3 ms·

Welp either I’m dense or you didn’t make a point. We can go with the former. Cheers.

• lotsofpulp 2y ago
  Sorry, I just meant the original comment sounded like there was something especially onerous about income taxes on gambling winnings compared to tax on other types of income.
  • dgfitz 2y ago
    I dunno, it’s hard to describe. Imagine $10,000 on $47 and realizing that half that money never existed. I don’t mind paying the taxes on it, but claiming gambling winnings basically defeats any sensible financial tax strategy. I think I’m the only person I know who claims them. I’m about to give it up because I never needed the money, it’s just fun to beat the house. The taxes really do suck.
    • lotsofpulp 2y ago
      You’re right, this website educated me on some of the inconsistencies/drawbacks compared to other income: https://www.lhd.com/the-edge/if-you-are-a-recreational-gambler-here-are-some-tax-issues-you-need-to-know/ https://www.lhd.com/the-edge/if-you-are-a-recreational-gambl...
  • sir0010010 2y ago
    As a US taxpayer, if you win $10,000 on one day and then lose $10,000 the next day gambling, then you have to report $10,000 net gambling income for the year and pay taxes on that - even though you actually made zero.
    • lotsofpulp 2y ago
      Yes, this website educated me on some of the inconsistencies/drawbacks compared to other income: https://www.lhd.com/the-edge/if-you-are-a-recreational-gambler-here-are-some-tax-issues-you-need-to-know/ https://www.lhd.com/the-edge/if-you-are-a-recreational-gambl...
    • zeroonetwothree 2y ago
      Not true if you itemize.