1. 10-06-22 02:31 PM #1
    cookieman23
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    Taxes

    Are losses SERIOUSLY not a write off?

    Does anyone have any info on this
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  2. 10-06-22 02:48 PM #2
    OldBill
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    100% up to the amount you won ex: you won $10,000 but wound up losing $8500 back so you only pay taxes of 33% on the balance of $1500 which is $495
    adding all gambling losses are written off lottery tickets , scratch off tickets, horse racing tickets, sports bets
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  3. 10-06-22 03:30 PM #3
    cookieman23
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    Quote Originally Posted by OldBill View Post
    100% up to the amount you won ex: you won $10,000 but wound up losing $8500 back so you only pay taxes of 33% on the balance of $1500 which is $495
    adding all gambling losses are written off lottery tickets , scratch off tickets, horse racing tickets, sports bets
    I lost 200,000 with barstool Sportsbook and I’m being told there’s a max cap of 3k for the write off? How does that make any sense.
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  4. 10-06-22 05:24 PM #4
    StackinGreen
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    Yes, if you lost that much you can win that much at a wash, as OldBill says

    You can't write off losses from your ordinary income otherwise, that's the point (unless you are registered as a pro gambler, but that's asking for major scrutiny).
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