New Gambling Taxes

[behappp]

https://www.nytimes.com/2025/07/12/business/dealbook/gambling-tax-rules.html

For those that don't get the NY Times there is a new tax in Big Beautful Bill that taxes losses on gambling. Tax on 10% of what you lose over a year.

"For example: If a player wins $100,000 and loses $100,000 in a given year — breaking even, with zero net income — the player would owe taxes on $10,000 in “earnings,” essentially phantom income. But if a player wins $1 million and loses $1 million — again, breaking even — the player would owe taxes on $100,000"

 

[GriznMN]

https://www.nytimes.com/2025/07/12/business/dealbook/gambling-tax-rules.html

For those that don't get the NY Times there is a new tax in Big Beautful Bill that taxes losses on gambling. Tax on 10% of what you lose over a year.

"For example: If a player wins $100,000 and loses $100,000 in a given year — breaking even, with zero net income — the player would owe taxes on $10,000 in “earnings,” essentially phantom income. But if a player wins $1 million and loses $1 million — again, breaking even — the player would owe taxes on $100,000"

Charles Barkley, Michael Jordan, and John Daly won't be happy

 

[behappp]

Charles Barkley, Michael Jordan, and John Daly won't be happy

Or Phil Mickelson
Or about 1/2 the guys at Missoula Country Club

 

[5280Griz]

Is this country great again yet or do we need to go back to 1860?

 

[Da Boyz Mom]

Why is this thread on the main board?

 

[GriznMN]

Is this country great again yet or do we need to go back to 1860?

I prefer the 1840s before the illegal Irish immigrants came to America in huge numbers and, eventually, helped build Butte, America with all of the other illegal immigrants that mined the "Richest Hill on Earth".

 

[5280Griz]

I prefer the 1840s before the Irish immigrants came to America in huge numbers and, eventually, helped build Butte, America with all of the other immigrants that mined the "Richest Hill on Earth".

How about 2015 when the Griz beat the Bison and the president wasn’t geriatric?

 

[mthoopsfan]

Why is this thread on the main board?

Don't people bet on FCS football and Griz football? Isn't this new law relevant to big bettors?

 

[Skookum-Jim]

https://www.nytimes.com/2025/07/12/business/dealbook/gambling-tax-rules.html

For those that don't get the NY Times there is a new tax in Big Beautful Bill that taxes losses on gambling. Tax on 10% of what you lose over a year.

"For example: If a player wins $100,000 and loses $100,000 in a given year — breaking even, with zero net income — the player would owe taxes on $10,000 in “earnings,” essentially phantom income. But if a player wins $1 million and loses $1 million — again, breaking even — the player would owe taxes on $100,000"

It's probably the only good think about that bill.

 

[GriznMN]

How about 2015 when the Griz beat the Bison and the president wasn’t geriatric?

How about 1995 when the Griz won their first natty and the president was reducing the deficit instead of exploding it?

 

[GrizTexas]

Or Phil Mickelson
Or about 1/2 the guys at Missoula Country Club

That made me chuckle... you think any of those guys at the Missoula CC are declaring that income?

 

[kemajic]

It's probably the only good think about that bill.

Think harder. I know it's not your strength.

 

[5280Griz]

How about 1995 when the Griz won their first natty and the president was reducing the deficit instead of exploding it?

What is wild the guy who was the president in 1995 is younger and has better bladder control than the current president today in 2025.

 

[behappp]

Don't people bet on FCS football and Griz football? Isn't this new law relevant to big bettors?

That's why I posted it here.
Lots of bettors on egriz I bet.