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Non-Cattle Specific Topics
Every Thing Else Board
Mega Millions upto $810 million
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<blockquote data-quote="Son of Butch" data-source="post: 1758081" data-attributes="member: 14585"><p>True, gambling losses up to the amount declared in winnings are deductible.</p><p>All gambling losses need a receipt of purchase and loss. I've known winners of casino jackpots $1,000+ to hang around racetrack to pick up losing tickets to use. Because casinos require winner fill out W-2G tax form to receive their payout.</p><p></p><p>p.s.</p><p>I knew of one idiot who started with $200 run it up to 12k and quit when he was up 10k Then found out he would be taxed on the 10k he cashed out and turned around and went back in to win enough to cover taxes. </p><p>Stupid story short, he lost all 10k and walked out broke with a tax bill to boot.</p></blockquote><p></p>
[QUOTE="Son of Butch, post: 1758081, member: 14585"] True, gambling losses up to the amount declared in winnings are deductible. All gambling losses need a receipt of purchase and loss. I've known winners of casino jackpots $1,000+ to hang around racetrack to pick up losing tickets to use. Because casinos require winner fill out W-2G tax form to receive their payout. p.s. I knew of one idiot who started with $200 run it up to 12k and quit when he was up 10k Then found out he would be taxed on the 10k he cashed out and turned around and went back in to win enough to cover taxes. Stupid story short, he lost all 10k and walked out broke with a tax bill to boot. [/QUOTE]
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Mega Millions upto $810 million
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