Tax time

Forum: NFL Betting
Author: [NFL Betting] Topic: Tax time
toddmc9136 PM toddmc9136
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toddmc9136
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Posted: 10/6/2012 9:50:10 PM
I have over. $20000 in horse racing winnings

Can I claim my losses from an online sports book??
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dxxlan PM dxxlan
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Posted: 10/6/2012 10:27:58 PM
Here's a link:
http://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/Can-You-Claim-Gambling-Losses-on-Your-Taxes-/INF14370.html

Good luck if you decide to do it.  Get ready for an audit in the near future, lol.
Pynnz PM Pynnz
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Posted: 10/6/2012 10:44:55 PM
Just start collecting losing lottery tickets and off track betting losses, you are also entitled to write off losses at Casinos......
seakev1 PM seakev1
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Posted: 10/6/2012 10:52:19 PM
I don't know what the tax laws are up in Canada but the IRS lets you deduct gambling losses against gambling winnings if you itemize your deductions on schedule A. As far as using your losses from an online gambling site be careful. If the site is located in the U.S.A. I would say fine. If its offshore forget it unless you want to claim all your winnings also and be prepared to show 3 years of statements. Again, Canadian law might be different. IRS is having a ball with foriegn income.
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