Legal sports betting tax deductions

nouigea · Mar 4, 2008

:money8:
I am planning on filing as a professional gambler and am wondering what tax deductions I can take aside from the standard ones -- gambling losses, home office, utilities, computers and internet access, travel costs, ...

Can I deduct my TV, Tivos, and DirecTV? If I use them half for sports betting and half for personal use, do I deduct 50% of the cost? Has anyone else done this? Anyone been audited?

Any other unique write-offs for gambling?

bellyputter · Mar 4, 2008

Office supplies, newsmatter(magazines, line service, etc.), tax preparation. Be careful with items like travel, TV, and anything that isn't black and white. Be able to document everything on your return. Good Luck

MIKEY.1TIME · Mar 4, 2008

nouigea said:
:money8:
I am planning on filing as a professional gambler and am wondering what tax deductions I can take aside from the standard ones -- gambling losses, home office, utilities, computers and internet access, travel costs, ...

Can I deduct my TV, Tivos, and DirecTV? If I use them half for sports betting and half for personal use, do I deduct 50% of the cost? Has anyone else done this? Anyone been audited?

Any other unique write-offs for gambling?

ask matt in the poker room forum

tatehill2000 · Mar 4, 2008

If you file for any AT HOME business deductions, ie, the room you handicap in(sq. ft.) you will be 90% more apt to be audited,,, soooo whatever you do make 100% sure yo u save all receipts and spare no expense on a good acountant.

gl.
tater :103631605