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Do small poker winners/losers get really screwed by IRS?
So, I just finished doing my taxes. I itemize anyway, so I just filed my wins/losses blah blah blah.
But here's a scenario. A relatively low-income guy plays poker just for fun. Let's say he loses $4000 over the course of the year. And he wins $3000. For a net loss of $1000 for the year, a small price for entertainment at the cardroom a couple of times a week - about the same as going to the movies. Let's say either he's really honest about taxes or he never won in the ring game and that $3000 came in the form of a jackpot win. Either way. Now he does his taxes. He doesn't have any itemizable deductions besides poker so he's better off taking his standard deduction. Yet he still has to file $3000 in winnings adding to his gross income even though he actually lost $1000. Am I missing anything here? This seems flat out ridiculous. |
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