[NASHVEGAS]

Originally Posted by babs7262

Im waiting for my win/loss from the Trop, Hey Winbig? Did you know any losses are now tax deductible as long as you dont win more than you lose all togehter. even online gambling? It was on KYW news the other day. Im gonna add up everything and use it as a deduction

Always has been for as long as I have been paying taxes. A very confusing tax code which is almost impossible to comply with as any winnings not net winnings or losses must be recognized as income which will possibly affect your AGI and thus adjusts your itemized deductions and possible marginal tax rate (Assumes you itemize). Then losses are deductible against winnings only. No carrybacks or carryfowards....I think there are some threads on this subject in the forum but iirc there was alot of incorrect info. and I can not give tax advice either...Consult your accountant or tax advisor disclaimer!.......That said, most simply (contrary to the actual ridiculous and almost impossible to comply with tax code) offset net winnings with net losses but as you say net losses are only deductible against winnings in the year incurred.....I will find a good article I have and post in a new thread in case I said something incorrect but once again consult your tax advisor....table players should also keep their own supporting documentation as B & M win/loss statements are very rarely correct especially the more you play and if you have a credit line,etc.. I have had them off as much as medium 5 figures on trips.