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.
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References in periodicals archive ?
Psychiatric comorbidity in pathological gamblers seeking treatment.
Problem gambling is a more general designation that covers pathologic gamblers as well as people with gambling troubles but too few symptoms to meet the pathologic diagnosis.
Other findings were that all three groups of gamblers were more likely to have gambled for money the first time between the ages of 16 and 20 and the first gambling experience for the majority was bingo or cards.
The AKG said it was investigating the role being played by Chinese casino junket operators in the Philippines who lure gamblers to the country.
According to police, acting on a tip off regarding presence of gamblers at Mehrabi area, Yark police raided the area and arrested four gamblers.
Similarly, Agha Mir Jani Shah Police has arrested 13 gamblers in two different raids and recovered thousands of bet money.
Prior to the updates made by the TCJA, professional gamblers were permitted to deduct "ordinary and necessary" business expenses in excess of net gambling winnings, which are gambling winnings that exceed gambling losses from wagering, not business, transactions [IRC sections 162(a) and 165(d)], This was in large part due to the ruling in Mayo v.
According to a police spokesman, Pirwadhai police on a tip-off, conducted a raid near Raja Hotel in the area of Pirwadhai Bus Stand in its jurisdiction and held five gamblers namely Zahid, Aman, Abdul Shakoor, Israr and Abdul Qasim who were allegedly involved in betting while playing cards.
The police apprehended the alleged gamblers and seized mobile phones, laptops and the cash being used for gambling.
During the 42-day Parliamentary recess, an estimated PS2,749,787 will be lost by Liverpudlian gamblers on the machines, which have frequently been linked to gambling harm.
class="MsoNormalEMOTIONAL PROBLEMS class="MsoNormalMany families of pathological gamblers suffer from a variety of financial, physical, and emotional problems.
Issues: Professional gamblers are allowed to deduct losses from wagering transactions only to the extent of gains from other wagering transactions.