1. 04-17-11 10:21 PM #1
    ebbearsfb1
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    gambling and taxes

    do you guys put your gambling loses on your taxes?
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  2. 04-17-11 10:26 PM #2
    D3 Mighty Ducks
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    Really?
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  3. 04-17-11 10:27 PM #3
    doublej95
    Co Power Poster 2011
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    who would lie to uncle sam
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  4. 04-17-11 10:28 PM #4
    shaggy3000
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    I wish I could. Offset all my wages it seems. Actually today was my last day gambling. It's almost time to go back to chasing pussy in couple months. Almost off probation
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  5. 04-17-11 10:50 PM #5
    Extra Innings
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    Quote Originally Posted by shaggy3000 View Post
    I wish I could. Offset all my wages it seems. Actually today was my last day gambling. It's almost time to go back to chasing pussy in couple months. Almost off probation
    If that was the case (offsetting wages)....my ass would be collecting banged up tickets at the bellagio.
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  6. 04-18-11 06:07 AM #6
    ebbearsfb1
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    Well your legally allow to do that, up to a certain amount I read that in mutiple articles. but I forgot sbr is full of career 100% winners and no one puts winners on taxes, silly me
    Last edited by ebbearsfb1; 04-18-11 at 06:12 AM.
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  7. 04-18-11 06:14 AM #7
    ebbearsfb1
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    Sounds good
    Quote Originally Posted by shaggy3000 View Post
    I wish I could. Offset all my wages it seems. Actually today was my last day gambling. It's almost time to go back to chasing pussy in couple months. Almost off probation
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  8. 04-18-11 06:38 AM #8
    ngates815
    Hooked Nose J
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    No.
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  9. 04-18-11 07:13 AM #9
    Smoke
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    Yes.
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  10. 04-18-11 07:24 AM #10
    falconticket
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    You can only take gambling loses from gambling earnings. So in other words you cannot deduct losses from other income sources.
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  11. 04-18-11 07:28 AM #11
    jbrent95
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    I did report some winnings this year and last years. I was fortunate enough to invest some of my bankroll in a couple of real estate developments.
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  12. 04-18-11 07:47 AM #12
    ebbearsfb1
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    Thanks falcon, so basdically say u lost 5k all year, and won 0 dollars, u cannot deduct that 5k as its part of playing the game?
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  13. 04-18-11 08:13 AM #13
    falconticket
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    No.
    You basically can't take a loss. Unless you have earnings to take them from. You can only take down to 0. You can take a loss if you reported earnings last year though. That's my understanding of the rule.
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  14. 04-18-11 08:16 AM #14
    Mammon
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    You can deduct your Western U and ** fees.
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  15. 04-18-11 08:17 AM #15
    cobalt king
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    I would love to claim all my losses life time right now, I could buy a house in cash at the age of 25 if I could get back every dollar
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  16. 04-18-11 08:33 AM #16
    Joe Sharp
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    Not until I become a full-time PRO.... Next year.
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  17. 04-18-11 08:39 AM #17
    mmike032
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    no.
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  18. 04-18-11 12:29 PM #18
    Domer
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    if you're a pro you can definitely declare a loss

    but as an amateur listing gambling losses as itemized deductions, you cannot declare more losses than wins
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