Can Gambling Losses be Deducted as Casualty Losses?

The losses you deduct can't be more than your reported gambling income Gambling losses can be devastating to an individual and their family and loved ones

1958-190, the owner and operator of an illegal lottery business was allowed to deduct gambling losses, business expenses, and the federal excise

candy bonanza slot As such your betting and gambling winnings are not assessable income and the associated losses are not allowable deductions Questions 4 and 5 Capital Account

canadian visa lottery If your losses were greater than your winnings, you cannot report the negative figure on your New Jersey tax return You must claim zero income