Non-Itemizer May Not Deduct Gambling Losses Roger 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 […]
gambling losses
Gambling Proceeds – How To Deduct Gambling Losses
Gambling Proceeds – How To Deduct Gambling Losses You can deduct gambling losses but only against the amounts you win. To write off your losses, you must be able to prove them. In a recent case (Coloney, TC Memo 1999-194), a betting taxpayer gambled heavily at the racetrack, but the IRS and the Tax Court […]