you guys, I'm just going back to the mainland anyway, where I have 8 years of loot and favors in storeage! She's set for life and doesn't care for the little guy. Keep all of this in mind next election,'cause Dukey-boy wants to take over where she left off
Missy

Kihei, HI

#3 May 9, 2009
How the heck do you prove these losses? Blackjack dealers and slot machines don't give loss receipts. Supposed to take the gamblers' word for granted? Confusing!
Aiea

Wahiawa, HI

#4 May 9, 2009
Oshiro, you idiot, you just lost my vote, and the votes of anyone who vacations in Las Vegas, and that's a LOT of votes.
wrong target

Kapaau, HI

#5 May 9, 2009
Be Real wrote:
If we win a jackpot in Vegas, the IRS is right there to collect the taxes. I haven't used this deduction in the past, but if I lossed my entire income,for example, then I would still be taxed on this income that I no longer had. THAT'S UNFAIR! Lingle is just out for the rich before she leaves office, which is evident by the bills she tried to push that wouldn't tax the rich on their incomes of over $150 grand
and their luxury homes (and 2nd homes) worth over $2 million. The average local person from Hawaii has never seen that kind of money, including myself, in any year or lifetime - with the exception of the major ICE dealers. What is she trying to say to us?? Screw you guys, I'm just going back to the mainland anyway, where I have 8 years of loot and favors in storeage! She's set for life and doesn't care for the little guy. Keep all of this in mind next election,'cause Dukey-boy wants to take over where she left off
This is Pono Chong's bill. Pono is a democrat. Attack Lingle if you must but a least attack her on an issue she is responsible for. You should be PO'd at Chong if you don't like this bill. You must be a state worker wanting to get his last licks in on Lingle for trying to mess with his pay. Too bad you can't put the same effort into your job.
manini

Kapaau, HI

#6 May 9, 2009
Then the state shouldn't be taxing the winnings either. Seems like the legislature wants it both ways.
If you are one of the lucky ones who is winning, cash in before you hit the threshold that triggers a W2G and move to the next casino.
IRS

Frisco, TX

#7 May 9, 2009
Missy wrote:
How the heck do you prove these losses? Blackjack dealers and slot machines don't give loss receipts. Supposed to take the gamblers' word for granted? Confusing!
The IRS will want to see your logs during an audit.
Yes, it could be all made up but logs are necessary if you want to deduct losses from winnings.

As for the state even collecting out of state earnings(winnings), I always found that weird.

Since: Aug 08

Makawao, HI

#8 May 9, 2009
Hawaii could always legalize gambling. That would take care of the problem.
LOL LOL LOL
twocents

Mililani, HI

#9 May 9, 2009
If the state is going to tax your winnings then they should have a tax write-off in the same percentage of the tax about 28%. Now, that's "pono".
reader

United States

#10 May 9, 2009
The word is "nullifies" ... similar to "annul" (like a marriage) or rendering something "null and void" ... but there is no verb "null"
Aiea

Wahiawa, HI

#11 May 9, 2009
No-no to Pono! Vote this idiot OUT!
wacos202

Honolulu, HI

#12 May 9, 2009
This bill is nuts and puts us further away from the very desirable goal of making federal and state taxes consistent. It is unfair.

I will never win anything in Las Vegas again if I can help it.
Kapena

Honolulu, HI

#13 May 9, 2009
This is war.
JEA

Palm Desert, CA

#14 May 9, 2009
Be Real wrote:
If we win a jackpot in Vegas, the IRS is right there to collect the taxes. I haven't used this deduction in the past, but if I lossed my entire income,for example, then I would still be taxed on this income that I no longer had. THAT'S UNFAIR! Lingle is just out for the rich before she leaves office, which is evident by the bills she tried to push that wouldn't tax the rich on their incomes of over $150 grand
and their luxury homes (and 2nd homes) worth over $2 million. The average local person from Hawaii has never seen that kind of money, including myself, in any year or lifetime - with the exception of the major ICE dealers. What is she trying to say to us?? Screw you guys, I'm just going back to the mainland anyway, where I have 8 years of loot and favors in storeage! She's set for life and doesn't care for the little guy. Keep all of this in mind next election,'cause Dukey-boy wants to take over where she left off
Get real you idiot. This is a Democrat Bill from your Democrat legislature. The Governor just got criticized for vetoing a tax increase, how can you criticize her for signing this one, if she does? You people are nuts.
JEA

Palm Desert, CA

#15 May 9, 2009
Kapena wrote:
This is war.
With your Democrat Legislature
Fred Tomokiyo

Kailua, HI

#16 May 11, 2009
So the state legislators and tax director want more revenue to offset their pay increase ? Without hard facts to prove that it will work.
If you put $5,000 in the slot machine and win $10,000, the win loss is documented with a 1099 earnings of $10,000. You want the person who won the money to pay tax on the $10,000, when in acutuality he only won $5,000. What insane human being came up with this math formula for the Hawaii resident who takes a chance on potentialy winning a once in a life time chance for a little joy in this bad time. Then lets make it equal across the board, Golf bets at all municipsls, football, basketball wagering between state govenors and mayors for interstate games. Tax is what you want then let the games begin. The bill does not have any substance to give the state added income. Watch Hawaian economy go belly up if you sign. Why wasn't the public privy to this bill being submitted for passage. Every thing back door secrecy, still the same ole BS.
leeward lolo

Elgin, IL

#17 May 11, 2009
Fred Tomokiyo wrote:
So the state legislators and tax director want more revenue to offset their pay increase ? Without hard facts to prove that it will work.
If you put $5,000 in the slot machine and win $10,000, the win loss is documented with a 1099 earnings of $10,000. You want the person who won the money to pay tax on the $10,000, when in acutuality he only won $5,000. What insane human being came up with this math formula for the Hawaii resident who takes a chance on potentialy winning a once in a life time chance for a little joy in this bad time. Then lets make it equal across the board, Golf bets at all municipsls, football, basketball wagering between state govenors and mayors for interstate games. Tax is what you want then let the games begin. The bill does not have any substance to give the state added income. Watch Hawaian economy go belly up if you sign. Why wasn't the public privy to this bill being submitted for passage. Every thing back door secrecy, still the same ole BS.
Know how GET works???
Can have 10,000 income and 12,000 expenses but pay .045% on 10,000, no writeoffs. Amazing isn't it.
They are trying to hard to raise the .045% now.
inocare2

Honolulu, HI

#18 May 11, 2009
Aiea wrote:
Oshiro, you idiot, you just lost my vote, and the votes of anyone who vacations in Las Vegas, and that's a LOT of votes.
only now you mad?
they all clowns who went vote for raise your taxes
and keep their raises in the process
dis ain't something new
gotta vote um all out
Crap Shooter

Kailua, HI

#19 May 17, 2009
I'm glad the bill only covers slot machines and not table games. Table games have no documented win-loss tax forms from the casino. Why wasn't the other gambling winnings added to this bill, the stock market and its traders.

Why does the Federal tax code allow this gambling loss against the winnings and the state thinks they can get increase get revenues to offset their Budget deficency that was cause by State's own inefficiency and legislators self serving pay increase and lack of overseeing the wasted spending by the DOE and HHS. Can someone explain the difference between the casinos and the stock market, both legal.

Call me and i will give the the low down on the waste.

Confused.
email tomd018@hawaii.rr.com
no more markers

Honolulu, HI

#20 May 18, 2009
Boyd Gaming Corporation should oppose this bill. If this bill should pass, no more markers for me. I might vacation somewhere else. Maybe an Alaskan cruise, Disney World in Orlando, or a trip to the Far East. I won't keep the tax dollars in Hawaii like what the bill is intending to do.

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