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.
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References in periodicals archive ?
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.
Contending he was a professional gambler, he claimed $1,311,200 in gross income from gambling, and a corresponding gambling loss of $1,311,200.
Also, a taxpayer can never have an overall gambling loss for tax purposes, but can only lower the amount of winnings.
Although the UK is third in the world - behind the US and Japan - in terms of betting and gaming profits, it is ninth in terms of the average gambling loss per adult, pounds 154 per year compared with Australia's pounds 354.
Ashley said of his gambling loss at the time: "It is what it is.
taxpayer's claim of a gambling loss for an investment in high-yield
However, an excess gambling gain in one year cannot be offset by an excess gambling loss in another year (Skeeles, 118 Ct.
But his own solicitor claimed Wilkins' crimes were brought on by a four-figure gambling loss.
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.
He and security guard Rivera had planned only to rob Given Grace, as had been their wont with other UPLB students every time they needed cash after a gambling loss. But she was so pretty, Rivera confessed later, after his grandfather got wind of the crime and surrendered him to authorities.
For business activities, business expenses are deductible without restriction, except for the limitation on gambling losses. Additionally, self-employment tax or FICA is due from individuals who operate a business, gambling or otherwise, which is an expenditure of 15.3% of income.