Counting, winning and the IRS

Jun 9, 2004, 9:43:38 AM

Here's a question for the experienced: What are the IRS rates for gamblers? The only thing I know about declaring your losses to the IRS is, that you cannot exceed your wins.

It would seem that the IRS (and the CFTB in California) would tax a gambler at a higher rate. Also, it seems that walking into a casino, declaring your self a "professional gambler" and then moving straight to the blackjack tables would be rather self-defeating, wouldn't it?

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