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Calculating gambling income
originally posted: 11/22/2006
reposted: 2/18/2011 This post has not
been recently reviewed or revised by the author and may be out of date.
If you notice an error or are in doubt, please send a new question by
email or ask for an update. Email asktony@tonynovak.com.
Q: I won about $3,000 in an
office football pool. Can I offset that income with the losses I had at
the casino this past summer?
A: Unfortunately, no, you cannot
"net" gambling gains and losses to arrive at taxable income. The gains
are always taxable income. The losses are only deductible if your
itemize expenses and most people do not because the "standard
deduction" usually results in a lower tax.
Summary
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