Originally Posted by NoLimitNinjaBri
Uhh, no. If we're able to deduct gambling losses, we want the larger figure.
Uh, no...even if you are able to deduct losses obviously you'd also have to add to wins in this situation (if not every person in the world would play a little low stakes lhe, or better yet something like baccarat, in their spare time and never pay a cent of taxes on anything). It's far better to be able to say you just didn't make any money as there are some spots where you have to add the wins but not deduct the losses (so there are some cases where the $5 answer is better, some where the $1000 answer is the same, and some where the $1000 answer is significantly worse if you aren't able to deduct the loss but have to count the win).