Quote
Originally posted by: snidely333 You don't pay any taxes if you have losses to offset the wins.
Originally posted by: snidely333 You don't pay any taxes if you have losses to offset the wins.
That's true for federal taxes, but am guessing that most states tax you heavily on W-2Gs. In Illinois the first amount you enter is adjusted gross income from your federal return, which is before itemized deductions. The state return does have some sort of standard deduction later on, but probably not nearly enough.
