Just saw this box on my return, totalled em up and damn i need to quit gambling on sports. :mj07: Is anyone else doing this or claiming gambling losses?
Anyone else claiming gambling losses on your Taxes?
- Thread starter hemiscatpak
- Start date
you can't claim losses unless you are a professional gambler. all you can do is offset wins down to zero.
Not if I want to avoid an audit. 
Mama is right. The only thing you can do with gambling losses is offset wins. Even worse, if you win one year and actually pay taxes on them (few do), then you aren't allowed to get any of that money back if you gamble the next year and lose.
Mama is right. The only thing you can do with gambling losses is offset wins. Even worse, if you win one year and actually pay taxes on them (few do), then you aren't allowed to get any of that money back if you gamble the next year and lose.
Nick
I had to claim winnings this year, if I have winnings next year as well can I still offset that with any losses next year or is there some kind of clause that kicks in after you have winnings in any year. I honestly didn't know about what you said there.
I had to claim winnings this year, if I have winnings next year as well can I still offset that with any losses next year or is there some kind of clause that kicks in after you have winnings in any year. I honestly didn't know about what you said there.
...what Nick and BM said/mean is that Gambling losses are treated differently than ordinary losses in that you cannot carry them forward to the next year.... You can offset any winnings with losses incurred during that same year up to the point that your winnings are zero. You cannot claim more losses than winnings because gambling losses cannot be used to offset ordinary income, only gambling income.... Hope that helps.
Thanks Taoist, after reading that ans re-reading what Nick wrote it makes sense. Just didn't want to get caught on the short end of things next time around.
Thanks
Thanks
