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re: tax deduction question
Posted on 4/13/24 at 9:48 am to OceanMan
Posted on 4/13/24 at 9:48 am to OceanMan
Not saying to allow net losses to be deducted. Just that a net zero at end of year ( amount won is equal to amount lost during the entire year) shouldn’t have an impact on overall tax owed. I gained nothing overall from the gambling wins as I lost equal amount but now owe more tax on my work income. Stocks I can lose $3k more than I profit in a new year and deduct that amount completely different situations. Stocks as stated by another poster are treat as a net therefore if you have net zero at end of year it doesn’t impact your tax owed or your use of standard deduction.
0
Posted on 4/13/24 at 9:51 am to OceanMan
Not exactly. The cash used was taxed via my paycheck. Now I’m being taxed again on a zero gain and the casino is paying tax on their “win”.
Posted on 4/13/24 at 11:49 am to ks_nola
quote:
Agreed there are fundamental differences
Well then don’t act like they’re the same thing.
quote:
Do you honestly think people should have to pay more taxes if caught in the situation I presented?
I never argued for or against it.
But your argument was they were the same so you asked why they’re treated differently.
So I explained how they aren’t the same, Then you agreed. So that’s why they’re treated differently. Whether you agree with it or not.
The US tax system constantly encourages people to do what the govt wants and discourage people from doing what they don’t want you to do.
quote:
The government still got revenue from imy play just like they would with stocks.
The govt wouldnt get any revenue from your proposed system. That’s your whole argument….
This post was edited on 4/13/24 at 11:55 am
Posted on 4/13/24 at 12:49 pm to Weagle25
The government got revenue from my paycheck. I used remaining money to gamble. I won x but then lost x so no one gained or lost anything but the government still gets more revenue from me now. Makes zero sense.
Posted on 4/13/24 at 1:01 pm to ks_nola
Stay off the apps and off the slots. 99.9% chance you won't pay taxes.
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