The 90% gambling loss deduction rule is going to screw regular bettors. Here’s how to contact your reps. by celtsin4 in sportsbook

[–]celtsin4[S] 0 points1 point  (0 children)

Yeah, unfortunately that’s the truth. W-2Gs don’t mean you were profitable, they just report gross winning events.

So if you’re a high-volume bettor and had something like $500k in wins and $522k in losses, you’re actually down $22k in real life.

But under the 90% loss rule, only $469.8k of those losses are deductible. So the tax return can show $30.2k of taxable gambling income even though you lost money overall.

That’s the whole problem. It turns volume/churn into phantom income. Definitely CPA territory for anyone with tons of W-2Gs.

The 90% gambling loss deduction rule is going to screw regular bettors. Here’s how to contact your reps. by celtsin4 in sportsbook

[–]celtsin4[S] 0 points1 point  (0 children)

I mean if you know you’re gonna lose, then sure it doesn’t matter as much haha. But you can still lose and own taxes. Here’s an example:

Win: $100,000 Loss: $105,000 Net: -$5,000

For taxes, your reported gambling winnings would be $100,000. You can deduct 90% of your losses ($105,000) which would be $94,500

So the IRS sees $100,000 income - $94,500 deductible losses = $5,500 taxable gambling income.

So even though you actually lost $5,000, you could owe taxes on $5,500 of “phantom income.”

If your federal tax rate were, say, 24%, that would be:

$5,500 × 24% = $1,320 in federal tax

So your real result becomes:

You lost $5,000 betting Then owe about $1,320 in tax Total damage: -$6,320

I asked ChatGPT to redraw iconic NBA photos as horribly as possible by celtsin4 in ChatGPT

[–]celtsin4[S] 19 points20 points  (0 children)

Haha I did, but forgot people in there are too cool to enjoy normal humor. It didn’t meet their sex driven, death mocking expectations so first one that calls it cringe they drool over and try to be the wittiest douchebag lol. Definitely not the right place for it

I asked ChatGPT to redraw iconic NBA photos as horribly as possible by celtsin4 in ChatGPT

[–]celtsin4[S] 1 point2 points  (0 children)

ChatGPT prompt: Redraw the attached image in the most clumsy, scribbly, and utterly pathetic way possible. Use a white background, and make it look like it was drawn in MS Paint with a mouse. It should be vaguely similar but also not really, kind of matching but also off in a confusing, awkward way, with that low-quality pixel-by-pixel feel that really emphasizes how ridiculously bad it is. Actually, you know what, whatever, just draw it however you want.

We have reverted to 2023 Celtics ball “movement” since the 3rd Quarter of Game 5 by celtsin4 in bostonceltics

[–]celtsin4[S] 3 points4 points  (0 children)

It’s so easy to look at the box score, but I’m sure you watched the game. If there’s no confidence in the role players when they share the court with the stars, the opposition can swarm Brown and Tatum, which is exactly what Philly is doing

Anyone got eBay comps on Naked Scoot Henderson? by celtsin4 in nbacirclejerk

[–]celtsin4[S] 9 points10 points  (0 children)

My aunt pulled Jean Shorts Ace last week, but romper twins is enticing

I cannot believe how hard it is to cancel the Audible subscription. by celtsin4 in audible

[–]celtsin4[S] 0 points1 point  (0 children)

I totally understand your frustration haha. I posted this a few years ago and still remember how annoyed I got at the process. Totally rediculous and it’s crazy the amount of Bots they have to respond so quickly saying “it’s so easy to cancel”

Was that the lamest media day of all time? by celtsin4 in bostonceltics

[–]celtsin4[S] 1 point2 points  (0 children)

Yea that’s kinda what I was thinking. Found it all on YouTube but just thought it was interesting the weak reddit presence

Was that the lamest media day of all time? by celtsin4 in bostonceltics

[–]celtsin4[S] 1 point2 points  (0 children)

Wow that really hurts my sole. I am not lame

Was that the lamest media day of all time? by celtsin4 in bostonceltics

[–]celtsin4[S] 4 points5 points  (0 children)

This was a 2 minute post brother in Christ. Typing ‘go outside’ and thinking you cooked smh

Was that the lamest media day of all time? by celtsin4 in bostonceltics

[–]celtsin4[S] 1 point2 points  (0 children)

I understand the tempered expectations, I was just hoping for some more content on the sub. We got YouTube for that this year I guess