4 ms·
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 an
by 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 agoYes, 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 agoNot true if you itemize.