Free Forum - Tax question 25/03/2019 17:41

OldCootFromVa12168093

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Mar 25, 2019, 1:41:18 PM

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I heard/read somewhere that one may now deduct gambling expenses from new winnings.

I've been to the IRS website, and can't find anything on this.

My particular question is: must one itemize in order to claim these, or is it a separate calculation use to arrive at the figure you write in the "miscellaneous income" line? (i.e., one does NOT have put these expenses on a Schedule A.)

Any/all info on this subject will be greatly appreciated.

Midwest Player

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Mar 25, 2019, 11:48:23 PM

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In order to deduct gambling expenses you must file as a business (Sch C). In order to deduct gambling losses you have to itemize, but I think many folks just net winnings and losses and report that which is not right.

OldCootFromVa12168093

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Mar 26, 2019, 5:33:05 PM

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Is that from the old tax law? Sounds like it.

From what I hear, under Trump's new tax law, one may also deduct gambling EXPENSES (e.g., travel to/from casinos, etc.)

The idea of filing a Sch C never appealed to me, as it involves the 15.3% self-employment tax. Been there and done that waaaaay too often.

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