Tax Advice

[jack72906]

I realize this is a \"newbie\" question, but what can I say, I\'ve only been doing this for a couple of years. Also, if this seems to personal a question for anyone to want to respond to, I understand that as well.

I recently hit a 16K Pick 3 in my online account. After taxes were taken out, a little over 12K made it to my account.

My question is are there itemized deductions I can take at tax time? Subscriptions? Thorograph? Brisnet...etc.

Again, if you don\'t want to post it here I understand, feel free to PM me if you\'d like.

Thanks.

[miff]

Jack,

By IRS tax law you are allowed to deduct your gambling losses to the extent of your 1099/W2g winners. So if your only taxable hit was the 12k hit, then save your losing tickets and offset the losses. Save tickets account readouts,programs, thoro, drf in case you get an audit.



Mike

[jack72906]

Thanks Mike.

[Lost Cause]

jack72906 Wrote:
-------------------------------------------------------

>
> My question is are there itemized deductions I can
> take at tax time? Subscriptions? Thorograph?
> Brisnet...etc.
>
You can\'t take the deduction for DRF, TG or anything else only gambling losses (losing tickets or the like) on Schedule A, itemized deductions.  
You can only deduct TG, DRF and such if you are a professional gambler which is very tough to prove with the IRS but possible and you would claim that via schedule C, Profit or loss from business.
Since you already won the money and probably did not pick up losing tickets to cover that loss (BTW for future reference make sure they don\'t have shoe-prints on them or else they won\'t be allowed by the IRS if you get audited) use your betting account details if you have one to offset the winnings and keep in mind you can use any gambling losses (Casino, lottery or whatever else there may be) to offset the losses. Congrats on the big hit..

[jack72906]

Thanks LC. I use TwinSpires so I there is a record of every wager. Thanks to everyone who replied.

[Boscar Obarra]

So there\'s no confusion, you cant just take losers and deduct them.

 You would be liable for tax on any NET GAIN from gambling for the year, even including non reported (<300-1) winnings. Since all online betting is recorded, its not like the old days where you might \'forget\' those small wins.

 This is my understanding of the tax rules , so if someone knows better , chime up.

[purplemike]

from a tax expert, correct, all winners online count as income

[miff]

from a tax expert, correct, all winners online count as income


.....minus all losers on line, i.e, NET!

[Boscar Obarra]

yes miff, that\'s why I said NET GAIN

 One of the downsides of online accounts for winning players, no?