| Posted by: OzExorcist at September 3, 2007, 12:48 am | | Topic: New Tax Law Forum: Card Chat |
Quote: Originally Posted by dakota-xx
They are only deductible as far as offsetting wins. For example if you have won $1000 you can deduct up to $1000 in losses. However if you have won nothing you can deduct nothing.
Correct me if I'm wrong (I'm Australian, after all, and this ain't my tax system we're talking about), but wouldn't you only be deducting from the amount of tax you paid on your winnings, not your total winnings? ie: to deduct a full $1000 of losses, you'd need to have won $4000 and had $1000 of that witheld as tax.
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