Copyright 1995-7 Robert L. Sommers, all rights reserved. I hear it's better to buy a mobile home outside of California, then remain outside the state for at least 90 days before driving it back here, to avoid California sales tax. Recently, you said that to determine title to property, look at the deed. Yes, when you itemize your deductions, you are entitled to deduct your gambling losses but only to the extent of your winnings. Taxable gains from wagering activities can be reduced by losses, irrespective of whether the underlying transaction was legal.
Married couples can combine their winnings and losses when they file a joint return.
The casino's computer printout is sufficient evidence of your gambling winnings and losses. For professional gamblers, losses are allowed when computing adjusted gross income. Consequently, a professional gambler does not have to itemize deductions to deduct gambling losses. The Supreme Court ruled that a professional gambler is someone who gambles full-time for a livelihood. No, TV game show contestants are not engaged in wagering activities and cannot fully deduct these expenses.