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re: tax deduction question

Posted on 4/13/24 at 9:48 am to
Posted by ks_nola
Bozeman
Member since Sep 2015
505 posts
Posted on 4/13/24 at 9:48 am to
Not saying to allow net losses to be deducted. Just that a net zero at end of year ( amount won is equal to amount lost during the entire year) shouldn’t have an impact on overall tax owed. I gained nothing overall from the gambling wins as I lost equal amount but now owe more tax on my work income. Stocks I can lose $3k more than I profit in a new year and deduct that amount completely different situations. Stocks as stated by another poster are treat as a net therefore if you have net zero at end of year it doesn’t impact your tax owed or your use of standard deduction.
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