https://www.abouttanzanitejewelry.com/news/tax-deductions-on-gambling-losses-under-threat-in-california/ Latest Casino and Gaming News Mon, 25 Jan 2021 09:39:53 +0000 hourly 1 https://wordpress.org/?v=6.4.5 https://www.abouttanzanitejewelry.com/news/tax-deductions-on-gambling-losses-under-threat-in-california/#comment-58248 Mon, 25 Jan 2021 09:39:53 +0000 https://www.abouttanzanitejewelry.com/news/?p=106749#comment-58248 I just saw this and his perception is absolutely incorrect. I am nothing close to a millionaire. I do lose a lot of money gambling or spend a lot of money gambling and occasionally I win some. Over the period of a year I have never won more than I have lost by a long shot. I understand that I can’t deduct the $20,000 or so that I lose every year but if I end up winning $2,000 or $4,000, I shouldn’t have to pay taxes on that amount since it’s less than I lost.

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