samstin-Welcome to the RX. One does not even have to do that if he or she keeps an ACCURATE and DETAILED gambling dairy. With JUST a dairy one can show his or her gambling losses up to his or her total wins for the year. For example, if I had winning sportst bets totaling 783,000, I can essentially deduct UP TO that amount but no more. So lets say I deduct 700,000 in losses.....that would leave me with 83,000 in NET GAMBLING WINNINGS. Now you could deduct all your expenses used in acquiring these winnings, but you then would have to declar yourself a PROFESSIONAL GAMBLER on your return.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Chuck Sims:
What the hell is a gambling dairy? Does it have anything to do with a farm?<HR></BLOCKQUOTE>
He meant Diary. Here's a brief example of mine.
page 14219
"Dear Diary,
Today I joined Hollywood. These guys are a little freaky with their gerbil fetishes, but even a PETA supporter like myself would be silly to pass on a chance to rip their weak lines apart. I'm envisioning at least a 102.1% return. And their Marketing guy Will has the niced jugs .. err Coffee Mugs
Well, diary it's off to bed I go.
Goodnight.
ps Don't tell anyone that I know JJ."
What the hell is a gambling dairy? Does it have anything to do with a farm?<HR></BLOCKQUOTE>
He meant Diary. Here's a brief example of mine.
page 14219
"Dear Diary,
Today I joined Hollywood. These guys are a little freaky with their gerbil fetishes, but even a PETA supporter like myself would be silly to pass on a chance to rip their weak lines apart. I'm envisioning at least a 102.1% return. And their Marketing guy Will has the niced jugs .. err Coffee Mugs
Well, diary it's off to bed I go.
Goodnight.
ps Don't tell anyone that I know JJ."
