The only way you can take off expenses directly on your tax return is if you declare yourself a PROFESSIONAL GAMBLER. A much easier way, and will not draw the attention of the IRS, is to just figure your expenses into your losses gambling and enter them into your dairy......say under ROULETTE LOSSES or whatever gambling activity you do not pursue. This will help your own records in that your the only one knows that the ROULETTE losses are actually EXPENSE loses....but the IRS never has to know that. Remember, you can only deduct losses up to the extent of your winnings. PREPARING A DAIRY FOR YOUR EVERYDAY GAMBLING ENDEAVEARS IS A MUST!!!!!!!! This serves two purposes.....one for the IRS......and one to monitor your own gambling success or failures.
At the end of the year add up all your gambling wins....this will be high, but you will be deducting your losses too. I have had years where I have reported over TWO million in winnings so dont worry about it. Then deduct your losses for as much as you want UP TO THOSE WINNINGS.......This will be your NET WIN FROM GAMBLING. There are some TERRIFIC underlying advantages to do your taxes this way if you have other business sidelines (especially in another states), are trying to prove income for a large loan, etc.,etc.,etc., which are to numerous to mention here and are different for each individual. Any other questions I will be happy to answer. I consider myself quite knowledgeable in this field, since I have been a professional gambler for quite some time. Good luck.
