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Posts Tagged ‘losses’

how do you keep track of your gambling losses if you only play the slots?

Question by mudd: how do you keep track of your gambling losses if you only play the slots? I often go to vegas and generally play the slots. I come with cash wihich I remove from an atm, so how can I prove that I lost that money gambling? I just learned that I can [...]

I am using TurboTax and I don’t see anywhere on form where I can deduct gambling losses?

Question by CATARINA T: I am using TurboTax and I don’t see anywhere on form where I can deduct gambling losses? Can someone please help. I only see a section where I can input gambling winning but not losses. Answer by alexfont0801Because you can’t write off gambling losses. You can only report gambling winnings.

Could anyone get me a lawyer who can recover losses from a fraudulent online casino?

Question by Moche: Could anyone get me a lawyer who can recover losses from a fraudulent online casino? I played and lost but I discovered how the casino operates and how the rigged games can be proven. If someone can get me a lawyer who will take this case on a contingency fee basis I [...]

Could anyone get me a lawyer who will take a case of recovering online gambling losses from fraudulent casino?

Question by Moche: Could anyone get me a lawyer who will take a case of recovering online gambling losses from fraudulent casino? I lost money but I found out how the casino operates and how the rigged game results can be proven. If there is someone who can find me a lawyer who will take [...]

Can I write off gambling losses against a 1099-misc I received for winning money at a baseball game?

Question by rbbnmrrs: Can I write off gambling losses against a 1099-misc I received for winning money at a baseball game? At a baseball game I went to they passed out tickets at the door to everyone who entered for a chance to win ,000. I won. Can I write off gambling losses I incurred [...]

Can gambling losses be claimed on your taxes?

Question by Curious: Can gambling losses be claimed on your taxes? I read in an article that you might be able to claim your gambling losses on your taxes. I play alot of online gambling and have proof on my statements regarding wins and losses so I’m wondering if it’s actually true. Answer by lunaticAssuming [...]

Should a professional gambler who file Income Tax as a gambler, report losses & wins from online gambling?

Question by DocHampton: Should a professional gambler who file Income Tax as a gambler, report losses & wins from online gambling? Online gambling is considered an illegal activity, however I feel like I should report my wins and losses in that area just the same as I report them from casinos. Will I get in [...]

I lost a lot of money gambling online. Should I risk more to make back my losses or just quit with a big loss?

Question by Justo: I lost a lot of money gambling online. Should I risk more to make back my losses or just quit with a big loss? Over the past 6 months I lost a substantial sum with online gambling. Early on I was making a healthy profit but my luck changed. Should I give [...]

How is tax on gambling winnings verses the losses done on tax form?

Question by Beatrice M: How is tax on gambling winnings verses the losses done on tax form? Is there a different form to fill out on a tax return for gambling winnings versus loses? Answer by Punter PWhat you owe the government from a winning bet depends on the type of gambling, the amount you [...]

What constitutes proof of gambling losses as a tax deduction?

Question by Andy: What constitutes proof of gambling losses as a tax deduction? when you lose at the blackjack table in atlantic city, they dont give you a receipt- what is legitimate proof to submit as your receipt of a gambling loss? Answer by Joe 64You can’t deduct gambling losses. But if you win you [...]