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The IRS has various rules in place that determine whether gambling is your business / profession. If you qualify as a professional gambler, you can deduct losse
by defen 3y ago
The IRS has various rules in place that determine whether gambling is your business / profession. If you qualify as a professional gambler, you can deduct losses against your winnings (just like casual gamblers can) but you can also deduct your "business expenses" (e.g. cost of travel, hotels, meals, etc that you spend in pursuit of your business).
- yieldcrv 3y ago2017 tax reform took all of that away for gamblers. they are on as equal footing as casual gamblers, at least for when net losses exist, there are no more NOLs to carry forward (or back) which is what made that status the most useful https://www.journalofaccountancy.com/issues/2018/oct/pro-gambling-net-losses.html https://www.journalofaccountancy.com/issues/2018/oct/pro-gam... but some deductions maybe yeah
- mattmaroon 3y agoI did not know that! That was well after the decade where I qualified.