Re: Listing Gambling Losses as Itemized Deductions: Why is this different?
If you aren't familiar with the "standard deduction", look it up and it will be clearer why claiming both more income and more deductions can hurt you (you now lose your standard deduction). I actually hadn't understood the standard deduction until last year because when I had used software to file my taxes that took care of that stuff for me.
There are a bunch of other reasons this is bad, as others have pointed out.
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