Customer service and product support vary by time of year. The bottom line is that losing money at a casino or the race track does not by itself reduce your tax bill.
In the Florida taxpayer's case with the bathroom, the judge ruled that because the man's children's and personal guests used the bathroom, it wasn't used exclusively for his accounting business. To report your gambling losses, you must be eligible to itemize your income tax deductions on Schedule A. Gamling for more information? Savings and price comparison based on anticipated price increase expected in March. First, you may deduct gambling lpss only if you itemize deductions, which Erb said is only a third of tax filers.When it comes to writing off gambling losses on your income tax return, the IRS is very strict. Every year the IRS receives tax returns from people who claim their. Report any gambling winnings as income on your tax return. Be sure you itemize to deduct gambling losses up to the amount of your winnings. After applying the losses-cannot-exceed-winnings limitation, the allowable gambling loss deduction for a person who is not a professional.