Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I gamble for a living and I was wondering, if i won 230,000…

Customer Question
Hello I gamble for...

Hello I gamble for a living and I was wondering, if i won 230,000 last year but spent 500,000 can i get any of that back? Also I had a on-line business that I spent 50,000 that went under can I get some of that back

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I think that it is

Submitted: 4 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
3/18/2018
Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 4 months ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,136
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
Verified

Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

Ask Your Own Tax Question
Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 4 months ago

If you are a professional gambler, you are allowed to deduct your gambling expenses on Schedule C just as any other business activity. However, there are several court cases that narrowly define what a professional gambler is. You really have to make a living at it. And unless you are independently wealthy, the courts have said that continued losses, or lack of profit, is a sign that gambling is not the taxpayer's profession. So if you feel that your play rises to the level of a professional gambling occupation, then you can deduct any ordinary and necessary expense incurred in your gambling profession. And losses are an ordinary and necessary part of playing for a professional. Therefore you can deduct losses even if they exceed your winnings.

AS far as your business that failed, you are again allowed to deduct ordinary and necessary business expenses. If you invested $50,000 into a venture that failed, depending on how you structured the deal, you should be able to take either an ordinary loss, or a capital loss, for the investment in the failed business.

I hope this has answered your question. IF you have any more, please feel free to ask and I will be happy to answer.

Thanks! Have a great weekend!

Rger

Ask Your Own Tax Question
Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 3 months ago

Do you have any more questions?

Ask Your Own Tax Question
Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 3 months ago

Did you see my answer? Do you have any questions? I have not heard back from you.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask taxmanrog Your Own Question
taxmanrog
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,136
1,136 Satisfied Customers
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.

taxmanrog is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I have an f1 visa do i have to report gambling winnings of
I have an f1 visa do i have to report gambling winnings of below $2000? … read more
Carter McBride
Carter McBride
LLM
1,186 satisfied customers
If I had a loss gambling that exceeded my winnings does the
If I had a loss gambling that exceeded my winnings does the win go towards my income … read more
abci168
abci168
Principal
27 satisfied customers
My question is, I haven't worked for 2 years, The only
My question is, I haven't worked for 2 years, The only income I have is my Ex- wife is buying my half of our house from me. From my understanding that isn't considered taxable income. My question is I… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,327 satisfied customers
I received a 1099-K from paypal from money I received from
I received a 1099-K from paypal from money I received from online gambling site instead of a w2g how do I file this … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I received the bank wire from a gambling website in Costa
I received the bank wire from a gambling website in Costa Rica call bookmaker it is a completely legal site and the money went into my account no problem the website only allows Bank wires over 10,000… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am located in New York and was thinking about sports
I am located in New York and was thinking about sports betting on the side. I was wondering, if I won big like $50,000, how would I report it on my taxes since the gambling will be done online and the… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,423 satisfied customers
I have won 340,000 dollars in 2015 gambling. All of it I won
I have won 340,000 dollars in 2015 gambling. All of it I won playing slots. I won one jackpot for 83,000 dollars. As I am preparing to do my taxes and reading the IRS rules for wins and losses I am to… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,423 satisfied customers
I won the lotter on march 31 and had taxes paid directly
I won the lotter on march 31 and had taxes paid directly from my winnings, I have already filed my tax returns for this past year but was wondering if i could amend my taxes to get some of the money i… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I made a fair amount of money in poker tournaments Last year.
I made a fair amount of money in poker tournaments Last year. Spent a lot to make it also. Someone said you can write off all milage and hotels for your earnings. Is this true? Also how does it work w… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am a compulsive gambler. As such, I know I cannot write
I am a compulsive gambler. As such, I know I cannot write off losings, but the IRS would like to tax any money they think I may win. Believe me, I am sure I am behind about 300K at this time. I think … read more
abci168
abci168
Principal
27 satisfied customers
What forms do I have to submit to IRS to get my taxes back
What forms do I have to submit to IRS to get my taxes back from Gambling winnings. I am a Canadian, I am submitting a W-7 form for a ITIN number, also completing a 1040NR form however don't know what … read more
abci168
abci168
Principal
27 satisfied customers
Should Tom report $3,500 jackpot as income when he files 2010
Should Tom report $3,500 jackpot as income when he files 2010 federal income tax return? should he report any losses? Tom hit a $3,500 jackpot on a slot machine. Before paying off the jackpot, casino … read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
Ive won over $40,000.00 in jackpots at the casino in the last
I've won over $40,000.00 in jackpots at the casino in the last few months with an option to have the taxes taken out there at the casino or to pay them later. My question is...do i have to pay taxes o… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I won some money at a casino that has to be claimed on my taxes.
I won some money at a casino that has to be claimed on my taxes. Is there a way to get a report from the casino showing how much I actually spent?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
last year we won $1000 in scratch off. Now I have to file
last year we won $1000 in scratch off. Now I have to file and am told I have to use a 1040, have never filed on this, always do 1040A, I've read the 1040 and can't make heads or tails out of it, can y… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I had two large jackpot wins, on slot machines, last year ($10,000
I had two large jackpot wins, on slot machines, last year ($10,000 & $8,600.) I didn't keep records of my total gambling 'losses', as I'm new to this & have no idea how to properly do this. Can I esti… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
I won a washer and dryer this year. I will be receiving a 1099
I won a washer and dryer this year. I will be receiving a 1099 misc for $3000. I itemize using schedule a. Line 28 I can take gambling losses up to my winning. My questions are: Can I deduct my expens… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I won 50,000 playing poker last January. Throughout
I won 50,000 playing poker last January. Throughout the year I probably lost about 15,000 of it back, but I don't have documentation. Question 1: How do I claim the losses? Question 2: Poker Winning +… read more
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks
Master Tax Pro and Enrolled Agent
Master Degree
1,254 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x