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Itemized Deductions Schedule-A


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Old 11-17-2010, 05:55 PM
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tax information regarding casino losses deduction

I have spent 20,000 dollars at the casino the year. Been a bad year for gambling. I have not won a single jackpot better yet have I haven't won anything at the casino this year. I understand on your taxes You can write off with your winnings. The only problem is I have not won a single dollar year. How can I write off in losses when I do not have any taxable income from winnings??? There must be a way to write off some if not all losses? How would I write off those losses without triggering an audit?



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Old 11-17-2010, 06:41 PM
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Any help pleaseeeee



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Old 11-18-2010, 04:59 PM
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Unfortunately for you, per the IRS tax code, "You can deduct gambling losses on your tax return only if you itemize tax deductions and only to the extent of your gambling winnings." Thus, it appears that since you have no gambling winnings in 2010, these gambling losses are not deductible on Schedule A.

Furthermore, a taxpayer "cannot deduct or carry forward a net gambling loss on their tax return, even if that taxpayer is a professional gambler."

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Old 11-20-2010, 08:50 AM
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" a taxpayer "cannot deduct or carry forward a net gambling loss on their tax return, even if that taxpayer is a professional gambler." "----> Agreed.



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Old 01-07-2011, 05:10 AM
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Re: tax information regarding casino losses deduction

An itemized deduction is an eligible expense that individual taxpayers in the United States can report on their federal income tax returns in order to decrease their taxable income.
Most taxpayers are allowed a choice between and itemized deductions and the standard deduction. After computing their adjusted gross income (AGI), taxpayers can itemize their deductions (from a list of allowable items) and subtract those itemized deductions (and any applicable personal exemption deductions) from their AGI amount to arrive at their taxable income amount. Alternately, they can elect to subtract the standard deduction for their filing status (and any applicable personal exemption deduction) to arrive at their taxable income. In other words, the taxpayer may generally deduct the total itemized deduction amount, or the standard deduction amount, whichever is greater.
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Earl Nunes



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