Re: [vpFREE] Re: gambling loss deductions broadened under new tax law

 

Haha.  Didn't have my glasses on.  I think I was trying to say "those" who gamble for a hobby.


I would have guessed "people" ( = parole) ????

As I said, who knows what our phones might be thinking? <smile>

..... bl

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Posted by: bornloser1537@yahoo.com
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Re: [vpFREE] Re: gambling loss deductions broadened under new tax law

 

Haha.  Didn't have my glasses on.  I think I was trying to say "those" who gamble for a hobby.

Sent from my iPhone

On Apr 19, 2019, at 8:07 AM, bornloser1537@yahoo.com [vpFREE] <vpFREE@yahoogroups.com> wrote:

 

This  can't mean parole who gamble for a hobby, can it?  Otherwise it doesn't make any sense because those filing as professional gamblers can already deduct travel as a business expense.


Another attack of the "automatic spell check genie" on our "smart" phones!  LOL.  Just how smart are our phones anyway?


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Posted by: Vegasvpplayer <vegasvpplayer@gmail.com>
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Re: [vpFREE] Re: gambling loss deductions broadened under new tax law

 

This  can't mean parole who gamble for a hobby, can it?  Otherwise it doesn't make any sense because those filing as professional gamblers can already deduct travel as a business expense.


Another attack of the "automatic spell check genie" on our "smart" phones!  LOL.  Just how smart are our phones anyway?

..... bl

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Posted by: bornloser1537@yahoo.com
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[vpFREE] Re: gambling loss deductions broadened under new tax law

 

The article claims that "losses" deducted on Sch A can now include gambling expenses.   I looked for an independent confirmation of that, but couldn't find one.    So I'm dubious, especially considering that the new tax law is MORE restrictive on the usefulness of expenses for those filing Sch C.   Namely, it's no longer possible to deduct the part of a yearly net loss that's due to expenses from your other income.


The author of the article is described as a "free lance writer".   I don't think he's a CPA.

--Dunbar

---In vpFREE@yahoogroups.com, <irdd@...> wrote :

here's a link to your article...

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Posted by: h_dunbar@hotmail.com
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Re: [vpFREE] Re: gambling loss deductions broadened under new tax law

 

The article says that starting in 2018

<<<gambling losses has been broadened to include other expenses incurred in gambling activities, such as travel>>>

This  can't mean parole who gamble for a hobby, can it?  Otherwise it doesn't make any sense because those filing as professional gamblers can already deduct travel as a business expense.

Sent from my iPhone

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Posted by: Vegasvpplayer <vegasvpplayer@gmail.com>
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