Gambling Loss

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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 ?
If I were Messrs Ladbrokes, Hills and Corals, for example, I would currently be quaking in my corporate loafers at the prospect of a bunch of down-on-their-luck punters being encouraged by an opportunistic legal firm to launch a test case for the reclamation of all gambling losses, with compensation due for suffering caused to the families of the victims.
His brain, often addled by court cases, house wrecking, drunken rages, suicide attempts and heavy gambling losses, was as clear as the azure blue skies over Fife.
Daly, a chain-smoking alcoholic with a history of failed marriages, gambling losses, cancelled contracts, tournament withdrawals and temper flare-ups, actually played quite well for most of his first round, the 14 on the final hole ruining a decent round.
14 /PRNewswire/ -- National Right to Work Legal Defense Foundation attorneys today announced that they have filed new, amended charges against the Teamsters union on behalf of over 45 employees at Sikorsky Aircraft, charging Teamster officials with illegally forcing employees to pay for the gambling losses of a union official.
Daly, a chain-smoking alcoholic with a history of failed marriages, gambling losses, cancelled contracts, and tournament withdrawals, played well for most of his first round, the 14 ruining a decent card.
His massive gambling losses coincided with the stock market crash and Glen International collapsed with pounds 100million debts.
The 3% phaseout is applied to total itemized deductions, excluding medical expenses, investment interest expense, and casualty, theft and gambling losses.
However, that momentary excitement can be offset by mounting debt in the face of excessive gambling losses.
At least two of the European team are major punters, while the gambling losses of Tiger Woods and Phil Mickelson are well documented.
While supporters of the cafes offering sweepstakes say they are legitimate businesses that offer the fun of a casino without having to drive out of state, critics say it targets low-income people who can least afford gambling losses and threatens state Lottery revenue that provides more than $900 million a year to the state's cities and towns.
The figure is made up of gambling losses of nearly pounds 680,000 up to August 14, 2007, plus associated interest.
Gambling losses are deductible only as itemized deductions.