in looking at Taxes at the end of the year you claim gambling winnings of all sorts (you guys are all doing that right).
Then you can subtract losses up to the winnings (but you should have some decent documentation)
Say you have a balance of $40,000 in Book A but they will not pay and have not paid over a long time or went out of business. you never paid any taxes on the building of your bankroll up to that $40,000. Can you use say 75% of that (ie $30,000) (Say a 25% tax bracket to make it easy) as gambling losses and write it off that way. How do you document such a thing.
Then you can subtract losses up to the winnings (but you should have some decent documentation)
Say you have a balance of $40,000 in Book A but they will not pay and have not paid over a long time or went out of business. you never paid any taxes on the building of your bankroll up to that $40,000. Can you use say 75% of that (ie $30,000) (Say a 25% tax bracket to make it easy) as gambling losses and write it off that way. How do you document such a thing.
