October 29, 2008
Gambling Tax Questions from Gamblers
Some of the tax questions that many gamblers ask have to do with the form filed for Certain Gambling Winnings.
This form is given by gambling halls and similar entities if a player wins a large enough amount of money on a single jackpot or other win.
At the bottom of the form, it says that one may write off gambling losses as an itemized deduction.
Gamblers wonder if there is any reason why the person couldn’t just claim almost the same amount as what they won and make it even out. There is no way, after all, to prove what one has spent at a gambling hall. There are no receipts given for this.
