You can but only up to your winnings.https://www.irs.gov/newsroom/five-important-tips-on-gambling-income-and-losses-2012 …
'Death +Taxes' discussion at #DDT2018: if gambling winnings (e.g. lottery wins) are taxable, shouldn't gambling losses be tax-deductible? #symmetrypic.twitter.com/1Zs5sRftDV
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Plus related expenses if you're a professional gambler.
End of conversation
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It works that way if you're a bank. You lose a bet, the taxpayer steps in.
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In Australia gambling winnings do not count as taxable income. However I understand the tax office is concerned about applying this principle to crypto currency trades. They would like the revenue and would rather avoid granting deductions on losses.
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I don't think gambling or lottery winnings are taxable in the UK. Maybe this is a US thing, you guys do still have some pretty puritanical attitudes towards gambling.
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Lottery winnings are not taxable in Australia
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Normally I agree with you, but off point here. Why subsidize via tax breaks a behavior that statistically is an aggregate loser? Fairer question is why do we tax gambling earnings, since it is not earned income, but pure luck if true gambling (eg blackjack, craps, roulette).
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Definitely a fair question.
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A lot of people claim to be smart but
@primalpoly is actually smart.Thanks. Twitter will use this to make your timeline better. UndoUndo
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