Gambling Loss

Gambling Loss

Losses from wagers on events or games of chance in which the outcome is uncertain. This includes all cash lost and the market value of non-cash losses such as vacations. Professional gamblers may deduct all gambling losses against gambling income, but casual gamblers may only do so up to the amount of gambling income.
References in periodicals archive ?
Ashley said of his gambling loss at the time: "It is what it is.
The average annual growth rate of the gambling loss deduction (in constant dollars) was 16.
The previous highest gambling loss in Britain is believed to have been pounds 8million by Frank Sarakakis, a Greek car tycoon, playing roulette in the same club in 1994.
Also, a taxpayer can never have an overall gambling loss for tax purposes, but can only lower the amount of winnings.
Maintaining clear, contemporaneous records of both winnings and losses is the only trustworthy defense a taxpayer (even a recreational gambler) can produce that will prove effective against a Service challenge to gambling loss deductions.