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Originally Posted by Spiderman
The IRS code, regarding reporting of losses v. winners, is totally inequitable. For winning: I lose $5,450 standard deduction that could be used for a tax refund. I really think that the code was changed within the past 5-15 years when levels of what amount is required to be a signer and what triggers automatic tax withholding.
Racing industry has had double-digit loss in handle. They promote winning P6 and other large pool bets. Little is known that a player(who does not itemize tax return) will lose about $1,000 in tax refund ability by winning.
The IRS code slams horseplayers. A player loses thousands of dollars by the method required to report losses. Certainly, it is cause to pause about betting large pool betting opportunities.
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I had some signers in the 60s, so I know the code has not change on how to declare losses. You can bitch all you want about the tax code for gambling, but it is not going to change to make it easier to deduct losses. If it does change it, it will become harder. One more thing, if you try to deduct losses be sure you know what you are doing. The IRS has a certain way they want it done. The first year you do it an audit is very likely.
