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View Diary: It's Not 'Tax Cuts' or 'Tax Relief', It's Welfare For The Wealthy—Call It That (21 comments)

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  •  Wouldn't make sense (0+ / 0-)

    Then it wouldn't make any sense to have a gambling loss deduction at all, since they can't report losses greater than wins anyway.

    All wins over certain thresholds are reported by casinos to IRS so gambler has to enter as income, regardless of whether they came out in the red for the year.

    That's why casual gamblers want to continue to be able to list their aggregated daily losses on itemized deductions.

    Our cause: a More Perfect Union.

    by Roby NJ on Sat Jul 14, 2012 at 09:17:09 AM PDT

    [ Parent ]

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