Date: 01/12/2000
From: Jim Geary
Newsgroups: rec.gambling.poker
Subject: Re: Gambling Loses and Taxes
On Wed, 12 Jan 2000, William Patrick Meeks wrote: > What are the tax implications of gambling and losing/winning for an > ametuer player? > > Since New Year's I have dropped 1500-2000 in craps and poker. Can I > right any of that off? > > Thanks for the help, I'm very new to filing taxes as I've recently > entered the "real world". Losses can only be deducted to the extent of your winnings. It's an itemized deduction on your Sched A. If you're new to the "real world," you might not even itemize in which case it may be a nonissue unless your numbers get higher than the standard deduction. Also as you have yet to mention any winning, it's not an issue. However, should you win 10k at a poker tournament or something, you'd want to be able to itemize losses to offset that. In that case, you need GOOD records, receipts etc. I photocopy every receipt and mail them in with my return just to add enough verisimilitude to keep them auditing the other guy. Unless you're winning thousands in tourneys tho, it's pointless. In summary, keep good records, and try to win something this year for which to offset, eh?
Last Modified 2/9/00