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StacyCat · 05-09-2004, 09:50 PM

You have to report any winnings over 1200. You can deduct losses up to the amount of your winnings (so, if you won 10k and lost 10k, you dont have any winnings). But, you cant deduct straight losses, so if you only lose 10k, you are fucked.

05-09-2004, 09:50 PM
StacyCat Confirmed User Join Date: May 2002 Location: Texas Posts: 1,167	You have to report any winnings over 1200. You can deduct losses up to the amount of your winnings (so, if you won 10k and lost 10k, you dont have any winnings). But, you cant deduct straight losses, so if you only lose 10k, you are fucked.