Metlupass2
Well-known member
There was nothing but 2020 in the drop down so maybe this was my first time.
You can write every penny off, as posted, and show a loss, which will reduce the rest of your taxable income for a win. It's not a big deal. What is a bigger deal is to not report income. IRS doesn't like that very much and it is considered tax evasion. They probably won't prosecute you, but legally they could. Accounting 101, never lie on the income side. Better to claim it and exaggerate your deductions. Worse they can do is make you pay some of it back. If you lie by not reporting, you can have a much bigger problem.
I wonder if PP gift could be considered tax evasion if used for purchases? That’s scary.