Message Font: Serif | Sans-Serif
No. of Recommendations: 0
"It is too bad our tax laws are so complicated."

Yep like Phil has often said, "you can't apply logic when it comes to the IRS/Congress laws and regulations etc.
It's the same thing with gambling losses where the losses can only be deducted to the extent of your winnings .. in other words nada, zilch NOTHING !!! unless I guess you are a professional gambler and report it as a business expense on SCH C ..... but I am not even positive about that?

Best Regards Razz

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.