well a gambling loss in usa is tax deductible against winnings so no big deal
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03-19-2013, 11:27 AM #1
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- Jan 2013
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03-26-2013, 05:48 PM #2
Correct, your win/loss statement is your best friend during tax season if your winnings were as high as your losses because you can claim as much loss as you were taxed on winnings, so if they win more than they lose, they are definitely winning at tax time, especially at those levels. I could only imagine what my win/loss statement compared to Phil's, I am sure he didn't need to pawn anything after the game.