mjw1980
Mjw1980
mjw1980
Sep 29 2016
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Currently gambling losses are only tax deductible up to the amount of your winnings. Example: you win $10k one night at the casino but lose $50k the rest of the year. You can’t declare $40k in losses. You can only claim $10k of the losses against the $10k you won. So $0 of taxable income not -$40k.