10-12-2017, 06:52 PM
(10-12-2017, 05:44 PM)michaelsean Wrote: Theoretically not offsetting gains with losses in gambling would mean if you sat down and played 30 hands of blackjack at $10 a hand, and lost 25 hands while winning 5 hands, you would have to pay tax on $50 which I think most people would say is absurd.
Of course. But if you win any tourney or jackpot with a payout over $1000, I believe it is, you have to fill out a tax form that gets reported to the IRS. THEN you have to claim it on your return, and hopefully have some records to detail your offsets.
Where the amateur gambler gets screwed is you might have years of several thousand in losses, then you hit that big win. Sorry, can't offset with losses from previous years unless you've been a professional gambler and have VERY detailed records (including, presumably, years of taxable winnings to demonstrate you actually make a living at this).
For whales, though? Ehhh, that's a handout to the gaming industry. I'm sure they deduct their losses. Worse, those losses are often "negotiated" with the casino. And the extremely generous comps they get I don't believe are claimed as income.
--------------------------------------------------------
