https://www.lasvegasadvisor.com/frugal-vegas/need-tax-info/ A Las Vegas Advisor Blog from the "Queen of Comps" Sat, 13 Jun 2020 01:09:10 +0000 hourly 1 https://wordpress.org/?v=4.7.4 https://www.lasvegasadvisor.com/frugal-vegas/need-tax-info/comment-page-1/#comment-6501 Thu, 18 Mar 2010 14:00:50 +0000 https://www.lasvegasadvisor.com/frugal-vegas/?p=242#comment-6501 IRS handling of gambling “win” is patently unfair. To have the “win” included in the AGI, and the deduction for losses be on Schedule A hurts AGI based calculations as well as really hurting those that do not file Schedule A. Jen and I have kept meticulous records since 1998 and we have been unfairly taxed on a non existant win on more than one occasion. I get angry EVERY year when claiming my “wins”. I am not opposed to paying my fair share of taxes, but I want it to be just that – fair. Of course we could discuss that all the money you wagered with has already been taxed and the IRS wins on every wager made whether the player wins or not. When I “win” I owe tax. When I “lose” the casino owes tax. What a great set up for the taxing agency.

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