InvestorsHub Logo
Boards
News
Market Data
Markets
Discover
Discover
Subscribe Login/Register
S&P 500
5,477.90
(
0.16%
)
US TECH 100
19,129.60
(
-0.24%
)
Dow Jones
39,127.80
(
0.04%
)
Brent Oil
84.21
(
-0.31%
)
Bitcoin
61,014.08
(
0.33%
)
Post# of 5253
Next 10
Reply Private New
Public Reply Private Reply New Post
Keep Last Read
Replies (2) Keep Next 10 Report Keyboard Shortcuts
Replies (2) Next 10 Prev Next

tr8dervic

Send PM Follow Ignore
Followers 65
Posts 12999
Boards Moderated 3
Alias Born 01/11/2006

tr8dervic

Member Level

Re: Gixene post# 1251

Tuesday, 12/10/2013 3:44:57 PM

Tuesday, December 10, 2013 3:44:57 PM

Post# of 5253
No, you cannot report the loss. Gambling losses are not deductible in any fiscal year. If you win $40 and lose $20 you can report a net $20 in winnings, but not the other way around.

Nightmare scenario: A gambler gets red hot and wins a million dollars in craps on New Years Eve 2013. Wakes up the next day and loses the million.

He owes taxes on the million won in 2013 and gets no write off of the million he lost in 2014. Ouch!
Public Reply Private Reply New Post
Keep Last Read
Replies (2) Keep Last Read Next 10 Report Keyboard Shortcuts
Replies (2) Next 10 Prev Next

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.

Sign Up