dipy911 wrote:
> What would one categorize the loss of say a $575 ticket in a machine
> at a casino due to a momentary lapse of judgement? Is it a gambling
> loss or would the person have to file the IRS form 4684?
Speaking from an absolute interpretation of IRS guidance, probably
neither (although specifics of your loss might yield an alternate answer).
If the loss wasn't a consequence of a wager it's not regarded as a
gambling loss.
Form 4684 (Losses from casualty or theft) provides a deduction for an
illegal removal of property. If the property was abandoned (even
momentarily)
assessing whether security would have been willing to file a theft
report if you had brought it to their attention.
Alternate categorization of the loss as a casualty also likely doesn't
fly. A casualty is defined as the consequence a sudden, unusual
event. Consequently, for example, accidental breakage can't be
claimed as a casualty.
If the loss is eligible for a 4684 deduction, remember that only the
amount in excess of 10% of your AGI (after a reduction of $100) may be
deducted for a loss of personal property.
For full 4684 details: http://www.irs.
- Harry
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