🇺🇸Kid Blast💥

This graphic has been sent to me several times. There is a major assumption here. 1. That professional gamblers actually claim all their winnings (they don’t). Bottom line is: I don’t agree with the law (as with most of them), but in a practical sense, this means almost nothing for the average Joe. And if it does, you shouldn’t be gambling. Here’s why ⬇️ From a tax perspective: Losses are an itemized deduction, so let’s assume you have no property tax, no mortgage, and don’t donate to charity. You’d need more than $15k as a single filer or $30k as joint to even take said losses otherwise it’s standard deduction.