|Posted: January 7, 2004, 3:50 am - IP Logged|
As in any other method of gambling, your losses are deductible only to the extent where they do not exceed your winnings. You must retain your records - i.e. losing tickets - in the dvent of an audit. I'm not sure what the IRS does if you claim your profession is "Professional Gambler."
Blessed Saint Leibowitz, keep 'em dreamin' down there.....
Next week's convention for Psychics and Prognosticators has been cancelled due to unforeseen circumstances.