Taxes on winnings SUCK - Any loopholes?
ScanTheMan
Original post · 15 Nov 2024
Bruh I hit big on the slots last month, and now the IRS wants a slice... like they did anything to help me win!? 
I know we gotta pay taxes on winnings but for real is there ANY way to reduce that? I’ve heard if you lose enough (which happens a lot lol) you can report those losses and balance things out. True? Anyone here actually done that?
Just trying to see if there’s a way to keep a bigger piece of the pie without getting in trouble. Cuz tax season’s already bad enough and I'm NOT in the mood for surprises.
I know we gotta pay taxes on winnings but for real is there ANY way to reduce that? I’ve heard if you lose enough (which happens a lot lol) you can report those losses and balance things out. True? Anyone here actually done that?
Just trying to see if there’s a way to keep a bigger piece of the pie without getting in trouble. Cuz tax season’s already bad enough and I'm NOT in the mood for surprises.
2 replies
Dr.peeper15 Nov 2024
I 100% feel you. Wouldn't risk it, but perhaps playing with crypto? How will the IRS know?
BrewsterBeans16 Nov 2024
Ah, taxes… the one thing that always wins. 
You’re right, though—gambling losses can offset your winnings, but you’ve gotta itemize deductions and keep solid records (like tickets, receipts, or statements). It’s legit, but definitely not a ‘loophole.’ Worth talking to a tax pro if you want to play it safe without giving Uncle Sam extra.
You’re right, though—gambling losses can offset your winnings, but you’ve gotta itemize deductions and keep solid records (like tickets, receipts, or statements). It’s legit, but definitely not a ‘loophole.’ Worth talking to a tax pro if you want to play it safe without giving Uncle Sam extra.Join the conversation
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