The Tax Man Cometh

[icepick]

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So...if you had a $100K in winning sessions and $50K n losing sessions does that mean your income is $100K and you're in that tax bracket?

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Yup. And if you itemize, you can deduct the $50k.


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That seems pretty harsh.

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It is.

[broiler]

No, this is not correct. Your tax bracket is determined by your taxable income, which comes after your itemized deductions. The tax rules for gamblers are bad, but not that bad.