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Old 11-21-2005, 08:03 PM
StellarWind StellarWind is offline
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Join Date: Feb 2004
Posts: 704
Default Re: Interesting Internet Tax law for Illinois

[ QUOTE ]
I don't understand what you mean. Are you saying you have to list all your winnings on the front of your 1040 but can't deduct the loses on your itemized deductions?

[/ QUOTE ]
That is exactly what he is saying and it is true for state income tax in several states. I'm not familiar with Illinois in particular.

Probably they rationalize it as a sin tax and a remedy for fabricated losses.
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