Re: This should end all of the false claims about paying US taxes on p
for example
I play recreationally and the net of my winning sessions is 8000. The net of my loosing sessions is 11,000. I have an income of 16,000 from a regular job.
When filing I would not take the standard deduction. I would claim 8000 in "other income". When taking deductions I would claim 8000 as well as mortgage interest on home, medical bills etc... The end result being I made 24,000 and i'm taking 11,000 in deductions.
Is this basicly the idea for a losing rec. gambler with a job and home? Doesn't seem right. Could anyone correct me here?
Give some back to a fish.
|