Professional Gambling

Professional Gambling

How Losses Are To Be Treated

Gambling losses are deducted by taxpayers only to the degree of gambling gains. Even if the taxpayer is in the business or trade of gambling, he is obliged to follow this rule. When it is about gambling losses deductibility, all types of gamblers are treated in same manner. Where, the professional gambler has to reported winning and losses on Schedule C, however the losses can only be claimed to the degree of winnings. But, the action as a whole will not produce a loss for the taxpayer (www.fdcpa.com). Any additional gambling losses over winnings ...