NCl W2G's

[VideoTech]

Can anyone give me a definitive answer as to why NCL gives U.S. citizens W2G's for a jackpot earned in international waters, on a ship registered outside the U.S.?

 

Is it as simple as the fact that NCL is headquartered in Miami and is a U.S. corporation?

[negn]

Yes. Remember you can off set any winnings by using your losses

[VideoTech]

Yes. Remember you can off set any winnings by using your losses

 

Oh, I definitely know that...and I've got plenty of losses to use for the offset too! :eek:

[popsec]

Can anyone give me a definitive answer as to why NCL gives U.S. citizens W2G's for a jackpot earned in international waters, on a ship registered outside the U.S.?

 

Is it as simple as the fact that NCL is headquartered in Miami and is a U.S. corporation?

 

It's not just NCL....Carnival does the same thing for winnings over the $1200 range....

[Nightengale212]

Along the lines of this thread thought I would share my recent experience when doing my taxes last month to give all a heads up to keep on top of your State's tax laws with regards to writing off gambling losses.

 

I found out when doing my taxes that R.I. passed a law that they will no longer allow itemization of deductions which include gambling losses, and all who are under a certain income limit will get an authomatic $7,500 deduction. Well my many jackpot wins this past year which I did not have taxes taken out which most I could not anyway as the two R.I. casinos where most of the jackpots happened do not allow this option but I was not too concerned as I had greater losses than wins. Well, I should have been concerned as my wins took me over the income limit to get the $7,500 deduction, so despite already paying a good deal of taxes to my R.I. I ended up writing another check for $5,000!!!! Fortunately I got back 3/4 of that from Federal as I could still write off my gambling losses and other deductions.

 

Just got off the NCL Star yesterday and was taking with a fellow gambler from NJ and he told me that NJ passed a similar law which they will start taxing gambling wins above $10,000 regardless if one's losses exceed that.

[VideoTech]

Along the lines of this thread thought I would share my recent experience when doing my taxes last month to give all a heads up to keep on top of your State's tax laws with regards to writing off gambling losses.

 

I found out when doing my taxes that R.I. passed a law that they will no longer allow itemization of deductions which include gambling losses, and all who are under a certain income limit will get an authomatic $7,500 deduction. Well my many jackpot wins this past year which I did not have taxes taken out which most I could not anyway as the two R.I. casinos where most of the jackpots happened do not allow this option but I was not too concerned as I had greater losses than wins. Well, I should have been concerned as my wins took me over the income limit to get the $7,500 deduction, so despite already paying a good deal of taxes to my R.I. I ended up writing another check for $5,000!!!! Fortunately I got back 3/4 of that from Federal as I could still write off my gambling losses and other deductions.

 

Just got off the NCL Star yesterday and was taking with a fellow gambler from NJ and he told me that NJ passed a similar law which they will start taxing gambling wins above $10,000 regardless if one's losses exceed that.

 

Ouch. That's why I like Texas....no state income tax!

[Nightengale212]

VideoTech, you are lucky to have no State tax!!!! Had I known I was going to get this hit I would have put that $5,000 into my TSP at end of year catch up time which would have dropped my income enough to get the $7,500 deduction!!! You live and you learn :(

[VideoTech]

VideoTech, you are lucky to have no State tax!!!! Had I known I was going to get this hit I would have put that $5,000 into my TSP at end of year catch up time which would have dropped my income enough to get the $7,500 deduction!!! You live and you learn :(

 

Well, of course, they get you anyway: In Texas we have very high state sales taxes, so it's not an entirely free ride.