![]() For example, suppose you are married and have $10,000 of itemized deduction so you would normally use the standard deduction of $25,000. But if you don’t already itemize, you will not get the full benefit of the deduction and some of your winnings will end up being taxable even though you theoretically broke even. ![]() Then, you can take a tax deduction on schedule a for your losses. That will add to your adjusted gross income and may change your eligibility for making deductible IRA contributions or receiving other tax deductions and credits. That will be reported on your tax return as $100,000 of income. ![]() Suppose you win $100,000 but you lose $100,000 so you break even. People have to be very careful about the churn rate with sports betting.
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