It is usually a wash. You have to report the winnings as income. Ten you deduct your losses which are usually more than your winnings, but you can only deduct the losses up to the amount of your winnings.
Why do people think it is the government's responsibility to fix every childish thing that we the people do? I hear everyone crying about the price of gas, but few are slowing down and staying home. Where did the attitude come from that I can do whatever I want, no matter how stupid, and the government should have to bail me out of the mess I created?
Unfortunately, far too many people here don't want to hear this truth. When there are candidates running for president that not only are promising to "help" with the mortgage "crisis", but are also promising to help people with their credit card debt. What can we expect from a country whose leaders are just as financially irresponsible as most of their constituents.
dazzling_dave Forum Posts (1,993)
Gil. Long time no see.
RE: Economic Stimulus Checks
It is usually a wash. You have to report the winnings as income. Ten you deduct your losses which are usually more than your winnings, but you can only deduct the losses up to the amount of your winnings.