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 ?
Because the court held that the taxpayer was a casual gambler in 2012 and 2013, his wagering gains were included in his gross income for each year, and he was allowed an itemized deduction each year for his wagering losses to the extent of the gains included in that year's gross income.
If the compulsive gambler has not entered into a treatment program, chances are high that he/she has not been able to address adequately the thoughts and behaviors that can induce a relapse.
3%) Internet gamblers were in junior grades 7-9, while seventeen (60.
Unless gamblers are aware that these transactions are treated differently from normal everyday purchases, they will be losing money hand over fist as the top rate of interest stacks up," said Richard Brown, chief executive of Moneynet.
It doesn't matter what the cause perhaps was, almost every compulsive gambler has the same results - financial, marital and legal problems.
Over the past few decades we have moved from a nation where gambling and gamblers are largely suspect to one in which our government and society support and depend on the gaming industry.
The Gamblers Anonymous branch in Blackrock, Dublin, now has its own web page - http://homepage.
When gamblers in his orbit start winning, Shelly's shark instinct tells him that something must be done.
Some commentators linked the gambling scandal explicitly to "foreigners," and Jews in particular (specifically gambler Arnold Rothstein, even though he played a minor role in the initial scheme to fix the Series).
With 95% confidence, the 17% increase in odds of being a problem gambler with each of 32 Addiction points falls between 1% and 36%.
Eight per cent are problem gamblers and 17 per cent are probable pathological gamblers.