Speaking of Pro's Traveling. How Do You Handle State Income Taxes

[Midwest Player]

Okay, Nevada doesn't have a state income tax so nobody has to worry about that state. However, for traveling pros who play all over the country state income taxes could be a problem. I think most pros do report their gambling winnings, but wonder if they go as far as to prepare many state income tax returns.

I don't expect many answers on this, as I know folks don't like to talk about such items on public forums. For many recreational gamblers they may not meet the other states min income limits to have to file, but I would think many pros would. For example WI has a non resident income limit of only $2,000 anything over that they want some of your money. By contrast, if you were a nonresident in MN. Minnesota taxes your gambling winnings from Minnesota. If your Minnesota gross income meets the state’s minimum filing requirement ($10,650 for 2018), you must file Form M1 and include Schedule M1NR.

[LVBear584]

As you stated, I have no worries about state income tax on money earned within the state. But for those not fortunate enough to be able to live in Nevada, wouldn't it be rather foolish to file an honest federal return but not an honest state return? The proof of a state tax crime (or several states) would be right in your own records.

[Freightman]

US residents are required to report winnings. I think the biggest problem, for those who want to declare various state incomes, is the ability to easily track income by state. It’s easier than you think.

Your set up spreadsheet to show win loss by casino can be easily be modified by adding a column for state. A pivot chart reports data by whatever filters are in place. Filter spreadsheet for year, your pivot chart is set up to show revenue by state, refresh your pivot chart, and problem solved.

Set up a column for state on your expense spreadsheet, set up pivot chart in same manner, refresh pivot chart and problem solved.

Combine the revenue and expense pivots and your report to acco7ntant is complete.

Last, somebody mentioned exemptions for non resident up to some pre determined number - that can easily be extracted from a table which would incorporate exemption amounts by state. Give printouts to your accountant and let them do th3 rest. Your effort is essentially confined to maintaining your spreadsheet.

[Midwest Player]

............................




Re this issue of state taxes




some State and Fed agencies have upgraded their systems and now send info automatically to each other

because of this there is another way APs can get screwed by the tax situation

in my state the Feds send a digital cy of my return to my state - I know this from experience - this is probably done in many states

If I claim on my Federal return that I won 15K in New Jersey and pay state taxes in N.J. then my home state return is going to show a different Adjusted Gross Income than my federal return

my state is going to initiate an inquiry - if not an audit - guaranteed

I'm going to have to prove to my state that my earnings weren't in my home state

really effing sucks

In my state all other state income is taxed regardless of where you got it except business income in another state. You get a tax credit for income taxes paid to another state and you really don't have to prove anything except sending a copy of the other states tax return.

[Midwest Player]

Pro athletes are taxed by different states if they play in the state. I wonder how many pro athletes do their own taxes?
https://smartasset.com/taxes/nfl-jock-taxes

[Sharky]

as a consultant who travels nationwide (and globally) if get W2s from many states (sans my state's adjacent states as they all have reciprocal agreements) that you have to complete forms (NPR, or NRK if i recall) that you state and pay your taxes to and then get 'reimbursed' towards your home state...total fucking pain ...but, of course, no double jeopardy....luckily, i worked for a large, blue chip consulting firm that offered E&Y to complete/verify all the forms...


having said all that....as far as BJ is concerned...i always play unrated, so unless I hit a taxable jackpot...NO TAXES!!!!

[Freightman]

having said all that....as far as BJ is concerned...i always play unrated, so unless I hit a taxable jackpot...NO TAXES!!!!

If I was a yankee, I wouldn’t admit that one - though it’s easy to understand how totally frustrating it is to comply with tax requirements of multiple states.

[21forme]

I wonder how many pro athletes do their own taxes?

My guess is close to zero. most of them are morons and can barely speak coherent English.

[nighterfighter]

having said all that....as far as BJ is concerned...i always play unrated, so unless I hit a taxable jackpot...NO TAXES!!!!

But legally, you do have to pay those taxes...same as a waitress who makes $3/hr and gets paid $70 in cash tips for the night. Both are required to pay.

[Sharky]

But legally, you do have to pay those taxes...same as a waitress who makes $3/hr and gets paid $70 in cash tips for the night. Both are required to pay.

seriously, read my post, pal....i play unrated...QUITE a bit different then an employee

yeah, right...i pay taxes on my internet purchases, too....LMFAO

Fyi, had to call casinos in the past where I won taxable jackpots....just for fun, I asked them to send the previous, say, 5 years I'd been playing there b4 jackpot....NOTHING, NADA, ZIP

[nighterfighter]

seriously, read my post, pal....i play unrated...QUITE a bit different then an employee

yeah, right...i pay taxes on my internet purchases, too....LMFAO

Fyi, had to call casinos in the past where I won taxable jackpots....just for fun, I asked them to send the previous, say, 5 years I'd been playing there b4 jackpot....NOTHING, NADA, ZIP

Not trying to start a fight with you here.

However, in the United States, income is taxable, regardless of source. Regardless of you playing unrated or not, you are still legally obligated to pay taxes on your winnings. This is what I was alluding to with an employee who makes cash tips. Many people who make cash tips opt to NOT claim that on their taxes, in order to save money. This is the same thing you are doing by not claiming your blackjack winnings (jackpot or not) on your yearly taxes.

Regarding internet purchases: That's state sales tax, not federal. A lot of online stores will actually collect tax at the time of sale for you, so...maybe you are and didn't realize it?

AP Move: Report those not paying their taxes, get 15% of what the IRS collects in backtaxes!

https://www.irs.gov/compliance/whist...nformant-award

[Sharky]

...
.
Regarding internet purchases: That's state sales tax, not federal. A lot of online stores will actually collect tax at the time of sale for you,..

Ah...I mustve been confused by the title of this thread...how do you handle STATE taxes...lol

Anyways, even if an AP or ploppy knew who I was and knew I claimed I didnt pay taxes on winnimgs... how on earth would they be able to calculate my winniings???

Fyi, most surveillance cannot discern the value of stacked chips....& prefer to hold n play (many times over year) vs cash out