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Off Topic TN Forums
Sports talk
Legal Sports betting coming to TN?
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<blockquote data-quote="PalsPal" data-source="post: 4443969" data-attributes="member: 12242"><p>Hmm, not exactly <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite8" alt=":D" title="Big Grin :D" loading="lazy" data-shortname=":D" /> !</p><p></p><p></p><p><strong><em>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.</em></strong></p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="PalsPal, post: 4443969, member: 12242"] Hmm, not exactly :D ! [b][i]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.[/i][/b] 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. [/QUOTE]
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Off Topic TN Forums
Sports talk
Legal Sports betting coming to TN?
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