vent to the casino one time to gambel had 72000 when i arived and left vith 122000
IRS
gambling winnings 360000
subtotal (30%) 108000
i think you forgoth the loss.
You don’t deduct the losses from gambling winnings. You are taxed on total winnings. Even if you later spent and lost it. Plus remember, it’s the gambling winnings of all years.
The problem is that I’ve only been to the casino that one time and I came with 72000 and went with 122000. It gives me a total gain 50000 but I have to pay taxes of 360000 which in practice means that it has cost me 108000 to win 50000 sub total. what was +50000 became after tax et -58000
I see. That makes sense. We’ll look into this and make sure the solution makes sense!
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