close
    1. Home
      2. ›
    2. Uncategorized
      3. ›
    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

    Answer this
    0  Views: 554 Answers: 3 Posted: 12 years ago
    Ducky

    Moderator
    Tax laws are different in each country, so it depends on where you live.
    Commented 12 years ago
    Comment this question

      3 Answers

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

      12 years ago. Rating: 8
      Comment this answer

        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!

        12 years ago. Rating: 5
        Comment this answer

          Losses can not exceed winnings, but can offset. You do need to itemize, using Schedule A. 

          12 years ago. Rating: 2
          Comment this answer



            Did this answer your question? If not, then ask a new question.

            Top contributors in Uncategorized category

             
            ROMOS
            Answers: 18061 / Questions: 154
            Karma: 1102K
             
            Colleen
            Answers: 47269 / Questions: 115
            Karma: 953K
             
            country bumpkin
            Answers: 11322 / Questions: 160
            Karma: 838K
             
            Benthere
            Answers: 2392 / Questions: 30
            Karma: 760K
            > Top contributors chart

            Unanswered Questions

            NN777 PH
            Answers: 0 Views: 3 Rating: 0
            Good88 Hockey
            Answers: 0 Views: 3 Rating: 0
            66ff
            Answers: 0 Views: 10 Rating: 0
            66ff
            Answers: 0 Views: 8 Rating: 0
            Tải Game iWin – Sân Chơi Uy Tín, Giải Trí Đỉnh Cao Ngay Trong Tay
            Answers: 0 Views: 9 Rating: 0
            Sin88 Hiphop
            Answers: 0 Views: 8 Rating: 0
            Trải Nghiệm Đẳng Cấp Tại Iwin – Nơi Uy Tín Lên Ngôi
            Answers: 0 Views: 12 Rating: 0
            intersys toancau
            Answers: 0 Views: 9 Rating: 0
            > More questions...
            504319
            questions
            746015
            answers
            843893
            users