06-21-2015, 01:32 AM
(06-21-2015, 12:25 AM)Benton Wrote: Likewise, I used to work on cars. I restored a 69 Camaro. All my free time and money went into it. There was no tax break. When I sold it, I claimed the income. A hobby, no tax break.
We're not talking about exemptions made professional gamblers. I'm talking about hobbyists. If you would like to pay for my hobby, I'll gladly accept your donations. Currently, the government draws a line.
You still seem to be struggling with the that gambling losses offsetting gambling wins are not deductions or any sort of taxpayer subsidy. It's the investment or cost you incurred to win that money.
Secondly, you play with chips/credits and not money. If you purchase $100 of chips, and then cash out $50, you lost $50. There's no "hobby income" to be taxed. It's compete bizarre to think of the intermittent wins throughout the session as taxable gambling winnings - there is no income but rather your "hobby" just cost you $50.
