I Lost $500 Gambling in Vegas. Can I Get A Federal Bailout?

[Yavin4]

I'm too big to fail.

[KeepItReal]

1. Best. Analogy. Ever.

Kudos.

[liberalmuse]

2. LOL!

Sadly, no, only if you lose 5 billion. Sorry!

[givemebackmycountry]

3. I agree - I had the Chiefs at home against the dreadful Raiders...

3 1/2 points.
The Chiefs score 8.
EIGHT!

I want my money back.

[Ishoutandscream2]

14. And, sir, you deserve your money back

That was ridiculous.

[TechBear_Seattle]

4. Nope. Wanna know why?

You haven't "invested" any of that money in party leaders, that's why.

[Olney Blue]

5. Lost your Fannie? Ok, you qualify.

[SammyWinstonJack]

13. DUzy!

:spray:

[quiet.american]

6. Sorry. What happens in Vegas stays in Vegas! nt

[Duke Newcombe]

7. No, but you can write it off on taxes...go figure.

No where NEAR the multibillion dollar bailouts being doled out, but hey...take whatever we choose to give you, peon. :sarcasm:

Duke

[soothsayer]

10. You can only use your losses to offset any wins; you can't just write 'em off.

[krispos42]

8. Call me in six orders of magnitude

Until then, talk to the hand 'cuz the Fed don't want to hear it!

[SmileyRose]

9. Actually, yes you can.

Itemize and you can deduct gambling losses on your taxes. It's as if you never earned it. Though you also have to claim any winnings and pay taxes on those.

[soothsayer]

11. You can only use your losses to offset any wins; you can't just write 'em off.

[slackmaster]

12. Actually you can

If you have records to document $500 in gambling losses this year, you can write those off against your winnings and owe no income tax on it.