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IRS = very crooked. Take gambling and lotteries. We know house = wins. Yet the IRS grabs huge % of lottery winnings, yet does not allow gamblers to deduct their
by aurizon 2y ago
IRS = very crooked. Take gambling and lotteries. We know house = wins. Yet the IRS grabs huge % of lottery winnings, yet does not allow gamblers to deduct their ticket costs = a huge unearned windfall for the IRS. Here in Canada the CRA (functions like IRS) is fair, lotteries are not taxed and thus no deductions for tickets.
Seems to be a relic of religious oppression - IHMO
- markhahn 2y agoOther than lottery winners, who cares? Is there some reason lottery winnings (or other forms of gambling) should be treated gingerly?
- aurizon 2y agoNot gingerly, just reflect the correct profit/loss = since the house wins, it is a defacto double tax
- JojoFatsani 2y agoSo maybe don’t gamble?
- tzs 2y agoLottery ticket costs are deductible, but only up to the amount of your lottery winnings. E.g., if you bought 1000 $1 tickets and won $12000, you could deduct $1000.
- aurizon 2y agobut most are losers = unsymmetrical = it should be fully deductible as it is made with the object of making money