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Originally Posted by Dunbar
Rupert, this is true only if you itemize deductions (or if you file Sch. C as a professional gambler). If you take the standard deduction, you are screwed.
http://www.irs.gov/taxtopics/tc419.html
--Dunbar |
Yes, that is true. But why wouldn't a person itemize deductions? If a person has net gambling losses for the year but he happened to hit a Pick 4 for $4,000, why wouldn't that persom itemize deductions? He would be a fool not to, unless he likes to pay taxes that he doesn't owe.