I believe, that you can write off your loses if you can prove (receipts) that
you actually lost that amount. The limitation is that
the loses have to have been in the same year and can't exceed the winnings.
Not having been in that situation, I can't say for sure, but that is what I was
told.
The real gocha is getting receipts for all those gaming loses. The lottery is
easier if you save all your losing tickets!
Joe
OHFASTONE@aol.com wrote:
>
> Actually it wasn't really supposed to be in jest as I have seen that happen
> before (just not to me). Made me think about the guy who went to court
> because he was taxed on his winnings in Vegas but wasn't allowed to write off
> his losses.
>
> Michael
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