New Hampshire: 10% tax on $600+ winnings: even from out of State!

[blackthroatedwind]

Are we sure this is anything more than a 10% State withholding tax....or do we know that you can't write off losses against the winnings?

[gales0678]

andy are there any states at all right now that allow you NOT to write off losers against the winnings?

also - andy

why does otb in nyc only take out federal tax and not state tax or city tax , shouldn't they be taking at all 3?

[Scav]

Originally Posted by gales0678

andy are there any states at all right now that allow you NOT to write off losers against the winnings?

also - andy

why does otb in nyc only take out federal tax and not state tax or city tax , shouldn't they be taking at all 3?

In Illinois, you can not write off losses on your state return

[gales0678]

Originally Posted by Scav

In Illinois, you can not write off losses on your state return

when you hit the big p6 , you had to delcare all the money to ILL? you couldn't write a $1 off?

[Scav]

Originally Posted by gales0678

when you hit the big p6 , you had to delcare all the money to ILL? you couldn't write a $1 off?

Yep, it wasn't fun.

[gales0678]

Originally Posted by Scav

Yep, it wasn't fun.

ouch! what was there take 7%?

[XIIPointStables]

Originally Posted by blackthroatedwind

Are we sure this is anything more than a 10% State withholding tax....or do we know that you can't write off losses against the winnings?

That's why I posted it here in the first place. Was hoping someone brighter than me could read the attached bill itself.

I can't seem to find anything about it just be withholding; or that you can write off losses.

I emailed my tax guy with as of no no response.

And as an NH resident, I don't get all the hate on the Granite State. The legislature deserves it for not passing expanded gambling....AGAIN. But the people seem to be very much behind it.

Just wait till Massachusetts passes it and NH AGAIN is late to the party on an actual forward-thinking idea.

[XIIPointStables]

Yeesh, one tax blogs take:

http://www.taxabletalk.com/posts/1239927260.shtml

The gambling tax is particularly bad. The new tax is 10% on all gambling winnings above $600. While proponents noted that it would only impact big-time bingo games, what will be the impact on New Hampshire residents who head to a casino? The way the legislation is written it could impact professional gamblers residing in New Hampshire, and subject them to a 10% tax on their winnings. (Frankly, the legislation is so poorly written towards gambling that it will take court cases to determine what is or isn't being taxed.) I for one don't think it's worth taking a chance and for the professional gamblers out there it's definitely time to consider voting with your feet.

And as one other message board put it, the way it's written, it looks like say I bet $10,000 for the year and get back $9000 - I OWE New Hampshire $9000 on top of having lost $1000 on the year.

Need to get this figured out...