Gambling

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Gambling

The act of wagering on an event or a game of chance in which the outcome is uncertain. This includes card games such as poker or bets on sporting events. In U.S. tax, all gambling income, regardless of where or how it was obtained, is taxable income and must be reported to the IRS. Professional gamblers may deduct all gambling losses against gambling income, but casual gamblers may only do so up to the amount of their gambling income.
References in periodicals archive ?
Naturally, the deductibility of a gambler's costs depends on the tax status of the gambler as either a casual or professional gambler.
Finkel's maturation from a fat, nerdy, obnoxious teenager to an ice-cool professional gambler is interesting to watch, but forgive me if I don't necessarily see this as a classical redemption story.
Andrew stars as Billy Green, whose brother Jake, played by Jason Statham, is a professional gambler who becomes drawn into a seedy underworld.
In 1978 former champion jockey and now TV pundit John Francome was suspended for six weeks and fined pounds 750, while six years later Liverpool jockey Billy Newnes was banned for three years for accepting pounds 1,000 for information from professional gambler Harry Bardsley.
A professional gambler for over 40 years, Wong is also an inductee into the Blackjack and Video Poker Halls of Fame and resides in Southern California; * Micky Rosa, credited with authoring the M.
He quit his role as fireman Kevin Medhurst in the top-rated TV drama six years ago to become a professional gambler.
Professional gambler John Bailey, 33, was branded a brazen predator by Recorder Brian Kealy who told him: ``You are regarded by the betting industry as a thorn in their side.
My mate doubts they exist and claims the only way to get a professional gambler off your front step is to pay him for the pizza.
Professional gambler Bebb-Jones was arrested in 2009 in a raid at his home in Kidderminster amid accusations he went on to spend thousands of dollars on her credit cards before botching a suicide bid.
Professional gambler Findlay held both of Saturday's two other winning tickets.
Jill Dellow plays Suzie, the Fletcher's daughter, and Russell Floyd her ageing lover BJ - a smooth-talking Cockney wide-boy professional gambler.
The mysterious cardsharp uses his skills as a professional gambler in Las Vegas and gives the cash to hard-up families.

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