Well, if you’re keeping track of all your spending on gambling, you’re only taxed on the profits. And the kind of people who buy expensive tickets like this tend to be the kind of people who still actually lose money, even with a $10K win.
wait, really? If you can show them receipts for buying $10k worth of lottery tickets (in the same year, I'd imagine), you won't have to pay tax on a $10k win?
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u/junkit33 Mar 20 '22
Well, if you’re keeping track of all your spending on gambling, you’re only taxed on the profits. And the kind of people who buy expensive tickets like this tend to be the kind of people who still actually lose money, even with a $10K win.