Assertion: gambler's expense | /r/HasProperty | deducted
Facets:
value: from gambling winnings
type: OTHER
Source sentences:
text: Is it possible for an individual, who has a regular job, to set up a separate profit- making business for consistently betting on horses via the internet (or telephone) at legal U.S. racetracks, such that all applicable expenses (including information and handicapping intelligence costs) can be deducted from the gross winnings on Schedule C?
text: The AICPA, The Purpose of Taxation - Tax and the Facts under Tax Facts "Gambling winnings greater than $600 are taxable income and expenses associated with gambling can be deducted from gambling winnings - if you are a professional gambler - in arriving at taxable income.
text: Here the Internal Revenue and the Tax Court allowed the §162 expenses to be deducted in full, thereby bringing the net, net taxable results of her gambling activities to a negative amount, which in turn offset her wages in another profession.