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Not only that, you can deduct gambling losses from your income, if you're unlucky.
by DavidAdams 13y ago
Not only that, you can deduct gambling losses from your income, if you're unlucky.
- jxf 13y agoNot accurate. For US federal taxes, you can deduct gambling losses against gambling winnings, but not against your income. If you earn $50,000 in income, $X in winnings, and $Y in losses, you pay taxes on $50,000 of income, plus taxes on $X-Y of winnings (if it's a positive number).
- rschmitty 13y agoYou can only deduct them from your _winnings_, not income[1]. You can't go to Vegas, blow $10,000 on a single round of blackjack and deduct that at the end of the year. 1: http://www.irs.gov/taxtopics/tc419.html http://www.irs.gov/taxtopics/tc419.html