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    3. gambling losses do they wash out winnings if amount is equal. there will be no tax
    gambling losses do they wash out winnings if amount is equal. there will be no tax

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    0  Views: 521 Answers: 3 Posted: 11 years ago
    Ducky

    Moderator
    Tax laws are different in each country, so it depends on where you live.
    Commented 11 years ago
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      3 Answers

      I suggest you speak to the IRS or an accountant about this.

      11 years ago. Rating: 8
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        I think they do, but you will have to itemize deductions! Also you should probably have some one do your taxes for you. Some companies will guarantee the biggest refund you LEGALLY have coming!

        11 years ago. Rating: 5
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          Losses can not exceed winnings, but can offset. You do need to itemize, using Schedule A. 

          11 years ago. Rating: 2
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