Tax Question

topplayer · 07-12-2008, 09:42 PM

Hit a $1478 Tri today at Belmont. Can I use losing tickets to offset the taxes on this payout?

Thanks

turfman · 07-13-2008, 01:53 AM

only if you file a 1099 form......legal pro. gambler.....(all tax-men have that form)

next time find a pro. gambler and give him $148.00 (10%)
to cash your ticket for you.

topplayer · 07-13-2008, 07:41 AM

Thanks for the info Turfman.

laker5 · 07-13-2008, 12:46 PM

I disagree. Everyone needs to claim gambling winnings, and anyone can deduct gambling losses from the same tax year to reduce those winnings.

You need to use the long form (1040) and itemize your deductions. You claim your winnings on page 1 under miscellaneous income (or something to that effect) so this rolls in to your adjusted gross income. Then, you deduct what losses you have on schedule A under miscellaneous deductions.

Check it out for yourself on IRS.gov

topplayer · 07-13-2008, 01:52 PM

Laker5

That is what a good buddy of mine said. He said just get enough losing tickets to cover the winning ticket and you can basically write it off.

Thanks

laker5 · 07-13-2008, 02:46 PM

The "pro gambler" status that turfman referred to allows you to do more--like deduct expenses associated with your profession and I believe even allows you to write off your losses in excess of your winnings.

turfman · 07-13-2008, 11:29 PM

1099...is for those who do it for a living.....after the last race on wednesday at
del mar..i will be looking for that guy with the 1099.....so i can go TAX-FREE....LOL

07-12-2008, 09:42 PM	#1
topplayer Senior Member Join Date: Jul 2007 Posts: 150 Thanks: 3 Thanked 6 Times in 6 Posts Rep Power: 5	Tax Question Hit a $1478 Tri today at Belmont. Can I use losing tickets to offset the taxes on this payout? Thanks

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07-13-2008, 01:53 AM	#2
turfman Senior Member Join Date: Nov 2007 Location: SO. CALIFORNIA Posts: 3,064 Thanks: 1 Thanked 58 Times in 55 Posts Rep Power: 11	only if you file a 1099 form......legal pro. gambler.....(all tax-men have that form) next time find a pro. gambler and give him $148.00 (10%) to cash your ticket for you.

07-13-2008, 07:41 AM	#3
topplayer Senior Member Join Date: Jul 2007 Posts: 150 Thanks: 3 Thanked 6 Times in 6 Posts Rep Power: 5	Thanks for the info Turfman.

07-13-2008, 12:46 PM	#4
laker5 Member Join Date: Jun 2008 Posts: 69 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 4	I disagree. Everyone needs to claim gambling winnings, and anyone can deduct gambling losses from the same tax year to reduce those winnings. You need to use the long form (1040) and itemize your deductions. You claim your winnings on page 1 under miscellaneous income (or something to that effect) so this rolls in to your adjusted gross income. Then, you deduct what losses you have on schedule A under miscellaneous deductions. Check it out for yourself on IRS.gov

07-13-2008, 01:52 PM	#5
topplayer Senior Member Join Date: Jul 2007 Posts: 150 Thanks: 3 Thanked 6 Times in 6 Posts Rep Power: 5	Laker5 That is what a good buddy of mine said. He said just get enough losing tickets to cover the winning ticket and you can basically write it off. Thanks

07-13-2008, 02:46 PM	#6
laker5 Member Join Date: Jun 2008 Posts: 69 Thanks: 0 Thanked 0 Times in 0 Posts Rep Power: 4	The "pro gambler" status that turfman referred to allows you to do more--like deduct expenses associated with your profession and I believe even allows you to write off your losses in excess of your winnings.

07-13-2008, 11:29 PM	#7
turfman Senior Member Join Date: Nov 2007 Location: SO. CALIFORNIA Posts: 3,064 Thanks: 1 Thanked 58 Times in 55 Posts Rep Power: 11	1099...is for those who do it for a living.....after the last race on wednesday at del mar..i will be looking for that guy with the 1099.....so i can go TAX-FREE....LOL