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Originally Posted by Dunbar
Rupert, this is true only if you itemize deductions (or if you file Sch. C as a professional gambler). If you take the standard deduction, you are screwed.
http://www.irs.gov/taxtopics/tc419.html
--Dunbar |
Why would you have to list yourself as a professional gambler? I was unaware that you had to list an occupation to be able to offset your capital gains from gambling. I thought you were pretty safe keeping your losing tickets and/or your logs from ADW's to document losses for evidence if your audited.