Business & farm

So in this case it's based on total payout, even though I truly only profited $50 on a $100 bet so I'm taxed at $150 which means I'm being taxed on my own initial wager as well.  So, to account for it and only pay on the actual $50 profit I need to itemize.  However, if itemizing is not more than my standard deduction, I still end up paying more?