Taxes: Anyone deducted gambling losses as business expense?

[SlickFazzer]

[Live4bet]

No but last yr I hit a big jackpot on the 10x machine and I wrote off every vegas vacation and ATM withdraw while I was there...

[mmike032]

not me

[jjgold]

Slicker I never win

[wild willy]

Interesting,
Say you live in vegas and start a bussiness of sports gambling.
If thats your bussiness and those were losses conected to your bussiness.
Why not.
Love to hear more

[wild willy]

I'm sure casino's and sports books have to claim profits

[SlickFazzer]

I believe you could start a business in "sports handicapping information", or something similar maybe. then you could Write off office expenses maybe.....but gambling losses may be stretching it a bit.

[Live4bet]

No you can write off expenses related to the trip but the trick is you have to win money and have proof a 1099. It is then possible I've been doing it for years guys.

[Stacocakes]

If gambling is your main source of income then you can write off the gambling losses that you have incurred. I guess what they will have to determine is if there is an expectation of profit from your gambling. If you claim gambling losses for 5 years and have never had any winning years, they might not allow the gambling losses. Some of the factors they use to determine if your gambling is a business:

A) Time spent gambling.If you spend most of your nights gambling then you obvious have considerable time spent.
B) Degree of record keeping. If you keep detailed day to day records of your gambling then that supports that your gambling is a business.
C) How much you have invested in it. If you are only gambling with a minimal bankroll and you have a full time job on the side, they may determine that gambling is not your main source of income and therefore you will not be allowed to deduct your gambling losses.
I am not really sure how the states treats gambling winnings and losses but I know that in Canada gambling is not taxable unless you are doing it as your means of living.Then the winnings are taxable.You can't claim losses every year though because then you would not have a reasonable expectation of profit.

[wild willy]

Ok.
what about set it up like your a consultant or broker and use some friends names but your money.
so it looks like there paying you to bet their money and you get a % of winnings.

[timber]

In the US you can claim losses, but only up to the extent of profits.

26 US code 165(d): Losses from wagering transactions shall be allowed only to the extent of the gains from such transactions.

[wild willy]

yeah , thats better then what I said

[Stacocakes]

Wouldn't that be a bookie willy?Thats not legal haha