Wednesday, August 10, 2011

Say i made 40,000 last year?

I made 40,000 last year. I file my taxes and lets say the return says i get 1,000.00 back... then I calculate again including 10,000.00 in gambling winnings and 10k in losses now the return says I owe money. How is this if gambling losses are deducted from winnings shouldn't this cancel out

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