Sentences with phrase «gambling losses only»

You can deduct gambling losses only up to the extent of gambling winnings, and the losses can never exceed the winnings.

Not exact matches

NOW You can deduct gambling losses but only up to the amount of any gambling income during any given year.

The Atlantic gives the example of a study which had kids play a computer gambling game where the program allowed them to win early on, but later only gave out losses.

He also acknowledged something has been apparent for a long time: The Genting convention center proposal, which he announced his January 4 state of the state address, was a loss leader that could only be made whole with gambling.

Yes a good example of when someone takes a gamble on the direction of the stock, they could have gambled on going long or going short, the only difference the losses on going short are potentially unlimited.

The law does allow players to take gambling losses off their taxes, but only up to the amounts of their winnings.

Gambling losses are indeed tax deductible, but only to the extent of your winnings.

You can deduct your losses only up to the amount of your total gambling winnings.

Only four games were investigated for this report, but the Gaming Commission set out their four criteria for games to be deemed to include gambling: they need to be a game, the player must stake something that can lead to profit or loss, and the result needs to be randomised.

Only time will tell whether the Crown's loss in Barr was the result of simple oversight, or whether it was part of a larger strategy or a gamble that didn't pay off.