3 ms·
What about this issue that big winnings would be taxed but you would only be allowed to deduct a certain amount of your losses each year - otherwise people coul
by johnwatson11218 10y ago
What about this issue that big winnings would be taxed but you would only be allowed to deduct a certain amount of your losses each year - otherwise people could claim unlimited losses. Even if you had a slight advantage over the house I don't see how you could beat the tax system.
- TheCowboy 10y agoThat's not how gambling taxes work. You can't claim unlimited losses. Filing as a professional gambler allows you to net your wins and losses, usually defined as a session of play. If winning is so volatile that you have frequent winning years and significant losing years, then yes it could be a problem since you can't report negative income. I've only heard of winning players having negative years when accepting risk beyond what their bankroll and access to games year-round can over (for example, high high stakes games are not that common).