Quote:
|
Originally Posted by moneyandland
You don't always get it back, because you can only deduct losses up to the amount of winnings, and only if you itemize your losses and you will lose the difference of the standard deduction vs itemized in taxes
Really Basic Scenario
first without gambling
Wages 100,000
standard deduction 6,100
Taxed on 93,900
with gambling W-2
Wages 100,000
w2 winnings 15,000
deduction 15,000
paying taxes on 100,000
|
15,000 is greater than 6,100. Therefore you would in fact itemize. 15,000 plus whatever other deductions you would have. You would not pay tax on $100,000
