Quote:
Originally Posted by Parkview_Pirate
This link has some more details on section 1305, which I would interpret the same way you did. What I don't understand is the projected $100M in additional "revenue" from the change. Since gamblers, professional or otherwise, would need to show a profit on a regular basis, I can't believe this loophole is used that much.
http://www.statesman.com/news/nation...0tqOOBSDLxlEP/
Maybe the whales change their LLPs or C-corps every few years? |
The author kind of missed the point of the law change. It doesn't apply at all to "other miscellaneous deductions" which limits deductions only to gambling losses. Ancillary costs of gambling cannot be deducted and never could as an itemized deduction. The law hits squarely on professional gamblers. The damage was already done to the amateurs via the expanded standard deduction. Thankfully the new reporting and withholding regulations will minimize the damage from the standard deduction.
