official 2006 tax brags and beats

[tibrida]

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In the US, you can itemized your gambling losses up to your winnings.

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you sure about this? that's alot of HU SNGs i get to deduct (since i lose 40% of them, or 80% if it's on a weekend).

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The problem is you MUST use itemized deductions in order to be able to deduct your gambling losses. I would say statistically 80%+ of Americans use standardized deduction. People that itemize usually have mortgages/points they paid in the past year and such. So it all boils down to if your itemized deduction (Not sure if you won/lost that much for this to be worth it) is larger than your standard deduction (around $8400 for 2006 given you're single and not claimed as a dependent on someone else's tax return). If anyone has any more questions let me know. No pm's. k thx.