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

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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: 1 month ago.Category: Tax
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3/18/2018
Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 1 month ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,033
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

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Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 1 month 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

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Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 1 month ago

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Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 29 days ago

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