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Why is it insane? Its like winning the power ball and then blowing it all on scratchers. You owe taxes on the win but can't necessarily deduct the losses. Whic
by bjl 8y ago
Why is it insane? Its like winning the power ball and then blowing it all on scratchers. You owe taxes on the win but can't necessarily deduct the losses.
Which, tbh, seems perfectly fine to me.
- jakelazaroff 8y agoAs someone else pointed out upthread, gambling losses are tax deductible to the extent of your winnings: https://turbotax.intuit.com/tax-tips/jobs-and-career/can-you-claim-gambling-losses-on-your-taxes/L4lQ3IAWt https://turbotax.intuit.com/tax-tips/jobs-and-career/can-you...
- dancek 8y agoIn the US. Not in Finland.
- darawk 8y agoA better analogy might be blackjack. Let's say you are playing blackjack for an hour, and at the end of that hour, you're up $1,000. But you decide to play for another hour, and now you're down $1,000. You think you should still have to pay tax on the transient $1,000 win?