Jenna has been a professional poker player since she graduated from college ten years ago with a degree in statistics and math. Due to her education background she has been very successful and loves her work. Jenna keeps meticulous records of her earnings and some losses but she believes the income is tax free and has not reported any earnings over the last ten years. Is Jenna correct in her belief that the income is tax free

Question

Hayden Phillips

Business

7 September, 14:48

Jenna has been a professional poker player since she graduated from college ten years ago with a degree in statistics and math. Due to her education background she has been very successful and loves her work. Jenna keeps meticulous records of her earnings and some losses but she believes the income is tax free and has not reported any earnings over the last ten years. Is Jenna correct in her belief that the income is tax free

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Answers (1)

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Salvatore Compton · Answer 1

Jenna's income is taxable. Therefore her belief is wrong.

Explanation:

Gambling losses are in fact tax deductible, yet just to the degree of your winnings. This expects you to report all the cash you win as assessable salary on your arrival.

Be that as it may, the derivation for your misfortunes is just accessible on the off chance that you separate your conclusions. This means you have to report all the income that you win to be taxed and this income is taxable.