Your Gambling Losses Might Be Deductible
)
First, unless you're a professional gambler (more on that in a second), you have to itemize in order to deduct gambling losses (itemized deductions are claimed on Schedule A).
Unfortunately, most people don't itemize.
Second, you can't deduct gambling losses that are more than the winnings you report on your return.
For example, if you won $100 on one bet but lost $300 on a few others, you can only deduct the first $100 of losses.
If you were totally down on your luck and had absolutely no gambling winnings for the year, you can't deduct any of your losses.
However, a note of caution: An activity only qualifies as a business if your primary purpose is to make a profit and you're continually and regularly involved in it.
faux saint laurent bagburberry outlet online bags
www.popninja.net |
|
|