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

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

Change you can believe in.

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

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.

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.

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

Paul

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?

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

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...

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.

I hit a P6 for 30k, the State took there cut and I was able to use that towards my tax liability....

Isn't that some legend that walks around Arlington signing for people?

just a ghost like John in the walker. RIP

move to Arizona like most folks from the midwest do. We can deduct losses here.

So your ADW withheld 25% for fed and 3% for the state?

So let's say you lost 15K of the 30K through the rest of the year, you pay ILLINOIS tax on the 30K and your fine with that? Man, you must love those pricks in Springfield.

be happy w/the 30K and don't sweat the $450 lost to the State because you can't deduct?