Cpa-i Need A Good Cpa

[mary]

HELP-I NEED A CPA WHO KNOWS HOW TO HANDLE GAMBLING GAINS AT RACE TRACK AND CASINOS--THANKS

[heleanth]

According to the federal tax law, a taxpayer can write off gambling losses on Schedule A (Itemized Deductions) to the extent he\she has reported gambling winnings on his tax return.

The only way you could report a net loss is if you could prove that you are a professional gambler and that you expect to make a profit. It would be a tough go, but it has been done.

You can run into state tax complications if you have reportable gambling winnings in a state in which you are not a resident.

Nevada, of course, has no state taxes, so any reportable winnings from LV are reportable in your state of residency, depending on that state's rules.

(I am a CPA, Mary.)

[mary]

THANKS FOR YOUR TIME,IS THERE A WAY I CAN EMAIL YOU DIRECT ,THANKS MARY

[mary]

ARE YOU GOING TO GET PPP BOWL PACKAGE?THANKS

[BettorsChat]

Originally posted by mary
THANKS FOR YOUR TIME,IS THERE A WAY I CAN EMAIL YOU DIRECT ,THANKS MARY

You can forward me your e-mail and I will forward it to heleanth or vice versa.

[mary]

PLEASE FORWARD HIS TO ME,THANKYOU VERY MUCH,MARY