Sorry, I just meant the original comment sounded like there was something especially onerous about income taxes on gambling winnings compared to tax on other types of income.
I dunno, it’s hard to describe. Imagine $10,000 on $47 and realizing that half that money never existed. I don’t mind paying the taxes on it, but claiming gambling winnings basically defeats any sensible financial tax strategy.
I think I’m the only person I know who claims them. I’m about to give it up because I never needed the money, it’s just fun to beat the house. The taxes really do suck.
As a US taxpayer, if you win $10,000 on one day and then lose $10,000 the next day gambling, then you have to report $10,000 net gambling income for the year and pay taxes on that - even though you actually made zero.
Yes, that was my point.