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tax deduction question
Posted on 4/10/24 at 12:31 pm
Posted on 4/10/24 at 12:31 pm
typically file using standard deduction. this year I have W2G to claim but at same time have equal loses to write those off. however the amount is enough to put me over using the standard deduct but now I don't have enough other deduction to claim and have to pay more tax on my regular income since the W2g gain and lose cancel each other.
basically i'm having to pay more tax on my income because i gambled and won on paper even though I have more loses for the year. any suggestion to avoid this?
basically i'm having to pay more tax on my income because i gambled and won on paper even though I have more loses for the year. any suggestion to avoid this?
This post was edited on 4/10/24 at 1:59 pm
5
Posted on 4/10/24 at 1:20 pm to ks_nola
Nope. Nothing you can do. You’re not a professional gambler so do not put it on a schedule C. That’s a huge audit flag waiting to bite you in the arse.
Posted on 4/10/24 at 3:29 pm to ks_nola
It's a complete ripoff. Very unfair provision of the tax code.
What's even worse is gambling winnings in one year and losses in another year. Winnings are taxable and losses nondeductible!
What's even worse is gambling winnings in one year and losses in another year. Winnings are taxable and losses nondeductible!
Posted on 4/10/24 at 5:22 pm to ks_nola
The tax laws suck for gamblers, you should just be able to report a net win for the year
This post was edited on 4/10/24 at 5:23 pm
Posted on 4/10/24 at 7:20 pm to ks_nola
quote:I wonder if everyone reports these winnings
basically i'm having to pay more tax on my income because i gambled and won
Posted on 4/10/24 at 9:09 pm to ks_nola
The common refrain of “gambling losses can offset gambling winnings” is one if the biggest “not so fast my friends” provisions in the tax code.
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