Gambling Loss Deduction Guidelines – Paul Gaulkin CPA

Losses sustained during the year on gambling transactions are allowed as an itemized deduction but only to the extent of the gains during the year from gambling. In the case of a husband and wife filing a joint return, the combined gambling losses of the spouses are allowed to the extent of the combined gambling gains. Professional Gambler The Supreme Court has ruled that a professional gambler is entitled to deduct gambling losses as a trade or business expense. The … Read more