Re: Taboo Question?
i don't really want to get into the mecanics and bore a lot of people. And I don't want people relying on my interpretation of US tax Law. but anyway read at your own risk.
Basically, If you are professional gambler your statement is close to being how it would work. Your losing sessions would offsett your winning sessions, but you could not reduce wins below 0. You would then be taxed at your net win for the year.
If you are not a pro, and you itemize deductions you basically have similar position to pro but your losses are not dollar for dollar b/c they are subject to schedule A limitations.
It is worse if you do not itemize and are a taxpayer that uses the standard deduction. If you take the standard deduction b/c you do not have enough itemized deducitions to file schedule A, you are in my bad situation. You do not get any benefit of your losing sessions. Thus I am taxed on 30% of winning sessions and my losing sessions do not help me in anyway.
This is likely just an individual tax issue that I have and should not burden you all with it. I was just wondering if anyone else faces an obstacle like this. I could solve it by doing things to be a sch A filer, such as becoming a homeowner. Or I could become a pro... but we know I am not there yet.
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