Gambling Winnings & Taxes in US 2021 » Do I have to pay Taxes?

If you have say $100,000 in gambling winnings and $100,000 in gambling losses how will this impact your total earned income? Do the losses bring down total earned income or no?

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In this episode, we raise the stakes on our prohibition series by discussing a vice lesser-known to be prohibited: gambling. Gambling has a rich history in many regions of the world, but one thing is consistent: some form of betting is illegal in almost every country on the planet. But why? Why are some games permissible, but others not? Let’s take a look!
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Gambling has been demonized by churches, governments and political movements in some form since the first lot that was cast. But the truth is, there’s nothing aggressive or dangerous about making wagers and taking risks. The fact that gaming is still illegal in some places shows that we have a long way to go to achieve human freedom. If you would like to fight back, abstain from participation in state-run lotteries, find ways to gamble online, and support the cryptocurrency ecosystem. These are just a few examples of Peaceful Treason.
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Sure some gambling games have some degree of skill but there's plenty of luck as well. And some games are just pure luck. It's as if you randomly found $100 on the ground and the government came along and wanted to take some as "income".
Plus it distorts the tax code as you can also file for deductions in the case of gambling losses. I just feel if you win $500 or $1000 or whatever amount you should be able to keep of all it. And if you lose $500 or $1000 then you lose all of it. Plus just imagine how much it would increase tourism to cities like Las Vegas.

How can the government enforce a tax on money that they have no way of knowing about? If I win a large sum of money off of Saturday night poker night, then that's obviously part of my gross income, but the government has no way of knowing about that money or enforcing a tax on it. How does this still happen? What about tips in the restaurant business? Most are cash handed from one person to the other, with no documentation at all. And yet servers are required to not only keep track of their tips, but to report them to be taxed on them. Could someone enlighten me?

Well, I’ve seen a ton of posts on here recently about taxes. Everyone arguing about who is right, who is wrong. The constant “that’s dumb. Nobody would gamble if they did taxes like that”.
Well, I filed my taxes last night. Everyone saying that you report total winnings as income and report losses as a deduction is correct. You do NOT claim net winnings. I don’t care if “FanDuel’s app says net winnings”.
I used Credit Karma to file. In the income section it specifically states “Gambling Winnings (excluding losses)” in the deductions section, it asks for “Gambling Losses”. This is where you report your losses.
So, if you won $5k, you report all $5k as income. If you lost $4500, you report that in deductions. You will then pay taxes on the $500 net profit if you can itemize.
YOU DO NOT PUT $500 IN THE INCOME SECTION.
As we all wondered, unless you have enough deductions to actually itemize, you’re stuck paying taxes on all of the winnings and your losses get lumped into the standard deduction.
Not here to argue or get into “dude, you’re wrong and stupid” back and forth. I’m not wrong, I’m correct. If you do not believe me, file however you would like to and hope the IRS does not come knocking.
Happy tax season y’all.

On the recent thread, JustASalesGuy22 said that he could put in his total gambling winnings in the "Gambling Winnings" section of CreditKarma and then go to the Deductions page and put in the losses. When I go to the Gambling winnings page, the only thing it asks for is information for a W2-G. I've tried flipping from the standard deduction to itemized and it does not change. CreditKarma support also had no relevant advice.
Has anyone else been able to enter winnings without the W2-G requirement?
(I tried reaching out and replying in the original thread, but never received a response for help, which is why i'm opening it to the group. Also, I am just exploring the numbers right now, not finalizing a file so save the see a professional as I will still be considering that.)

Yes, this is another tax thread. These are the direct answers I received from my CPA who has 25+ years of experience filing for gamblers, both professional and not. Don't shoot the messenger.
Do I report winnings gross or net? Surely net, right? Right!??
Winnings are reported on a gross amount. If you open an app and it shows a ledger of $30,000 winnings, $28,000 bets wagered, Win/Loss $2000, the IRS needs the $30,000 number. The $28,000 gets reported on a Schedule A under gambling losses, and only factors into your net tax liability if you itemize.
But isn't sports betting on an app just one long session? I don't pay taxes on every hand of blackjack I win.
No. Unfortunately this matter relies on case law, for which the precedent for online gambling is an "every bet is a session" accounting.
So if I don't itemize and I have huge gross winnings, that means I could owe thousands in taxes?
Yes. If you have thousands in gross winnings and didn't plan to itemize, you will essentially owe taxes on the difference between your standard deduction and your pre-gambling itemized tax amount when switching to an itemized gambling loss deduction.
If I report net winnings instead of doing it by the book, what are the odds I get audited?
Almost zero. Obviously my CPA didn't advise me to do this, but of the thousands of filings she had done in her career, she has only had 3 audits, and all of them were due to inconsistencies on a Schedule C filed only by professional gamblers. She also said that due to COVID delays, the odds of getting audited are even smaller.
Are there any other hidden downsides to having an inflated Adjusted Gross Income when I have gross winnings of tens of thousands of dollars?
Yes. Student loan interest deductions and child tax credits go away at certain AGI.
On the state tax side, she said certain states don't allow ANY deduction for gambling losses on state taxes. I.e. if you live in IL, you probably just shouldn't ever gamble. Every bet you win comes with a 4.95% tax on gross winnings. If your state doesn't allow gambling loss offsets, there is no limit to what you could owe regardless of your year-end profitability.

Hi guys,
I have a quick question about taxes for sports gambling winnings/losses this year.
Assume I live in Illinois (which is true) and my income from last year and this year is the same with all other factors remaining constant as well - # of dependents, no short stock gains, etc.
Assume last year with my same salary and situation that I received $3k back in taxes.
If for the year of 2020 I had $100k in winnings and $105k in losses and I itemize those losses, should I still be receiving $3k back in taxes for the year?
Any input is appreciated! Thank you

I currently live in Spain. The current situation for online poker here has the upside that it's perfectly legal, but it has the downside of only allowing you to play vs people in Spain, France or Portugal. I'm interested in moving to another country and would appreciate your experience with poker in different countries across Europe. Specifically I'd like to know if you have access to the global player pool (the .com license) from your country, if it's also a smaller pool like in Spain, or if it's not legal at all.
Thanks!

I am unsure if i was able to make a contribution to my roth IRA. Here is the relevant info.
Single, california Gambling winnings: $5k Baby sitting: $7k Deposited $6k into roth 2020
I have been living off of savings and thought it was a good idea to deposit into my roth account since my income was so low last year. I have not paid self employment tax on the baby sitting income, but will that have an effect e.g. i can only contribute what is left over after paying self employment tax? What about the standard deduction, would that wipe out my ability to contribute since my income is was so low last year?

I am new to winning at poker and need help with my tax situation for this year. I won a little over six figures this year in rakeback/winnings on pokerbros, but I don’t know how I’m supposed to report it. Most of the money I have kept on PayPal/cash app/apple pay, but I’ve made about 40k worth of deposits to my actual bank accounts. I didn’t keep daily gambling journals like I’ve now read I was supposed to, and some of the clubs I won in don’t exist anymore so there’s no way for me to go back and find all of the records from each game I’ve played in. All I have are the deposit/payout transactions I’ve made in PayPal/cash app/Apple Pay to track my total winnings. Can I use these to report my winnings? What am I supposed to do? Will I get caught if I do nothing?

Hello I have a question about those who have reported profit with taxes from sportsbetting/daily fantasy. I currently use fanduel/draftkings/pointsbet sportsbook and are profitable on 1 app and down on the others. Up 5k on pointsbet/down 2k on draftkings/down 300 on fanduel. When you report do you report what your up/down in total or only on the app that you are $600+ profit on. So will I have to pay taxes on 5k(Pointsbet profit) or 2.7k(Pointsbet-draftkings-fanduel profit). I usually use bitcoin sportsbook but these usa apps make it so much easier now.

I'll add other people's pledges here.
global-employment91 - give out 20 subs (foot long) to the homeless
whatsaquesarito - home gym & 500$ for habitat for humanity
SwipingSwiper - lunch for friend & 25$ to wildlife charity
alredopie - pay parents back 👍👍
evilvyse - giving $$ for his parents kitchen remake
NotLiam19 - he's not fucking selling
Geronimo-Rocket - Contributing to kids college fund 🎓🎓
Bananaman1229 - fund entire 22 month MBA programme
WadeWade05 - buy lego millennium falcon & donate 100$ to defenders of wildlife
Intelligent-Farm6180 Pay off mom's mortgage
Tastyycakes - $1000 donation to Charity Water. Followed by a cigar & some Sam Adams. Then service the wife
MeCarllChan56 - come clean to parents about his Robin Hood 'savings'
Sgt_Frag - jerk off for two days straight
nam_jones2004 - 911 Turbo with custom white leather
Shorter_Mcgavin - let happy gilmore beat him & give his granny her house back
Alles_long - $1000 to Charity
One_crazy4535 - have a cry (happy) wank
Onewithape buy a PSHT foam meme core sign to accompany his GME sign in the office
Sarftmfb - buy property in South Beach
margintraderxyz - tuna footlong from subway
Tellmetheods - pay off dads mortgage and seed funding for his ideas
sben10 - home gym and down-payment on a house
geomanis - $10000 sponsorship to support low income students to study IT at university
ironbassel - enough to pay off home in full
floev2021 - build a home for a veteran with a family currently renting
PoorMelminMarketing - donate 1k to his sister and brother in law adoption fund and 1k to adoption charity of their choice
wrinkledpenny - Post pic of wife's tits. Then give some money to his parents and in laws because they are awesome
noiz626 - take gains and put into Bill's new spac
OverlyAverageJoe - go to Vegas, get a mound of blow & 2 hookers. Play craps for the some time and get crabs again
BiscuitReadit - retire at 65
p640 - 1. donate subs and $ to the poor. 2. Not be obsessed with looking at his stocks. 3. Buy more stocks and break number 2
Original-Shop-9341 - buy his daughter an insulin pump
RenaissanceZman - buy mom lots of lululemon & dad arctercyx jacket
loopdieloop - donate to local food pantry. Buy bro some land and small house . Pay off morgage
ssschaib - get back gme losses
AbuZac - buy $8.5k electric Mountain bike
alex21turner - 10k to charity, buy first property and porcsche if anything left
HempPaper - take family to Disney world
InverseInception - donate to local children's hospital & down-payment on a house
Meowsii - buying engagement ring 💍
chasinggreatness - also buying engagement ring 💍
Ism29 - will shit himself
idubbykny - yolo into next opportunity
Freshatz - will stop bringing his phone to prayers
NomadicDolphin - name his future dog afrer the merger. And give food to homeless in a zebra costume
yeetlord123661 - 100$ to his local zoo, with a focus on the zebras
Buckeye_browns - pimped out Minivan with ramp for his 4 year old with cerebral palsy 🙏🙏
ChiefDewy - drinks with the boys who are also in PSTH
_Blaker - buy a car and pay his taxes
Unclelexxx - buy a small but profitable business (subway)
HedgeFundCrook - drop 20k on stocks
NPIRACKS donate 10% to charity
gamerrebuilt - print and frame 2 pics of Bill. One at work and one at front door
flyfireyguy - yolo 2k on baccarat and if wins donate to charity
thatdudenute. - 1k donation to girl in car crash with Andy Reid son. 1k donation to local school. 1k donation to friend in need. Save for c8 corvette
CracknGambling - much needed dental work in mexico
jcarino7 - gofund me for homeless to buy food - he will start with 1k donation
Draffut40 - Build granny flat for family & rent it cheap
Warmunderstanding447 - rehire nanny
Foulbovine - finally tell his boss to stuff it
diorgasm get an audi q8 and donate 20k to local cat shelter
Honeyincoffee - donate more to charity and pay for school semester
always_plan_in_advan - donate 1k to a charity of this subs choice (with proof) . Company match another 1k
Tubby94 - build high end pc and yolo the rest
Pomelo-blogga - give mom down-payment to buy a condo and give friend 1k in 5$ bills as a joke

According to TurboTax I owe $2600 in taxes this year. I made $22,500 via W-2s for three different serving jobs (1 in VA and 2 in CA) and $19,250 via unemployment (which was not taxed.) How the fuck am I supposed to pay $2600?!
I file individually with 1 allowance. I earned income in Virginia and California. I have no children, do not own a house, have not made substantial donations to charity, have no assets other than my 14 year-old car, do not have any investment accounts/crypto currency/stocks/retirement funds, did not receive any 1099 income (besides the unemployment) or gambling winnings, have no student loan debt, and am not blind/native/a victim of natural disastea student/etc/etc/etc.
In Virginia, servers earn wages of $2.13 an hour. We also claimed 100% of our tips at the restaurant where I worked. I never received a paycheck because my wages all went to taxes... however it still wasn't enough to cover the spending spree Uncle Sam has gone on on my behalf. So there's THAT.
Yes, I was stupid not to tick the little box that tells the state of Virginia to withhold taxes from my unemployment checks. No, I did not think that I was going to receive them for 6 months... Or that I would only be able to go back to work for 2.5 months before getting furloughed when my state shut down again 😑.
I'm also baffled over how anyone could believe that an unemployed person could cover the tax on their unemployment.
ANYWAY. I don't qualify for the EIC or any other obvious tax breaks and now I'm staring down the barrel of an insane tax bill that is 7 times my current net worth. Am I missing something that would make this number not so scary??

My story is a long one and gets crazy and need to vent .. I appreciate whoever takes the time to read ... I'm currently 26 it all started about 5 years ago .. my wife ( fiance at the time ) took me to my first casino trip . I had never been .. were a lower class family have 4 kids and don't make much together but we get by , we went with our income tax check took half of it around 4k ... I found myself in a high roller room betting 50$ dollar spins on Vgt Slots and I hit my first jackpot for 12k ... It was amazing .. after taking my i.d and ss info signed a few paper work 10 minutes later they came and handed me a w-2 and 12 K ALL IN CASH ! Tbh it's the most cash I ever seen in my life and from that moment on I WAS HOOKED ... I took that money and kept playing ended up even winning more Jackpots around 30K in total when all was said and done that weekend ... Never had all this much money in my hands at once .. I had so much luck couldn't believe it .. I did nothing smart with the 30k , I ended up putting down a 15k down payment on a nice used chevy tahoe ( I COULD OF BOUGHT IT AND OWNED IT FOR 22K !) But I WANTED MORE MONEY TO GAMBLE ) I put down that huge down payment and got hit with huge interest and a high monthly payments for 4 years ( lost the truck 2 years latter due to only 2 missed payments ) the rest of the money I had I went back to the casino with chasing more Jackpots and lost it all !! Fast forward 5 years later I've won a total of around 150k in jackpots have never paid taxes on none of them ! Ive never filled taxes before all the jobs I have have been hard labor and under the table .. I worry about how much I owe in taxes but I still gamble to this day... Every year since that year we take half our income tax and go up there and bet on high roller slots 25 to 100$ dollar spins ! and end up loosing it all !.. my wife who is a waitress sometimes makes extra money on a lucky day and instead of saving a dollar it's all spent right at the casino ! I' have not a single thing to show for the 150k I've won ! And less then 10 dollars in my bank account currently , have overrdrafted my account so many times to go play slots .. sold a car of mine one time a older cadillac for 5k$ the only car I've ever actually owned and hadn't financed , sold it just to go gabmle and play slots because it was saints Patrick's day ! Went up there and lost the whole 5 k immediately within less then a hour ! It doesn't help that we live about an hour from Windstar and near by Oklahoma's major casinos .. I think my problem stems from always chasing that higher jackpot the life changing one that will never happen ... My highest to date is only 14k , but I've literally gotten off a machine one time after it drained me for 3k and watched another lady sit down and win 69k !! So I'm constaly chasing that .. it makes me feel sick tho when I think about what life would be like if I saved that money over the years I would maybe have 69k in my bank account ! I know I've giving well over that all too the slots ! And for the last 2 years the machines have been so tight and I can't win no matter how hard I try no matter how hard I play .. I just want this horrible disease out my life .. I have no family alive besides my beautiful children and my wife the problem is here whole family , mom , dad , sisters , brothers , ants , cousins , are all addicted to gambling , casinos , game Rooms , scratch off tickets as well ! .. just feel sick and disgusted with myself , all the money I've lost .. being 26 not having anything to my name , gambling has destroyed me .. I even got hooked on game Rooms in lower class neighborhoods and ended up homeless sleeping under a bridge days a time due strickly to a gambling addiction ! No drugs involved ! That's a whole nother story but I believe I overcame that only because I realized how crappy gas station and game room machine are after throwing hundreds and hundreds in you almost or barely every hit anything and can't never win nothing huge .. I use to throw whatever I had in my wallet hundreds at a time into any slot machine I'd see at a gas station and feel sick to my stomach when I lost it all then go back and chase it again ,! But thankfully it's been a year and I walk past game Rooms and gas station slots often and I don't even think about touching them knowing how tight and worthless they are and how they had me sleeping outside ... But the casino on the other hand is still a sincere problem ... Knowing the chance of winning huge jackpots having the ability to win huge jackpots .... Been with the same woman for 8 years and we have never once been on vacation any chance we get to be away from the kids and our idea of a get away or fun is a trip to casino ! This story is all over the place and I typed so much .. can't imagine anyone reading all this.. but feels good to vent .. I hope all is well..

The cannabis market right now is so similar to the start of the green energy market.. its nowhere near done being bullish. Save for some small dips, there will very likely be a huge bullish trend for 2021. EVEN NASDAQ AGREES. I’ve posted my positions a few times, and I’ll continue to do so. But this is my reasoning for investing in cannabis stocks in general for 2021.

I've been a bull on cannabis since the democrats had a strong pro-cannabis platform. But what made me go balls deep into the market was that the UN changed its classification of cannabis. Countries follow the UN closely for guidance on their own classification of controlled substances. Congress has repeatedly cited the UN’s classification as one of the reasons for not changing it. Several countries immediately changed their stance on cannabis in response to this, including Israel, which In November 2020, announced that it was moving forward with a plan to legalize recreational cannabis nationally. “The country is aiming to implement recreational legalization within nine months, and even if there are delays, that means mid-to-late 2021.” (This is my reason for investing in Canadian cannabis companies, because they are already poised to expand internationally since its legal there nationwide)

THE SENATE IS NOW BLUE! The Georgia runoffs were won by Democrats, and they can now swing the vote left with VP Harris. She promised it as part of her platform, so we know it will be prioritized. CHUCK SHUMER SPONSORED THE MORE ACT. HE WILL BE SENATE MAJORITY LEADER. IT WILL 100% BE PRIORITIZED BETWEEN HIM AND VP HARRIS.

EVERYONE predicted beforehand that the republicans would win Georgia... everyone talked down decriminalization passing the house because of they believed it would NEVER pass the republican majority senate. But the left spent more than any senate race in history to encourage voters to go out and vote. Only once the race started did it become clear that the left had a chance. Then some gains from the surprise that they won. However the gains from 1/5 onwards definitely hasn’t been priced in for all the future legislation, because some of it will be completely new legislation that wasn’t possible to consider before without a blue senate. THIS HASN'T BEEN PRICED INTO THE MARKET YET.

The SAFE BANKING ACT has bipartisan support, and is likely to pass BEFORE decriminalization because it is tied into some stimulus bills.

The government is broke post-COVID. There is a terrible image of the police. They don’t want to waste more resources on cannabis related crimes that would be fixed under decriminalization. And the tax revenue from decriminalization would be significant. Decriminalization (THE MORE ACT) opens up the borders to interstate-commerce and international import/export. This would all trickle down into Uncle Sam’s empty pockets.

New York Governor Cuomo announced on Jan 6 his plan to legalize marijuana for adult use (right after New Jersey vote, as I anticipated in my last post) as part of his State of the State agenda. The next step is a ripple out on the North East. NY didn’t want to miss out on tax revenue, neither will any of the other states in the northeast within driving distance of NJ and NY. This is Cuomo’s third attempt in three years to legalize adult-use cannabis in the state; last year, Cuomo included a legalization proposal in his state budget, but the plan was ultimately cut in the wake of the COVID-19 pandemic.

Other ongoing state legislature:

Rhode Island: Regulators have received 45 applications for six new medical cannabis dispensary licenses in the state. If all applicants meet the requirements for a license, six will randomly be selected in a lottery to operate retail locations in different regions across the state. Read more
Missouri: Rep. Shamed Dogan has filed legislation that would place an adult-use cannabis legalization measure on the state’s 2022 ballot. Meanwhile, Missourians for a New Approach has announced plans for a separate 2022 ballot initiative after an unsuccessful signature campaign to get the issue before voters in 2020. Read more
Alabama: Sen. Tim Melson plans to reintroduce a medical cannabis legalization bill this year. Medical cannabis legislation passed the Alabama Senate during the 2020 session, but failed to clear the House. Read more
Illinois: Illinois lawmakers have proposed the creation of 75 new cannabis retail licenses to give disadvantaged and minority applicants a second chance at licensing following the controversial licensing lottery to issue an initial 75 dispensary licenses. A work group made up of lawmakers and members of Gov. J.B. Pritzker’s administration met this week to finalize details of the bill, which will be introduced in a lame-duck session that starts Jan. 8, before new lawmakers are sworn in Jan. 13. Read more
Minnesota: House Majority Leader Ryan Winkler is again renewing his push to legalize adult-use cannabis in the state, announcing plans to reintroduce a legalization bill this year. Winkler told WCCO that he sees “Senate leadership as being the number one obstacle,” but said that if lawmakers agreed to place an adult-use legalization initiative on Minnesota’s 2022 ballot, “it would pass overwhelmingly.” Read more
Virginia: Del. Steve Heretick has reintroduced a bill to legalize adult-use cannabis. Heretick has proposed legislation related to decriminalization and legalization in the past, and this year’s bill would legalize the cultivation, sale and consumption of cannabis in the state. Read more
Connecticut: Gov. Ned Lamont renewed his push for adult-use legalization during his State of the State address Jan. 6, announcing that it is a priority for the new legislative session. Connecticut’s 2021 legislative session opened Jan. 6, and Lamont, a Democrat, kicks off the session with increased majorities in the House and Senate, which could increase his chances of passing an adult-use legalization bill. Read more

Now that you understand why I’m going green, here’s my reasoning for my positions.
TLRY (Tilray)

largest cannabis company in the world by revenue post merger. Will run out of Seattle and New York City. New York Legalization on top of senate turning blue is a big catalyst for TLRY.
Merger hasn’t completed yet, and the merger happened before the senate went blue.. that was the gamble APHA was making, and they won. The sky is the limit now. When they merge, they will reduce expenses and be much more likely to post profitable quarters. (This is why mergers have so much hype; the sum is > than their parts because they can reduce operating expenses while maintaining revenue from the two companies)
Tilray CEO Brendan Kennedy: “I think medical cannabis will be legal at the federal level, which means medical cannabis can cross state lines and be imported into the U.S., like we export cannabis from Canada and Portugal to about 15 countries now,” Kennedy said. “Anyone who thinks there’s a state-specific medical market is wrong.” As for the recreational market, Kennedy says the state-specific markets, with interstate trade banned, “are not going to last long.” Kennedy believes that cannabis will be distributed like alcohol and tobacco within two years’ time. That would require significant overhaul of US federal drug laws—and would significantly disrupt all US cannabis companies’ existing business models. Brendan Kennedy, the cannabis billionaire will step down as Tilray's chairman and CEO. Irwin D. Simon, Aphria's current chairman and CEO will take Kennedy's place.
[On December 18, 2020, just three days after the U.S. Senate adopted the Cannabidiol and Marihuana Research Expansion Act (CMREA or the Act) (more on this below), the U.S. Drug Enforcement Administration (DEA or the Administration) published in the Federal Register a final rule, “Controls To Enhance the Cultivation of Marihuana for Research in the United States” (Rule), which finally paves the way for DEA to issue additional licenses to grow “marihuana” (i.e., cannabis) for research purposes.](https://www.jdsupra.com/legalnews/on-heels-of-senate-s-adoption-of-36129/)

GNLN (Greenlane Holdings)

One of the largest global sellers of premium cannabis accessories. Pax/JUUL/Volcano products. I’ve had Pax products, and although I prefer Arizer because of the affordability, I can’t deny Pax has quality products and is like the “iPhone” of vaporizers. I like their products, I like their branding. There’s lots of hype and loyalty, especially with their Volcano desktop vaporizer.
Strong US brands.
The main reason they did poorly was bad timing. They IPO’d during the year that JUULs started being banned. They’re actually at all those levels again. Theres a ton of upside potential.
Market cap is ridiculously low for some really renown brands all because of the JUUL flavor pod ban. Everyone knows Pax, Volcano, and JUUL. But no one knows Greenlane because of the bad timing of their IPO and the subsequent JUUL flavor ban. It’s crazy. They’ve already broke all time high for the year. But I’m holding until they break 1B market cap.
Recently became the exclusive distributor for the world's first gravity powered contactless water hookah.
Overall i think too many people count it out just because of their IPO and subsequent decline in JUUL sales from the JUUL flavored pods ban. They definitely have the potential because of their strong branding and quality products. I’m betting on them having more high quality products in the future with equally loyal customers.

SNDL (Sundial Growers)

SNDL must close above $1 per share for 10 consecutive sessions by June 26, 2021 or it will be delisted from NASDAQ. People see this as a fear factor, I see this as “they will do anything necessary to reach $1 for a week so they won’t be delisted”.. IMHO reverse splitter probably isn’t on the table since they could have done that in 2020, but instead applied for a 6 month extension after announcing “alternative strategic investments”. We can already see this by their predatory loan SPAC spinoff.
Rumors of a merger with CGC; SNDL also purchased a SPAC recently and entered an agreement with Zenabis, immediately claiming they defaulted. Turning that SPAC into predatory loan/debt repurchasing company. Imo if they want to complete a merger, it would be easy to sell ownership through that SPAC to the buyer.
THEY RECENTLY WENT DEBT FREE by selling off unprofitable assets in the business. This means we are much more likely to see earnings in future quarters, and they are much more attractive for mergers.
Because they are indoor growers, they are more likely to be bought up by a company in the consolidating Canadian cannabis market than fail all together. The amount of space licensed to grow cannabis in Canada is now heavily skewed toward outdoor cultivation instead of indoor for the first time, according to new data from Health Canada. A growing population of licenses for outdoor growers means that there aren’t as many indoor licenses being given out... If a company ANYWHERE IN THE WORLD wants to quickly expand into indoor growing OR into the west, they would have to purchase an existing company that has the license to quickly do so. This is WAY faster, and a guaranteed way to obtain a license rather than applying for one and waiting x amount of months and be rejected for some requirement that wasn’t met.
From my own experience, outdoor cannabis is subpar quality to indoor grown cannabis. So a growing market for outdoor cannabis doesn’t necessarily mean its better... it is likely just cheaper. I would imagine a high quality “craft cannabis” company would want to purchase SNDL, or an existing outdoor growing company that wants to quickly expand to indoor grown cannabis. With this being a Canadian company, there’s a chance a company in another country like Israel would be interested in purchasing it in the near future.

PLNHF (Planet 13 Holdings)

Biggest tourist trap in Las Vegas if you’re a stoner, casual smoker, or just wanting to try it. From my own experience, I think they will continue to be successful. If I went around the US trying other brands I’d probably be more confident in putting 5-10% of my portfolio into those picks or choosing to not include them lol. Like for example, I used to have Curaleaf. But there's tons of bad feedback on Curaleaf, a friend has tried it said the nug is really subpar quality and if I tried their nug I’d probably confirm that I wouldn’t want to invest in them. With PLNHF, i’ve seen the ambience and tried the product myself. It’s definitely a lot of hype price wise, but still quality. This is my own bias showing, but I still think they’ve got solid fundamentals and excellent location/strong US branding.

I’m well aware of other good stocks like GTBIF, CRLBF, SSPK, TCNNF, GRWG.. but these stocks haven’t been swinging as hard in response to pro-cannabis news. E.g. TLRY, SNDL, GNLN swung more than 20% some days from pro-cannabis news...I will likely reduce my current positions shortly after inauguration, after some news about the timeline for cannabis legislation, and diversify my positions more between these other good picks.

2021 is the year of cannabis boys

Gambling Winnings & Taxes in US 2021 » Do I have to pay Taxes?

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Tax - Gambling winnings that are off-set by losses, how does this impact total income?

Ep. 21 - Prohibition (of Gambling)

TIL gambling losses are deductible from your US federal income tax, as long as they're not more than your gambling winnings

Should gambling winnings really be counted as income for tax purposes?

ELI5: Why does the U.S. government tax us on income that they have no way of knowing about? This includes gambling winnings, tips, etc. How can they even enforce such a tax?

Instead of paying taxes, the government sets a minimum amount of required gambling(any form) per month based on your income. On average you would be paying the same to the government you always do, but there is a chance to win big!

I filed my taxes and.....

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Taxes

Reporting taxes with US sportsbooks/fantasy dfs

I made about 200 dollars this month (December 2020) in a betting site as a US resident. Should I file this before April 2021 or wait April 2022? & what happens if I don’t file it as income.

If PSTH announce Stripe in Feb I will...

For the first time in my 13 years of filing taxes, I OWE MONEY. I'm hoping there's something I'm missing here... Please help!

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WHY CANNABIS MARKET FOR 2021

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