Tax Question

topplayertopplayer Senior Member
edited July 2008 in Horse Racing Forum
Hit a $1478 Tri today at Belmont. Can I use losing tickets to offset the taxes on this payout?

Thanks

Comments

  • turfmanturfman Senior Member
    edited July 2008
    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.
  • topplayertopplayer Senior Member
    edited July 2008
    Thanks for the info Turfman.
  • laker5laker5 Member
    edited July 2008
    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
  • topplayertopplayer Senior Member
    edited July 2008
    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
  • laker5laker5 Member
    edited July 2008
    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.
  • turfmanturfman Senior Member
    edited July 2008
    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
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