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re: tax deduction question
Posted on 4/11/24 at 11:02 am to Weagle25
Posted on 4/11/24 at 11:02 am to Weagle25
Yes you should be able to offset loses with wins but not just loses alone. The tax situation for gambling is not really upfront and clear especially with all the new patrants who probably have no clue. When I've had a taxable wins I've never received any notification at that time nor was any tax withheld. If someone didn't read the 300 pages of terms and conditions they're in a for nice surprise when that W2G shows up.
I'm the situation B guy and it sucks. this rule needs to be revised.
I'm the situation B guy and it sucks. this rule needs to be revised.
1
Posted on 4/11/24 at 11:37 am to ks_nola
quote:
I'm the situation B guy and it sucks. this rule needs to be revised.
The rules for gambling were written when "legal" gambling was much less popular, and also before the standard deduction increased.
The Democrats would not want to change this policy because it would be a tax cut.
The religious right / moral conservatives would not want to change this policy because it would be seen as "supporting" gambling.
I don't see it changing.
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