Quote:
Originally Posted by thaskalos
The horse-owners get their "thrills"...and their operating losses are tax-deductible. The horseplayers, on the other hand, pay a lot more for the "thrills" that they seek...because their gambling losses go unrecognized by the IRS. Consequently...it is even HARDER to justify becoming a serious horseplayer.
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I may wrong, but I thought hobby expenses were only tax deductible up to hobby income, much like gambling. The only difference may be the ability to carry forward losses.
