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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
In Groetzinger, the court held that a professional gambler is in the business of gambling based on the continuity and extensiveness of the activities and the good faith intent of the taxpayer.
Holding: The court held that the taxpayer was not a professional gambler after it concluded that eight factors weighed against Bonaparte and one factor (the expectation the activity's assets will appreciate) was neutral.
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.
Conwy gamblers were not far behind with PS603 lost per player with a betting population of 3,892.
Money is the gambler's key to action, but they don't tend to see this activity as theft.
It will be of added benefit if doctors know what to do to help a gambler.
Of the 10 excessive Internet gamblers, seven were boys (two problem and five pathological Internet gamblers) and three were girls (one problem and two pathological Internet gamblers).
Lorne Tepperman, Betting Their Lives: The Close Relations of Problem Gamblers. Toronto: Oxford University Press, 2009, 346 pages $48.00 hardcover (978-0-19-543059-2)
Online gamblers could risk losing more than their stake if they use a credit card to fund their flutters.
The 50-mile drive has worn on the former grocery warehouse worker, so next week he'll host Florence's first Gambler's Anonymous meeting.
A national survey found that about 14% of adults have never gambled; 75% are low-risk, social gamblers; nearly 8% are at risk; and 1.2% are pathological gamblers.
"Their thought processes are so messed up, that even if they've been a gambler for three, four, five or 10 years, and it hasn't worked out, they all say, 'All I need is a win, a big win'."