August 2, 2021

Gambling Winnings Losses

What happens when you go to a casino with $2000 and you end up losing it. Do you claim $2000 loss on your tax return where the IRS gives you 50% in credit?

Just like if you win a $2000 jackpot, the IRS wants their 50% cut.

So, what happens, which way actually works? Does it work both ways, or does it work only one way? And Why?