Gambling loss - Spidell

Gambling loss

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Message Board Gambling loss

  • This topic has 2 replies, 3 voices, and was last updated 1 week ago by Donna Treloar.
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    • #301755
      Vijay Joshi
      Participant

      Can the gambling losses be deductible if client gets a standard deduction.

    • #301795
      Sandy Weiner
      Participant

      No.

    • #301835
      Donna Treloar
      Participant

      There is a way to deduct losses incurred within a 24-hour period, but the taxpayer needs to keep track of that.  Ie., funds when started gambling, winnings, amount left at end of the 24-hour period or when quit gambling.    This applies to slot machine gambling.  Losses tracked during the 24-hour period may be offset against the gross winnings on “other income” line of the return.  The amount spent to generate a gain, reduces the gain (rev Rul 83-130 and Hochman,T.C. Memo 1986-241.  I had a letter audit on this for a client and it stood up.

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