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IRS = very crooked. Take gambling and lotteries. We know house = wins. Yet the IRS grabs huge % of lottery winnings, yet does not allow gamblers to deduct their ticket costs = a huge unearned windfall for the IRS. Here in Canada the CRA (functions like IRS) is fair, lotteries are not taxed and thus no deductions for tickets. Seems to be a relic of religious oppression - IHMO


Other than lottery winners, who cares? Is there some reason lottery winnings (or other forms of gambling) should be treated gingerly?


Not gingerly, just reflect the correct profit/loss = since the house wins, it is a defacto double tax


So maybe don’t gamble?


Lottery ticket costs are deductible, but only up to the amount of your lottery winnings. E.g., if you bought 1000 $1 tickets and won $12000, you could deduct $1000.


but most are losers = unsymmetrical = it should be fully deductible as it is made with the object of making money




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