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.
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References in periodicals archive ?
The move was made in response to reports about an increase in kidnapping cases of casino players perpetuated mostly by loan sharks who prey on gamblers who resort to borrowing money in the hope of playing on and recovering their earlier gambling losses.
He set up a banking app and withdrew money in a "misguided attempt" to sort out his finances and win back gambling losses, said the judge.
Tai reported that in the one-year period before she filed for bankruptcy she had $20,000 in gambling losses, according to her bankruptcy filing.
The Tax Court found that a taxpayer could not deduct excessive gambling losses as a casualty deduction, even though they were related to the side effects of a prescription drug that caused him to lose the ability to control his impulses.
For federal purposes, the rules for deducting 2018 gambling losses have changed.
As standard practice, one may deduct gambling losses but only if they are itemised and supported.
The bill would eliminate a $17,000 cap on several deductions, including gambling losses for federal income tax purposes.State Rep.
Gambling losses were previously assumed to be the actual cost of wagers placed; in the TCJA, however, Congress clarified the meaning of what constitutes gambling expenses and expanded gambling costs to include other costs associated with generating gambling income.
2003: Michael Owen, then with Liverpool, admitted running up gambling losses of between PS30,000 and PS40,000.
Anti-gambling advocates deplored using the Opera House to promote gambling in a country that has the world's highest gambling losses per adult.
Investment banking has, in recent years, resembled a casino, and the massive scale of gambling losses has dragged down traditional business and retail lending activities as banks try to rebuild their balance sheets.