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And gambling does not have to take place in a casino at all. There are horse tracks, dog tracks, jai-alai frontons, daily fantasy leagues and online gambling sites for those so inclined. In fact, gambling of some kind is permitted in every state in the U.S., except in Utah and Hawaii. Losses are allowed as an itemized deduction dollar for dollar against the gain. Gambling losses cannot be greater than gambling wins for the tax year. Example: John wins $23,500 during the year playing slots and other casino games. His gambling losses are $37,900. In order to claim gambling losses as deductions on a tax return, records must be kept of all winnings and losses during the whole year. Understand all the im. Gambling losses are only deductible as a miscellaneous itemized deduction, so you must itemize your deductions in order to claim the deduction. Even better news is that gambling losses are not subject to either the 2% of AGI reduction of miscellaneous deductions or the phase out of itemized deductions for high-income taxpayers. Of your winnings and losses The IRS requires you to report all of your gambling winnings for the year as Other Income on page 1 of your Form 1040, U.S. Individual Income Tax Return. You may deduct your gambling losses for the year as Other Miscellaneous Deductions on your Schedule A, Itemized Deductions. You cannot deduct losses that.
I have recently been looking and reading this forum since I made a huge loss on online roulette, and online blackjack.
It all started with watching some videos on You Tube, and a particular channel of this guy making and losing money. I thought wow this guy is using REAL money, and not fake play to show his gambling sessions.
This re-ignited a flame as I have gambled online, in bookies, and in casinos in the past.
The flame was now lit, and I initially started with depositing £20, and then the online casino doubled it.How To Take Gambling Losses Since
In the past I had never done this deposit match, I just deposited my own money so I didn't have to meet the bull**** wagering requirements.Basically I ended by gambling only on roulette, but then moved onto blackjack because the You Tube Channel I was watching daily made it look so easy to win at both roulette and blackjack.
I ended up losing £6000 in a matter of an hour initially chasing a loss of £100. I had to start moving money from my savings accounts, and felt physically sick when I made this loss.
I new that I could carry on, and either max out my overdraft, credit cards available to me etc, but it was at that point I knew I never wanted to GAMBLE AGAIN as I did not want to lose my money.
How To Take Gambling Losses Offset
I think I am a BINGE gambler, the reason I say this is because did not gamble before stumbling upon this You Tube channel.I also want to add I am extremely tight with my money. I have a wife of 8 years, and a 2 year old daughter, and try to save where ever I can always looking out for deals here and there.