Losing tickets and the new tax law (1096 Views)
Posted by:
skitimber (IP Logged)
Date: January 16, 2018 07:27AM
The new standard deduction for a single taxpayer is $12,000. What this means is that without any other deductions, you'd have to have $19,400 in losers to wipe away a win of $7400. Only $11,000 in losers, for example, and it's as though you won the $7400 and didn't lost a dime all year. If you're married with no other deductions, far worse: the first $24,000 in losers will do you no good! Grounds for divorce!