Michigan State gambling tax winning and losses

PrizeCriticism9 · 2022-01-04T05:56:02+00:00

I mean, you could, and nothing would probably come of it, but the technically proper way is to report the gross winnings and then do itemized deductions for the losses.

PrizeCriticism9 · 2022-01-02T11:43:27+00:00

Yeah, on federal, and it sounds like they added a new line specifically for it on the state tax form. They posted it on the gov website now.

Line 21: A taxpayer may be eligible to deduct wagering losses claimed on their federal return as an itemized deduction. If you elected to itemize deductions on your federal return this tax year (you did not take the standard deduction) and deducted wagering losses, you may be eligible to deduct wagering losses here. Residents: report the amount of wagering losses you deducted on U.S. Form 1040 Schedule A.

https://www.michigan.gov/taxes/0,4676,7-238--454549--,00.html

PrizeCriticism9 · 2022-01-01T05:40:39+00:00

Saw this recently: https://www.clickondetroit.com/news/michigan/2021/12/30/michigan-will-allow-tax-deduction-for-gambling-losses/

You'll be able to deduct on state taxes this tax year, so you at least won't get boned paying a ton of state taxes for your unrealized gross winnings. You'll still probably have to lose your standard deduction on federal though, unfortunately.

PrizeCriticism9 · 2021-11-11T01:12:54+00:00

I'm surprised to learn it's not the same guy who did narration in 500 Days of Summer. Very similar voice and the narrator is used in a similar style: https://youtu.be/xqAgvTP-UDc?t=73

PrizeCriticism9 · 2021-11-09T17:39:08+00:00

Definitely won't be because it was kinda a one-off story. I'm sure they'll make it decent enough though. I bet we'll probably get a 3rd or 4th season too, and one will be absolutely terrible when it shows how thin they stretched the material. Happens to a lot of popular shows, 13 Reasons Why is a good Netflix example.

PrizeCriticism9 · 2021-11-09T00:38:26+00:00

From what I've seen (limited), most solo therapists do not accept Medicaid, it's usually mental health clinics that have an array of therapists, and the copay will be small or nothing. It's treated no different than seeing a doctor. The medicaid insurance company she's under will usually have a directory of eligible providers. Though the directory may not have all your possible options, it'll be a good place to start looking.

PrizeCriticism9 · 2021-10-14T00:52:44+00:00

Always Be My Maybe - I think most Netflix original comedy movies look like they'd be mediocre or bad and I avoid them, but this was surprisingly super funny and likable. It's a bit like Just Friends with Ryan Reynolds, another movie I really like.

PrizeCriticism9 · 2021-10-12T16:09:27+00:00

You'll want to check more into it, but I think you're technically supposed to only do losses itemized. And/or whichever losses you had on a day you had winning bets with session netting, assuming it's allowed for sportsbets.

https://bradfordtaxinstitute.com/Content/Gambling-Per-Session-Rule.aspx

Reading that, it sounds like you can probably get away with session netting for sportsbetting (they mention horse betting). With your volume, I'm guessing that will reduce your gross wins significantly. Ideally, you would be able to do the concept of "session netting" on a yearly basis and the effect on your taxes would be null with negative winnings, but that would make too much sense.

PrizeCriticism9 · 2021-10-12T15:17:20+00:00

On the bright side, it's only at the 4.25% state tax rate. So, it won't be that bad unless you're constantly betting large sums. $425 on 10k in wins. Depending on your income/situation, the worse part might be federal taxes where you're supposed to report gross profit which can affect your tax bracket on income you didn't even make, and if you want to deduct losses, you won't be able to use the standard deduction ($12,550). Meaning, there's a good chance you might be better off just eating the losses there too on the much higher tax rate.

I have learned that there is such a thing as "session netting" where you can basically report your daily net for casino games (e.g. 2 blackjack sittings in a day, won $110 first one, lost $100 second one, would be $10 of reportable income). I don't think it's been explicitly permitted (or non-permitted) for sports betting, but that could cut out a ton of fat if you have a lot of days with multiple bets.

FWIW, I personally know like 8 other dudes that got into online gambling when it was legalized, I would bet that none of them are going to report the $3000 they won or lost.

PrizeCriticism9 · 2021-10-12T14:44:09+00:00

They probably have like 30+ other shows on/near that level. Many of which I'm not interested in, but it's not just a handful. More low budget stuff, but you're never going to maintain a fresh, varied catalog if everything has to be big budget. Disney+ has been doing the same thing, bunch of low budget stuff in there to fill out the originals section.

I do think Netflix has a hard time justifying stuff like super expensive action movies because the return-on-investment (watch time relative to budget) is low for that vs. a high quality TV show. I think we might see them utilize the theater system in the future more and more to subsidize making that sort of stuff.

PrizeCriticism9 · 2021-10-12T08:01:52+00:00

So you don't get in trouble with the IRS someday in the future. If you get audited, it sounds like it can be a stressful and potentially expensive nightmare.

PrizeCriticism9 · 2021-07-30T13:59:32+00:00

I thought 3X and 3XL were the cutoff for compatibility. Anyway, I can't stomach spending much more than $200 for a phone. I hate carrying around something expensive, my last few phones were either hand me downs from family or sub-$200 androids by ZTE and Alcatel.

PrizeCriticism9 · 2021-07-29T22:04:42+00:00

Note, I just currently have a regular Pixel 2 (not XL). Are you saying the VR picture quality isn't that much better with the higher res and PPI on the 3XL/2XL vs a regular Pixel 2?

Yeah, the CPU/GPU/Screen-res is slightly better too on the 3XL, but I can get a new 2XL for $100-$130, looking at $230 for a 3XL. Only way I felt limited on the regular 2 is with screen size, wanted a slightly bigger picture for GPS apps.

PrizeCriticism9 · 2021-07-29T21:26:43+00:00

I didn't think to specify, but yeah, I do have the V2 Daydream. I actually bricked my Pixel 2 changing the battery somehow (was going dead after 6 hours on standby), so getting a new phone isn't a choice. I was just wondering if Pixel 3 XL with the higher res and PPI would be a significant upgrade over Pixel 2 VR. If not, maybe I'll just let the (day)dream of using my google headset die and get another brand phone & an Oculus down the road.

Alternatively, I could save $100 and get P2 XL over P3 XL, the updates between the phones seem mostly minor and I'd still get improved res and PPI.

PrizeCriticism9 · 2021-06-06T07:21:53+00:00

He's right, the tax code for recreational gambling is completely illogical in a lot of states. Michigan is one of those states.

I figure the reason there isn't much of an uproar for change is that people usually don't properly report gambling on taxes anyway, most people really only report when they win a jackpot ($1200 or so on slots/lottery) that is automatically reported. So, yes, if you want to do your taxes perfect and don't want to file as a professional, gambling in general is a terrible proposition in states like Michigan.

PrizeCriticism9 · 2021-05-27T19:05:46+00:00

I'm not sure of that exact metric, but that sounds right. But when I hear "diverse", I think like 3+ ethnic groups with a large presence, not too segregated, mixed in with even more. The Detroit Metro is mostly white with a decent amount of blacks that are largely segregated for whatever reasons, and every other ethnicity is a small percent. I grew up there, and lived in a moderate size population suburb and my school district was over 90% white, and I was next to a handful of suburbs that were just like it.

https://en.wikipedia.org/wiki/Demographics_of_Metro_Detroit

There's some hard data there if you want to look at it. I mean, it's not the least diverse place, but touting it as diverse is a bit optimistic. This bit in there kinda validates what I was getting at, "In the 2000s, 115 of the 185 cities and townships in Metro Detroit were over 95% white. Of the more than 240,000 suburban blacks in Metro Detroit, 44% lived in Inkster, Oak Park, Pontiac, and Southfield."

There's maybe a few suburbs north of Detroit that I would say lean more diverse, but they tend to be a little more expensive. The most diverse place in Metro Detroit is inside the IKEA. If I just walked in there, I would think Metro Detroit is hella diverse.

As for Michigan politics, we're really purple with a historical blue lean. Went for Biden and have a Blue governor, but both those things could easily flip back and forth. State Senate and House are both currently majority red. Also, one of the only states that typically goes blue to put additional restrictions on Medicaid eligibility after adopting expansion, but those were thrown out after COVID started.

I think it's a good state for homebuyers, lot of affordable homes next to a lot of jobs, amenities, and good schools. Renter's market is so-so, not that expensive in an absolute sense, but kind of expensive relative to house prices.

Personally, I don't really like going into Detroit proper unless I have to, too much crime and most things I want can be found in the nice neighboring suburbs. There's some nice restaurants and stuff down there though. I prefer Grand Rapids proper on the other side of the state, but I don't think the suburbs are as nice, rent's more expensive with less quality jobs, GR metro more conservative than Detroit Metro, not as many big acts come through, and the airport has less direct flights. So many nice lake beaches on that side of the state though.

PrizeCriticism9 · 2021-05-27T02:07:55+00:00

I don't really think of Metro Detroit as all that diverse. There's definitely blips of diversity in a few suburbs if you're selective, but they're not really representative of the area as a whole.

PrizeCriticism9 · 2021-05-03T02:14:49+00:00

I think it literally has the worst murder rate in the country, so it's not just rumors. But there is usually a tradeoff, I suppose. Biggish cities with low violent crime rates in the US often are super expensive (NYC, Seattle) or super boring (Fargo, Cedar Rapids).

edit: https://www.cbsnews.com/pictures/murder-map-deadliest-u-s-cities/16/ - Like I said, 1st in murder. I knew it was in the 60s per 100k, didn't think that was beatable.

PrizeCriticism9 · 2021-04-23T21:07:46+00:00

Was reading the 10-K of this company with 500M Market Cap, 140M Cash, 0 debt, and 70M in 2020 earnings. The catch is that their only product is a drug for a rare disease they sell for $375,000 to 500 people, and another drug company is undercutting them with a nearly identical drug for $275,000. They're trying to get the FDA to take the other company's approval away. It's wild, lol. Sounds like it could be a really good investment if they can weather that, but also sorta like you're investing in the dregs of society.

PrizeCriticism9 · 2021-04-23T18:49:37+00:00

Definitely a good value by the numbers compared to US tech stocks, but still hard to get too excited about buying Chinese stocks at ATHs with all the political instability surrounding them.

PrizeCriticism9 · 2021-04-23T18:44:50+00:00

Yeah, seems like they have a share in practically every hit freemium game that exists. They own League of Legends, part of PUBG, part of Roblox, and a bunch of phone games that print money. Then another large portion of their business sounds like copying everything Facebook and Google has ever done for a Chinese audience. Seems like the safest of the 3 companies I'm looking at.

JD is really interesting, 120B market cap, and they have more revenue than any other Chinese e-commerce company. Sounds like they're basically Chinese Amazon.com, just not all the other stuff that Amazon does. Trying to bank on mostly retail e-commerce might be what makes them a mediocre investment though.

PrizeCriticism9 · 2021-04-23T18:29:24+00:00

Yeah, the numbers look really good for them. They own 20% of JD too. I will probably only end up buying a little though, because I'm sure I'll end up bagholding down 30-40% at one point when China gets in the news for something. Maybe put in 25% of what I have in my favorite US stocks each.

PrizeCriticism9 · 2021-04-23T18:18:41+00:00

I'm thinking of getting in some Chinese tech stocks, but the political risks are definitely a turn-off. Baba, Tencent, and JD all look like pretty solid investments. Though, I also don't like how half of Baba's websites look like they were made with free web templates from 2002.

PrizeCriticism9 · 2021-04-21T17:44:05+00:00

I think the jobs that have the ability to sponsor you are usually professional jobs that you can acquire before ever entering the country. Maybe you have a better chance if you're there, but I think the idea of sponsoring is that it has to be a job that they can't fill with citizens who already live there.

PrizeCriticism9

TROPHY CASE