Tax Deductions

[Blackgold]

Yesterday I was reading a thread about gambling tax deductions.

The thread is at another message board I frequent, www.bj21.com. It's the blackjack message board run by Stanford Wong, who has written several blackjack books and one on horses, "Betting Cheap Claimers."

Anyway, on the free message board section, there is a long thread about gambling tax decutions and one poster known as "bigplayer", says he files a Schedule C, uses an occupation code for "Gaming" and takes as deductions his costs for travel, meals, computer, etc. for playing blackjack and video poker (which has produced a significant pile of W2-Gs for him).

I, for one, am not aware that expenses related to "Gaming" income are deductible.

I know you can deduct your losses, up to but not exceeding your winnings in a taxable year.

Are any of you taking as deductions your expenses for racing forms, downloads, software, parking, travel, meals, etc.?

I have no knowledge that this is allowed under the U.S. Tax Code, but would love to find out that it is.

[GameTheory]

I believe it is allowed if it is your primary business and you treat it as such. But get an accountant...

[fmhealth]

Mr Gold, in on March/April edition of "HORSEPLAYER MAGAZINE". Their lead story is the "business" of gambling. If you can't get hold of a copy, simply leave your fax # & I'll send it to you.

[Blackgold]

Thanks, please fax to 1-877-660-0916.

THANKS AGAIN!

[fmhealth]

Mr Gold, tried to fax but only received a voice mail greeting. Any other number that I can use ??

[Blackgold]

That's the right number.

It's one of those computer things.

Don't wait for the greeting.

Simply dial the number and hit send and the computer will talk to your fax machine.

Thank again.