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#1
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Re: new to both taxes and poker
[ QUOTE ]
[ QUOTE ] I agree that paying taxes on gambling winnings is an area with a lot of gray and all that. I had another question. I have been playing poker "recreationally" for a few years before I started giving the game any seriousness, therefore I was more of a loser than a winner. Do we get to disount these losses when filing? Now that I am winning more than losing, do I report winnings? The thing is, I did not file in the years that I lost money, so I'm not sure on that matter although I have heard that you can claim a deduction on gambling losses. Confused, Mike [/ QUOTE ] Loses do not carry over from one year to the next. [/ QUOTE ] Some business losses can carry over and be used as deductions the next year. Not true with gambling? (I don't know). |
#2
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Re: new to both taxes and poker
Gambling losses never carry over from one year to the next, even for professionals. You may only claim gambling losses up to the amount of your winnings in any given year.
-- Russ Fox, EA |
#3
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Re: new to both taxes and poker
Correst
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