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Distressed, to put it lightly. Lost $12,000 gambling in a week. Distressed, to put it lightly. Money values are in usd. 28 year old male. Gross income per year of 80k to 90k. The past 7 days have been the worst of my financial life. Gambling income is almost always taxable, which is reported on your tax return as other income on schedule 1 – efileit. This includes cash and the fair market value of any items you win. By law, gambling winners must report all of their winnings on their federal income tax returns. • use website blockers or apps to restrict access to online gambling sites. • engage in self-exclusion from casinos. • set boundaries with friends who gamble or distance from those who don't support your recovery • practice mindfulness and meditation. • join support groups like gamblers anonymous. 419, gambling income and losses. The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. Gambling winnings are typically subject to a flat 24% tax. However, for the activities listed below, winnings over $5,000 will be subject to income tax withholding: any lottery, sweepstakes, or betting pool. Any other bet if the proceeds are equal to or greater than 300 times the wager amount. In the couple of weeks before football index called in administrators to run the business, ben, aged 22, lost more than £4,000 in seven days, £1,400 of which disappeared in 24 hours
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If i lost that day it won't hurt because i had already budgeted that $100 to be gambled away. Eventually, when i have larger sums of money to risk, i'll start my day betting $1000 instead of $100. Everytime i gamble in my mind that money is spent. So everytime i profit from gambling i stack the winnings and can control my losses. He’d been skipping classes; he’d lost $4,000 gambling; he was sick of guys in the dorm teasing him, calling him a fag. He was tormented by repeated vandalism to his beloved pickup truck. 6 comments markymark562 • 26 days ago going thru it right now too man. After going 8 months without gambling, i thought i had it under control. I had saved up about $6k and lost it all and then some in the last couple weeks. Like you said, no win is good enough. Lost 4000€ gambling on slots. Hello, i am 18 years old, i am from romania, and i just did something very stupid. I had 4000€ on my card 5 hours ago and now i have 0. The issue for gambling sites is that your winnings are per bet (or maybe per day) and are not aggregated. Suppose you make 50 $10 bets on this week's nfl schedule. 5 bets pay off 10:1 and you lose the rest. That will be reported as winning $500 and losing $400. If you do that every week, your tax paperwork will show you won $8000 and lost $6400. Mattress mack lost $4. 7 million in six days betting on football. 10, houston furniture store owner jim mcingvale, aka “mattress mack,” lost $2