http://www.taxgirl.com/fix-the-tax-code-friday-gambling-losses/ Paying taxes is painful... but reading about them shouldn't be. Sun, 12 Feb 2012 17:55:29 +0000 hourly 1 http://wordpress.org/?v=3.1.3 http://www.taxgirl.com/fix-the-tax-code-friday-gambling-losses/comment-page-1/#comment-881 Flippy Sun, 19 Nov 2006 03:54:12 +0000 http://taxgirl.com/?p=142#comment-881 If winnings are taxable, then I think losses should be deductible too. I wish the US was like Canada, where lottery & gambling wins aren't taxable. If the winnings weren't taxable, then I wouldn't have a problem with losses not being a deduction. Of course, I live in Las Vegas and I've never claimed any of my losses as a deduction anyway, even though I've reported large wins (with the help of the casinos, of course) on my taxes. I forgot once, because I won a jackpot on New Year's Day. The IRS did not forget, however. If winnings are taxable, then I think losses should be deductible too. I wish the US was like Canada, where lottery & gambling wins aren’t taxable. If the winnings weren’t taxable, then I wouldn’t have a problem with losses not being a deduction. Of course, I live in Las Vegas and I’ve never claimed any of my losses as a deduction anyway, even though I’ve reported large wins (with the help of the casinos, of course) on my taxes. I forgot once, because I won a jackpot on New Year’s Day. The IRS did not forget, however.

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