Legal Sports betting coming to TN?

[TreyB]

:rotf: :tu:

 

[BamaProud]

On the other hand, if it were legalized, you could write off your loses.

https://turbotax.intuit.com/tax-tools/t ... 14370.html

 

[PalsPal]

On the other hand, if it were legalized, you could write off your loses.

Hmm, not exactly !


Gambling losses are indeed tax deductible, but only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you are eligible to itemize your deductions. If you claim the standard deduction, then you can't reduce your tax by your gambling losses.

Let's say you win $1,000 from one source. You could deduct losses from other sources up to the $1,000, but as your link also points out, ONLY if you can itemize our deductions, which many cannot. So those cannot offset losses against their winnings.

 

[Bone Collector]

I have had a Bovada account for years. I win a few thousand dollars a year and not a word. It will always be doable in TN

I haven't done this in a while but used to use Bovada too. I would win money and no one batted an eye.

 

[TreyB]

I have had a Bovada account for years. I win a few thousand dollars a year and not a word. It will always be doable in TN

I haven't done this in a while but used to use Bovada too. I would win money and no one batted an eye.

A few on here will tell u how bad u are gonna be in trouble. :rotf: :rotf: :rotf: