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Lottery expenses do not qualify for this deduction, and never have. Moreover, even under this deduction, gambling expenses may only offset gambling winnings, s
by gamblor956 6y ago
Lottery expenses do not qualify for this deduction, and never have.
Moreover, even under this deduction, gambling expenses may only offset gambling winnings, so in years when losses exceed winnings you cannot use the deduction to offset non gambling income.
- vmception 6y agoOnly table games qualify? Or “skill” games or what?
- gamblor956 6y agoGenerally any game you would find in a casino. Basically anything you could do as a profession which is why the lottery and raffles don't count. This source links to an indepth source which is unfortunately not available for free online but which is probably the best resource outside of reading IRS regulations and cases. https://www.journalofaccountancy.com/issues/2016/oct/taxes-for-gamblers.html https://www.journalofaccountancy.com/issues/2016/oct/taxes-f...
- vmception 6y agothats helpful to know thanks