gambling a write off? - GoFuckYourself.com

p1mpdogg · 12-21-2005, 03:00 PM

where can i find the rules on that

id have one hell of a write off if you can, if you pay tax on winnings, then you should be able to deduct on loss no?

help a nigga out

BV · 12-21-2005, 03:01 PM

yep you can write off gambling losses
make sure you report your winnings also

BV · 12-21-2005, 03:04 PM

Can I deduct gambling losses on my tax return?
Gambling winnings are taxable on your tax return. You can deduct gambling losses on your tax return only if you itemize tax deductions and only to the extent of your gambling winnings. Claim your gambling losses as a miscellaneous tax deduction on Schedule A of Form 1040. It is important to keep an accurate diary or similar record of your gambling winnings and gambling losses. To deduct your gambling losses on your tax return, you must be able to provide receipts, tickets, statements or other records that show the amount of both your gambling winnings and gambling losses. You cannot deduct or carry forward a net gambling loss on your tax return; even if you are a professional gambler.
The IRS provides the following guidelines for proving gambling winnings and gambling losses that you report on your on your tax return:

an accurate diary or similar record regularly maintained by the taxpayer, supplemented by verifiable documentation usually is acceptable evidence for substantiation of gambling winnings and gambling losses. In general, the diary should contain at least the following information: date and type of specific wager or gambling activity;
name of gambling establishment;
address or location of gambling establishment; and
name(s) of other person(s) present with you at gambling establishment.
amount(s) of gambling winnings or gambling losses.

Verifiable documentation includes, but is not limited to, gambling tickets, canceled checks, credit records, bank withdrawals, and statements of actual gambling winnings or payment slips provided by the gambling establishment. When possible, the diary and available documentation of the placement and settlement of a wager should be supported by such documentation as hotel bills, airline tickets, gasoline credit cards, or affidavits or testimony from responsible gambling officials regarding the wagering activity.

http://www.wwwebtax.com/income/gambling_winnings.htm

MikeSmoke · 12-21-2005, 03:06 PM

<not an expert disclaimer>
check with your accountant, i think you can only deduct losses against winnings...in other words, if you win 10K over the year, and you lose more than 10K, then you're clean. if you win more than you lose, you have to pay taxes on the difference. if you have net losses (you lose more than you win), you're SOL. at least that's my understanding
</not an expert disclaimer>

p1mpdogg · 12-21-2005, 03:47 PM

Quote:

Originally Posted by BV

Can I deduct gambling losses on my tax return?
Gambling winnings are taxable on your tax return. You can deduct gambling losses on your tax return only if you itemize tax deductions and only to the extent of your gambling winnings. Claim your gambling losses as a miscellaneous tax deduction on Schedule A of Form 1040. It is important to keep an accurate diary or similar record of your gambling winnings and gambling losses. To deduct your gambling losses on your tax return, you must be able to provide receipts, tickets, statements or other records that show the amount of both your gambling winnings and gambling losses. You cannot deduct or carry forward a net gambling loss on your tax return; even if you are a professional gambler.
The IRS provides the following guidelines for proving gambling winnings and gambling losses that you report on your on your tax return:

an accurate diary or similar record regularly maintained by the taxpayer, supplemented by verifiable documentation usually is acceptable evidence for substantiation of gambling winnings and gambling losses. In general, the diary should contain at least the following information: date and type of specific wager or gambling activity;
name of gambling establishment;
address or location of gambling establishment; and
name(s) of other person(s) present with you at gambling establishment.
amount(s) of gambling winnings or gambling losses.

Verifiable documentation includes, but is not limited to, gambling tickets, canceled checks, credit records, bank withdrawals, and statements of actual gambling winnings or payment slips provided by the gambling establishment. When possible, the diary and available documentation of the placement and settlement of a wager should be supported by such documentation as hotel bills, airline tickets, gasoline credit cards, or affidavits or testimony from responsible gambling officials regarding the wagering activity.

http://www.wwwebtax.com/income/gambling_winnings.htm

awsome thanks for the info

BlueWire · 12-21-2005, 03:53 PM

I believe its like stocks. You can only write off stock losses agaisnt stock gains. Same for gambling

rickdog777 · 12-21-2005, 04:07 PM

You cannot write off an actual loss on gambling. You can offset your winnings with your losses. It has nothing to do with stock gains and losses.

12-21-2005, 03:00 PM	#1
p1mpdogg Too lazy to set a custom title Join Date: Nov 2002 Posts: 16,714	gambling a write off? where can i find the rules on that id have one hell of a write off if you can, if you pay tax on winnings, then you should be able to deduct on loss no? help a nigga out __________________ A fast fortune is easy to earn! Just go with a winner!

12-21-2005, 03:06 PM	#4
MikeSmoke Confirmed User Join Date: Nov 2002 Location: SoCal Posts: 3,233	<not an expert disclaimer> check with your accountant, i think you can only deduct losses against winnings...in other words, if you win 10K over the year, and you lose more than 10K, then you're clean. if you win more than you lose, you have to pay taxes on the difference. if you have net losses (you lose more than you win), you're SOL. at least that's my understanding </not an expert disclaimer> __________________ icq: 541-739-92

12-21-2005, 03:01 PM	#2
BV wtf Industry Role: Join Date: Sep 2001 Location: Bikini State, FL USA Posts: 10,914	yep you can write off gambling losses make sure you report your winnings also

12-21-2005, 03:04 PM	#3
BV wtf Industry Role: Join Date: Sep 2001 Location: Bikini State, FL USA Posts: 10,914	Can I deduct gambling losses on my tax return? Gambling winnings are taxable on your tax return. You can deduct gambling losses on your tax return only if you itemize tax deductions and only to the extent of your gambling winnings. Claim your gambling losses as a miscellaneous tax deduction on Schedule A of Form 1040. It is important to keep an accurate diary or similar record of your gambling winnings and gambling losses. To deduct your gambling losses on your tax return, you must be able to provide receipts, tickets, statements or other records that show the amount of both your gambling winnings and gambling losses. You cannot deduct or carry forward a net gambling loss on your tax return; even if you are a professional gambler. The IRS provides the following guidelines for proving gambling winnings and gambling losses that you report on your on your tax return: an accurate diary or similar record regularly maintained by the taxpayer, supplemented by verifiable documentation usually is acceptable evidence for substantiation of gambling winnings and gambling losses. In general, the diary should contain at least the following information: date and type of specific wager or gambling activity; name of gambling establishment; address or location of gambling establishment; and name(s) of other person(s) present with you at gambling establishment. amount(s) of gambling winnings or gambling losses. Verifiable documentation includes, but is not limited to, gambling tickets, canceled checks, credit records, bank withdrawals, and statements of actual gambling winnings or payment slips provided by the gambling establishment. When possible, the diary and available documentation of the placement and settlement of a wager should be supported by such documentation as hotel bills, airline tickets, gasoline credit cards, or affidavits or testimony from responsible gambling officials regarding the wagering activity. http://www.wwwebtax.com/income/gambling_winnings.htm

12-21-2005, 03:53 PM	#6
BlueWire Confirmed User Join Date: Nov 2004 Posts: 4,628	I believe its like stocks. You can only write off stock losses agaisnt stock gains. Same for gambling

12-21-2005, 04:07 PM	#7
rickdog777 Registered User Join Date: Jan 2005 Posts: 63	You cannot write off an actual loss on gambling. You can offset your winnings with your losses. It has nothing to do with stock gains and losses.