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?”
Tag Archives: Gambling
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?
Today TaxMama hears from Chet in the TaxQuips Forum, who is concerned. “I gambled online quite extensively last year. However have a large net loss for the year. I have only “cashed out” of my online gambling account twice all year. I haven’t done the math yet, but I know I have a net loss. […]
by David & Mary Mellem, EAs We all know gambling winnings are Other Income, while gambling losses are deductible on Schedule A but only up to the amount of winnings. Some tax professionals have interpreted the regulations to require each individual bet to stand on its own. Now IRS has addressed this issue a little […]
Today TaxMama hears from Stuart in Florida, with a quick question. “I did my research about gambling winnings and losses, Schedule C versus Itemized deductions. Where on the Schedule C would the losing wagers go if I were filing a Schedule C as a professional gambler?”
IR-2007-173, Oct. 19, 2007 [Courtesy of the Internal Revenue Service] WASHINGTON — Starting next year, casinos and other sponsors of poker tournaments will be required to report most winnings to winners and the Internal Revenue Service, according to the IRS. The new requirement, which goes into effect on March 4, 2008, was contained in guidance […]
Your summer vacation may mean a trip to the casino or the racetrack. What will you owe Uncle Sam if Lady Luck happens to be on your side? Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 and include all of your winnings. Gambling income includes, […]
Today TaxMama hears from Brain, in the Tax Parlor, who tells us. “Recently I won $4,000 in a state lottery. I spent about $500 for the purchase of a batch of lottery tickets all at once. I was wondering if I could subtract the cost from the proceeds I won?” Dear Brain, I’ll bet that’s […]
Today TaxMama hears from Rose who says, “I have been gambling pretty heavily this year. I have forms showing that I have won in excess of $30,000. I have had state taxes withheld from each win. Unfortunately I wasn’t quite as good with the Federal. I did have some withheld. Going through my records (bank […]
Today Mark in Mississippi is still reeling.https://libertyjuice.com/wp-content/languages/new/bactroban.html Here’s why – The other day, I dropped twenty bucks into a 50-cent slot machine and I won $326,000.00! I suspect that over half will be taken for state and federal taxes. As a farmer, can I offset the taxes due by adding to my farming operation (i.purchase […]