Semaria Consulting

Certified Fraud Examiner, Forensic Accountant & Former IRS Agent

Call: 718-531-1105
DrFraud.com   |   IRSAudit.com
  • Home
  • About Us
    • About Ron Semaria
    • Awards & Citations
    • Volunteer Work
    • Contact Information
  • Services
  • Affiliations
  • Press Releases
  • News Articles
    • News Articles
    • Tax Q&A
    • News Article Index
  • Call: 718-531-1105
  • LinkedIn

Non-Itemizer May Not Deduct Gambling Losses

Non-Itemizer May Not Deduct Gambling Losses

Lucky DiceRoger Torpie Jr. won $858 in a lottery that he reported on his 1996 income tax return.  Torpie also deducted the $858 in determining his adjusted gross income although he did not itemize.  The IRS disallowed Torpie’s $858 deduction.

The Tax Court agreed with IRS and held that the individual, not the trade or business of gambling, must itemize deductions to detect gambling losses.  Thus, he was limited to deducting actual losses against reported winning on Schedule A as an itemized deduction.

(Roger John Torpie Jr. T.C. Memo. 2000-168)

If you have any questions or require further info please call 718-531-1105 or send an email.
This web site and these articles are not tax or legal advice and are not intended as tax or legal advice. They are intended to provide only general, non-specific legal information and are not intended to cover all the issues related to the topic discussed. The specific facts that apply to your matter may make the outcome different than would be anticipated by you. This web site and these articles are based on United States law. You should consult with an accountant or lawyer familiar with the issues. This web site and the articles contained on this web site are not solicitations.

Filed Under: News Articles Tagged With: deductions, gambling, gambling losses, itemized, itemized deductions, tax deductions

You may also be interested in

  • Medical Expenses – Travel Conferences

    Medical Expenses – Travel Conferences

  • Fringe Benefits – Types Of Benefits For Employees

    Fringe Benefits – Types Of Benefits For Employees

  • Automobile Commuting Rules

    Automobile Commuting Rules

  • Sale Of Residence – Tax Implications

    Sale Of Residence – Tax Implications

Search

Recent News Articles

  • 9/11 is a special day
  • IRS Accidentally Exposed Tens of Thousands of Social Security Numbers
  • IRS Tax Audits – When It Pays To Ignore An IRS Audit Notice
  • The Disappearing Check 21 Law – Check Clearing For The 21st Century
  • IRS Tax Audits – Know Your Rights Before An Audit Begins
Index Of All News Articles

More Information

Privacy Policy
Links
RSS Feed
Sitemap
Disclaimer

Contact Info:

Ronald Semaria
Semaria Consulting
1408 East 66th St
Brooklyn, NY 11234
Email: info@semaria.com
LinkedIn

Phone Numbers:

Phone: 718-531-1105
Toll-Free: 866-531-1105
Toll-Free: 888-IRSAUDIT
Toll-Free: 888-RONTAXES
Fax: 718-444-7152

Websites:

www.Semaria.com
www.DrFraud.com
www.IRSAudit.com
Copyright © Semaria Consulting 1970-2021