REMEMBER THIS save $1000's in taxes after huge wins

[OldBill]

ok u had huge win sports in casino or lottery

lets say $45,000 of course you sign documents they can take out taxes or you pay later

say it's in may well every loss you have scratch off ticket lottery plays casino losses sports horses losses can be written off up to the amount you won

small wins meh just deduct the losses save every losing ticket or casino loss they have it recorded when you cash in like $2000 and lose it all

THank me later for saving you $1000's

[Str8Mush4Life]

It literally tells you this info verbatim on whatever platform that you do your taxes on, Bill.

[JacketFan81]

ok u had huge win sports in casino or lottery

lets say $45,000 of course you sign documents they can take out taxes or you pay later

say it's in may well every loss you have scratch off ticket lottery plays casino losses sports horses losses can be written off up to the amount you won

small wins meh just deduct the losses save every losing ticket or casino loss they have it recorded when you cash in like $2000 and lose it all

THank me later for saving you $1000's

This sounds suspiciously like a liberal who always complains about people paying "their fair share" finding a way to snake out on their taxes. Why are every single one of you complete hypocrites?

[VeggieDog]

This sounds suspiciously like a liberal who always complains about people paying "their fair share" finding a way to snake out on their taxes. Why are every single one of you complete hypocrites?

No, this is the way it's been from the beginning. You can deduct your losses up to the amount of your winnings.

[OldBill]

it literally tells you this info verbatim on whatever platform that you do your taxes on, bill.

ok i dunno if they have all records of losses matter of fact lottery scratch off tickets not recorded so if you can grab more from merchants trash cans add em in no body knows whose tickets they were

get back at irs

[OldBill]

Oo yes horse races losses not recorded either so add those tickets in

slots play and table play losses are recorded you can view your won lost amounts on casino website year by year

[Str8Mush4Life]

Yo Bill how come you didn't go down the street and give this tax advice to your guys down at Tony Luke's?

When are we going to meet up for a beef and sharp??

[OldBill]

Yo Bill how come you didn't go down the street and give this tax advice to your guys down at Tony Luke's?

When are we going to meet up for a beef and sharp??

ahhh i dont eat there great sandwhiches two places 11th st around the corner and at 10th n oregon 1.5 blocks from my door

[wolfmanmeadows]

my understanding is the laws vary state to state and you can't always deduct your losses against your winnings for your state taxes for non-pro gamblers

https://www.thetaxadviser.com/issues/2016/oct/taxation-of-gambling.html

Limitations on Loss Deductions

Some states do not permit amateur taxpayers to deduct gambling losses as an itemized deduction at all. These states include Connecticut, Illinois, Indiana, Kansas, Massachusetts, Michigan, North Carolina, Ohio, Rhode Island, West Virginia, and Wisconsin. A taxpayer who has $50,000 of gambling winnings and $50,000 of gambling losses in Wisconsin for a tax year, for example, must pay Wisconsin income tax on the $50,000 of gambling winnings despite breaking even from gambling for the year.

[PharaohUB]

my understanding is the laws vary state to state and you can't always deduct your losses against your winnings for your state taxes for non-pro gamblers

https://www.thetaxadviser.com/issues/2016/oct/taxation-of-gambling.html

Limitations on Loss Deductions

Some states do not permit amateur taxpayers to deduct gambling losses as an itemized deduction at all. These states include Connecticut, Illinois, Indiana, Kansas, Massachusetts, Michigan, North Carolina, Ohio, Rhode Island, West Virginia, and Wisconsin. A taxpayer who has $50,000 of gambling winnings and $50,000 of gambling losses in Wisconsin for a tax year, for example, must pay Wisconsin income tax on the $50,000 of gambling winnings despite breaking even from gambling for the year.

That’s so fcked but at least it’s just state taxes which are much lower percentage than federal.

[CJ]

Is this official financial advice?