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    Default tax on sports betting in nj

    Read that the state wants to charge 8.5% tax if bet in a casino or racetrack and 13% if bet are made online. Locals are still going to be ok if thats the case.

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    Quote Originally Posted by jets96 View Post
    Read that the state wants to charge 8.5% tax if bet in a casino or racetrack and 13% if bet are made online. Locals are still going to be ok if thats the case.
    That’s a tax on total revenue, not on total handle. Still a lot of $ to be made I’d think at 20-cent lines.

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    My thoughts are they withhold if cash a ticket over a certain dollar amount for income tax . I can’t believe they would be so stupid as to charge these fees on every wager. But you are dealing with career idiots in power so who knows?

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    Just read your post Tommy and you are probably correct. Still a pretty hefty percentage .

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    Quote Originally Posted by chuckh View Post
    My thoughts are they withhold if cash a ticket over a certain dollar amount for income tax . I can’t believe they would be so stupid as to charge these fees on every wager. But you are dealing with career idiots in power so who knows?
    probably the same as the track, they hold or fill out the form for over 600 to 1 or whatever, would that also mean our legally placed losses are deductible as well?

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    Quote Originally Posted by danshan View Post
    probably the same as the track, they hold or fill out the form for over 600 to 1 or whatever, would that also mean our legally placed losses are deductible as well?
    Keep in mind that the $600 is a federal tax form. This post was about the state taxes that NJ will charge (and as I mentioned, this proposed tax is on total revenue that casinos will make in this endeavor).

    And it’s a good assumption that losses on sports betting in the 49 “new” states would be treated the same as losses at the track from a federal tax standpoint (and the same as losses in Nevada today).

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    Yea losses are only deductible up to winnings and winnings go on the front of form 1040 and is included in adjusted gross income {AGI} while losses are then taken on schedule A as an itemized deduction .

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    What happens if your doing a short form using the standard deduction. There's people in power that don't know the difference between handle and hold true story.

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    1000 buck limit in del sports betting

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    Quote Originally Posted by jets96 View Post
    1000 buck limit in del sports betting
    They'll take more from a known player according to WH

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    Quote Originally Posted by Old-Timer View Post
    They'll take more from a known player according to WH
    And if blocked by Trump on Twitter $500 max..

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    Scamdicapper Stu Feiner was one of the first to wager on straight bets in Delaware. On Tuesday nites(6/5) games he bet a nickel each on Pitt, Cinn, Balt, and San Diego. How did he do? LOL