Someone please tell me this is NOT possible..

Whoson1st

EOG Dedicated
#1
To have a net gambling ("gaming") loss for a year, but when reporting the winnings; you end up owning taxes; even thought you lost on the bottom line.
 

trytrytry

All I do is trytrytry
#2
Whodatman said:
To have a net gambling ("gaming") loss for a year, but when reporting the winnings; you end up owning taxes; even thought you lost on the bottom line.
its possible unless you claim the losses (and have some records like journal records, print offs of wagers, neteller deposits). Put the amount up to the amount you won and then no taxes.
 

Whoson1st

EOG Dedicated
#3
I was reading an article over at the major's site. It was referring to poker players and reporing their winnings (not the net winnings as many think). It said the government has a policy when it comes to gaming "winnings" of "head I win tails you lose"
This was referring to deducting gambling losses against gambling "winnings"; which it said HAD to be itemized which could screw over a taxpayer by being FORCED to take the itemized deductions (in place of the standard deduction).

Very confusing.
 
#6
parkcityrep said:
someone please tell me its not possible to past post..like 15min into a game and have it graded
Very possible and a normal part of life for alot of players with their books! P.S. I know you are being facetious but Beantown does not know this!
 

Losebet

EOG Enthusiast
#7
Whodatman said:
To have a net gambling ("gaming") loss for a year, but when reporting the winnings; you end up owning taxes; even thought you lost on the bottom line.
If they interview you, just throw out a few square plays and they will move on to someone else:+signs8-a
 
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