Raiser
11-09-2004, 12:38 PM
Hey guys. I did a search on this in the Sports Betting forum and came up with nothing, so I'll just ask.
My understanding of paying taxes on gamling winnings is that you pay on what you win and can deduct what you lose if you itemize. This makes poker still potentially profitable if most of your sessions are winners, but I can't see how a sports gambler can possibly make money under this structure. So, my question is:
Is the tax code the same for a sports bettor as any other gambler? And, if so, how the heck does anyone make any money?
Thanks in advance.
My understanding of paying taxes on gamling winnings is that you pay on what you win and can deduct what you lose if you itemize. This makes poker still potentially profitable if most of your sessions are winners, but I can't see how a sports gambler can possibly make money under this structure. So, my question is:
Is the tax code the same for a sports bettor as any other gambler? And, if so, how the heck does anyone make any money?
Thanks in advance.