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Anyone Delt with paying state taxes in Wisconsin

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  1. brian51 brian51 is offline

    Milwaukee, WI
    United States

    Posts: 104
    Joined: Jan 05

    Feb 17th, 2006 (2/17/2006 6:14pm)

    I need some advise on paying taxes for gambling winnings for the state of wisconsin. This is the problem i am running into. Hoping someone has already found a solution to this problem for those of us living in wisconsin.

    Basically when filing for federal taxes you clam all winnings as taxable income and can deduct all loses under gambling losses. (which means that if you play as much as i do u will lose your 5k standard deduction) not worried about that.

    But now when you take those numbers over to the state side, i will still have close to 6 or 7 figures in winnings but i can not deduct the loses becasue gambling loses are not deductable in the state. Which will basically fore me to pay taxes on on 20 or 30 times the amout of money that i actually made.

    Obviously just claiming the net amout and hoping for no audit is a option but i am looking for a serius answer here from someone who has delt with this in the past.

    PLEASE HELP!!!!!!!!

    peace,

    Brian
  2. brian51 brian51 is offline

    Milwaukee, WI
    United States

    Posts: 104
    Joined: Jan 05

    Feb 17th, 2006 (2/17/2006 6:48pm) in reply to brian51

    bump
    Thread Starter
  3. mrbluesman mrbluesman is offline

    Posts: 146
    Joined: Aug 05

    Feb 17th, 2006 (2/17/2006 7:18pm) in reply to brian51

    I would highly recommend speaking with an accountant or tax attorney regarding this. With the kind of money you're referring to you do NOT want to trust what you might read on the internet.
  4. pkrplyr pkrplyr is offline

    Rockport, ME
    United States

    Posts: 109
    Joined: Jan 06

    Feb 17th, 2006 (2/17/2006 7:23pm) in reply to mrbluesman

    Move to Canada.
  5. brian51 brian51 is offline

    Milwaukee, WI
    United States

    Posts: 104
    Joined: Jan 05

    Feb 17th, 2006 (2/17/2006 7:32pm) in reply to mrbluesman

    ya i am in the process of doing that as well, just figured that there was someone out there that has delt with the situation before so i dont go in blind. I am pretty sure i am just fucked the more i read about it.

    gg online gambling for me

    peace

    Brian
    Thread Starter
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