Taxes and gambling????

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gambling losses can not used deductions on income tax, 1 exception: if have gambling winnings, gambling losses can used offset winnings, amount of winnings.

edit add: means gambling loses not deductible expenses on tax return.

1 exception if have made profit gambling, taxable income, can , deduct gambling loses, as gambling profit.

example, if spend $10 every week year on state lottery, totals $520, , never won cent, can not deduct part of $520 lost. if won $20 on lottery during year, can deduct $20 of losses. if won $1,000, can deduct full $520.

if have casino losses in canada , live in usa, can claim them on taxes?
how work?


Business & Finance Taxes Other - Taxes Next



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