How to take gambling losses

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How to itemize gambling losses - Quora “How do you itemize gambling losses?” I talked to my tax preparer about this yesterday, as it happens. Her breakdown: - For full-time gamblers, i.e. people- For any gambler who doesn’t fit the previous bullet point, it depends upon whether or not you’re itemizing deductions in general, or taking the... How to write off Gambling losses for Taxes - YouTube Here's an educational video helping gamblers keep their profits by showing them ways to write off loses. Also be sure to join our new free gambling... How to deduct your gambling losses - MarketWatch

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You can deduct gambling losses directly from your gambling income instead of deducting them as an itemized deduction on Schedule A. Keep Records. Professional and nonprofessional gamblers alike need to keep adequate records to document their gambling losses. The records should include a diary of your gambling activities noting. The date How Are Gambling Winnings Taxed? | The TurboTax Blog Note that the IRS only allows you to take gambling losses as an itemized deduction, which means you only benefit by the deduction if you itemize deductions (TurboTax will help you with this). Gambling losses won’t be able to show up for you if your standard deduction is larger than your itemized deductions. How can I deduct gambling losses if i do not itemize? - ASAP

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Tax Court: Don’t Take Chances With Gambling Losses ... The taxpayer had no quarrel with the reported gambling winnings. But he argued that the amounts should be reduced by the amounts of bets placed to produce the $5,060 winnings. He also contended that he should be able to use his gambling losses to offset his gambling winnings. However, the Tax Court sided with the IRS.

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How the New Tax Law Affects Gambling Deductions - TheStreet Answer: Yes, you can still deduct gambling losses to the extent of gambling winnings. The deduction of other gambling expenses will also now be limited to gambling winnings. How to recover from a massive gambling loss - Quora Gambling is a form of entertainment. It is entertainment that sometimes manages to pay for itselfAll the airlines took hits, USAirways ultimately went bankrupt. I lost $10,000 of my retirement money.Recovering from a massive gambling loss is a subjective opinion. Despite how much or how little... How to itemize gambling losses - Quora “How do you itemize gambling losses?” I talked to my tax preparer about this yesterday, as it happens. Her breakdown: - For full-time gamblers, i.e. people- For any gambler who doesn’t fit the previous bullet point, it depends upon whether or not you’re itemizing deductions in general, or taking the... How to write off Gambling losses for Taxes - YouTube