• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Gambling losses: All bets are off

by on
in Small Business Tax

Q. In recent issues, you said gambling losses are miscellaneous deductions subject to the 2 percent limit of adjusted gross income. I don’t believe that’s correct. N.K., via e-mail

A. You’re right, and we were wrong. We apologize. You can deduct your annual gambling losses up to the amount of your winnings as a miscellaneous expense on Form 1040 Schedule A. However, unlike most other deductible miscellaneous expenses, there is no 2 percent-of-AGI floor for gambling losses. The losses are deducted without applying this limit.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/24566/gambling-losses-all-bets-are-off "

Related Articles...

    No matches

Leave a Comment