willpeace
Apr 14, 2013, 01:54 PM
For casual Gamblers with a Net Loss... If they are STANDARD DEDUCTION
Taxpayers (they do Not have Items enough to Itemize)... Aren't they paying
More Tax & being penalized, since they have to Report their "Gross" winnings
On Ln #21 of 1040, but... the only way they can offset with losses is to use
Sched A... once you reduce the Losses on Sched A that offset the Winnings...
... a "Wash"... the remaining Shed A Deduction is Less than the Standard Deduction that they would normally take... since they do not have enough to itemize... hence they are paying more in taxes... yet, they technically have NO Taxable gambling Income..?
Taxpayers (they do Not have Items enough to Itemize)... Aren't they paying
More Tax & being penalized, since they have to Report their "Gross" winnings
On Ln #21 of 1040, but... the only way they can offset with losses is to use
Sched A... once you reduce the Losses on Sched A that offset the Winnings...
... a "Wash"... the remaining Shed A Deduction is Less than the Standard Deduction that they would normally take... since they do not have enough to itemize... hence they are paying more in taxes... yet, they technically have NO Taxable gambling Income..?