The most brilliant tax idea in years – I wish I’d thought of this.

Photo above - James Bond, Domino Derval, and Emilio Largo enjoy a friendly game of Texas Hold'Em in Thunderball (1965). Losses would be deductible under the current tax code.

Did you know the federal law creates in $1.1 billion in gambling deductions each year? (Stop it - don't tell me a billion is peanuts.) $1.1 billion is how much tax the REST of us have to pay extra when some guy spends a weekend at Vegas, or Atlantic City or Mohegan Sun. Gamblers who a whiz at record keeping get to deduct their losses. Sometimes even against ordinary income if they have no gambling winnings. All you need to do is list them on your IRS schedule A and keep believable records. (See link below).

Itemized gambling tax deductions favor the rich guys of course. The rest of us just take the standard deduction and don’t itemize a penny of anything. But millionaires can treat gambling losses like mortgage interest on their mansions, charitable contributions, cash gifts to their kids, state and local tax assessments, property taxes. You can even buy a yacht, claim it’s a vacation home, and deduct the interest expense on THAT. (Full disclosure: I have what Jeff Bezos claims on his tax return. But he did move to Miami to save on state income taxes, so questions about his ginormous yacht seem fair).

The reason it’s legal to deduct poker and roulette losses is because casino operators and millionaires lobbied congress to have the laws written this way. The reason WE cannot deduct our car payments and gas expense to get to work is because we didn't lobby congress.

The link below makes a strong case that gambling should not be considered a legitimate investment activity. It’s just for fun - entertainment. Like attending an NFL game in person. Booking first-class airfare to see London shows over the Christmas holidays. Or paying $1,000 a person for a round of golf at Shadow Creek. (If you claim that playing 18 holes there was some sort of business meeting, you still might be able to deduct it . . . including the liquor and cigars afterwards. Why do you think so many people go to places like Mar a Largo?)

Casinos, mobile phone gambling, Powerball tickets, “prediction markets” like Kalshi, Friday night bingo at the firehouse – these should all be treated the same. No matter how much you believe you can support yourself on the next spin of the roulette wheel or by hitting all the Powerball numbers. When you buy that lottery ticket, or walk through the front door of Harrahs, it’s just for fun, not an income producing activity.

I can’t even deduct my car payment and gas to get to work – and those ARE legitimate income producing activities. The hell with deductions for gambling losses.

I’m just sayin’ . . .

https://www.msn.com/en-us/news/politics/opinion-gambling-is-entertainment-taxpayers-shouldn-t-foot-the-bill-for-losses/ar-AA1ZBnZO?ocid=msedgntp&pc=HCTS&cvid=69c8ecb8ac154b66ba8546e9bea5f9ea&ei=64

Opinion: Gambling is entertainment — taxpayers shouldn’t foot the bill for losses

SunshineGirl · 36-40, F

For most people the amount deductible is capped at the amount of their winnings (on which tax has been paid). Those who claim to be "professional gamblers" can claim losses as business expenses, but again this requires time consuming accounting. Of course, an "expert" gambler never ever loses . . .

Gambling winnings are treated like regular income for tax purposes, hence there has to be a facility to offset loss of income against receipts. It is this rather than 'lobbying" that accounts for the rules.

But yes, the apparent incentive is annoying.