do you guys put your gambling loses on your taxes?
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Really?Comment -
who would lie to uncle samComment -
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 probationComment -
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
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No.Comment -
Yes.Comment -
You can only take gambling loses from gambling earnings. So in other words you cannot deduct losses from other income sources.Comment -
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.Comment -
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?Comment -
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.Comment -
You can deduct your Western U and ** fees.Comment -
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 dollarComment -
Not until I become a full-time PRO.... Next year.
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no.Comment -
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 winsComment
If that was the case (offsetting wages)....my ass would be collecting banged up tickets at the bellagio.
