Bovada and Taxes...

[navyblue81]

Hey guys,

Sorry if this has been answered before. But I have a question on writing off gambling losses on Bovada with your taxes. Thanks to my terrible Table Tennis bets during the pandemic, I lost about $5k this year on Bovada. Are those able to be written off on your taxes, or because it's offshore, is it not allowed?

Thanks in advance.

[nyplayer33]

Can't write off gambling losses on income

[PharaohUB]

Tax laws vary country to country and state to state. You’ll need to be a little more specific. If your in states you could offset the against any gambling winnings. Cant take deductions against your other income though

[vampire assassin]

You can only offset losses against other wins.

[navyblue81]

Can't write off gambling losses on income

There’s an option for it that you can. I guess my question is whether this is just state gambling losses or any gambling, including offshore.

[LongBall52]

You can only offset losses against other wins.

Yes this is true for Federal Taxes. It was the year that I hit a nice Pick 6 at Pimlico races. But each state has different laws.

[Stallion]

NO.

[jjgold]

nope

[navyblue81]

Well that sucks. So much for the gambling losses part on the income taxes.

[crinkle]

Idk, you may want to consult a tax advisor who specializes in gambling tax laws instead of relying on advice (good or bad) from this forum.