Hi all,
I live in NYC and my income is about 200k a year. I'm single and no dependents.
I was issued w2g for a 30k gambling win, but I also have 29.5k gambling losses I was able to deduct. Does this mean I can't take the standard deduction and I essentially just paid an extra 12k*(my marginal tax rate) in tax?
I don't think I normally itemize deductions but if that sounds stupid and I'm wrong please let me know. I'm a little confused here.
Thanks!
Submitted November 30, 2020 at 11:22PM by Lost_Professor7856 https://ift.tt/2HXWPJi
