It’s Fix the Tax Code Friday! Casinos are headed to Pennsylvania and many other states this year as revenue raisers for state governments. Winnings are taxable. If you lose, you can only deduct to the extent of your winnings and only if you itemize.
This week’s question:
Should gambling losses be deductible? Should there be limits on gambling losses? And should losses only be available to those who itemize?
Filling out those tourney brackets? Remember that your winnings (and all gambling winnings) are taxable! #TwitterTaxTip (For more on twitter tax tips, see my prior explanatory post.) Kelly Phillips Erb Kelly Phillips Erb, known as Taxgirl, is a tax attorney, writer, and speaker who explains tax news, IRS updates, scams, financial crime, and money in…
Earlier in the week, I reported that Georgia is considering implementing a tax on personal services, meaning that professions like barber shops, law firms and accountants would impose a tax on their services, which would likely be passed through to the consumer. This tax would replace property taxes in Georgia. Now, normally, my Fix the…
Oscar De La Hoya turned a little more golden over the weekend. Canelo Alvarez, managed by De La Hoya’s Golden Boy Promotions, bested Miguel Cotto on Saturday night by unanimous decision, claiming the WBC middleweight title. The win puts Alvarez in the superstar category for now – and chalks up another victory for Golden Boy…
It’s Fix the Tax Code Friday! On many of the taxgirl.com threads about the possibility of a second economic stimulus package, there have been discussions about age – and whether a second package should benefit the young or old more. The undercurrent of age has also rippled through online discussions about child care credits, retirement…
The next installment for my daughter’s private school tuition is due in about a month. We pay approximately $10,000 per year. It sounds steep, sure, but we are also the recipient of fairly low real estate taxes in Philadelphia. My friends across the river pay about $5,000 to 7,000 more in real estate taxes than…
So wow. I hope you stayed up last night – like I did – to catch those baseball games. And by those baseball games, I mean a set of four baseball games that made up what was possibly the greatest night in baseball regular league play. If you didn’t catch it, I highly recommend you…
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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.