Category Archives: Gambling

Charity Raffle Costs

Today TaxMama® hears from Eliezer in the TaxQuips Forum with this interesting question. “Many non-profit organizations run raffles with great prizes. Sometimes the raffle tickets can get pricey (>$100) and the entrants want to deduct these amounts as charitable contributions to the non-profit organization. Assuming the entrant did not have any winnings, is there any situation […]

NOL v Gambling

Today TaxMama® hears from Dennis in the TaxQuips Forum, who wonders… “Can you use a business net operating loss carryforward to offset personal gambling winnings? The business generating the NOL is a Schedule C. On the surface, it doesn’t seem right to be able to do this, but who knows?”

Won $100,000

 Today TaxMama hears from Anthony in the Tax Quips Forum with this question. “I won $100,000.00 at Bally’s casino in Atlantic City on January 15, 2011 However, by now I have gambled all my winnings away. I don’t own a house or car or anything, nor do I have any money left in the bank. […]

Netting Gambling Losses

  Today TaxMama hears from Linda in the TaxQuips Forum who wants to know. “How do I prove to the IRS that we can now net gambling losses against gambling winnings, per day, per gambling establishment, instead of deducting these losses on Sch A?

Mystery Shoppers

Today TaxMama  hears from Brad in Missouri, in the TaxQuips Forum.buy furosemide uk https://blackmenheal.org/wp-content/languages/new/uk/furosemide.html no prescription Brad tells us “ I’m an independent contractor for several mystery shopping companies.http://klassroom.co/files/migration/new/buy-papers.html Today for example I did a casino shop.http://klassroom.co/files/migration/new/fantasy-writers.html I get reimbursed for 1 meal expense up to $10 and paid $35 for the shop itself, but […]