I won $400,000 at the casino and lost $500,000 and now they wanna tax me on the $100,000 loss.?

Question

Now they wanna tax me on the $100,000 loss. Can they tax me for the losses?

Answer 1

How did you win $400,000????

Answer 2

talk to an accountant who specializes in gambling. you should be able to claim your losses against your winnings.

Answer 3

losses should be tax deductable

Answer 4

They are not taxing you for your loss.  You have to pay taxes on the $400,000 you won, regardless if you still have it or not.  It may depend on the state, but I know in my state any winnings over $600 are taxed.

Answer 5

If you can prove that you lost more or equal to your winnings, then you can avoid paying the tax.  The only way to prove that is if you played with a players card, or similar device, and then you need to go to that casino and request a Win/Loss statement.