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Message: [QUOTE="WEC, post: 2225949, member: 31731"] No, there is no carry-over loss on gambling. (well, except the stock market :) ) The best quotes were from [B]dmorris68[/B] who seems to have general smartness in many areas :) and [B]lost2qandisa[/B]. The problem with asking tax questions in a forum like this is people who do not know what they are talking about spout up with the completely wrong answers. Especially since gambling is a completely different aspect in many ways from the normal tax treatment. (note: The US Govt sticks it to gamblers almost like no other country) Seemed to me there was a tax section somewhere on the forum where someone answered questions about taxes, if not, there are several places you can find the information. As a completely general non-complex rule (which means there are alot of exceptions and complications being the US tax code), you basically owe any net profits made from poker, gambling as part of income in your tax form, which can not be reduced by any other deductions except other gambling losses. (it is much more complicated than this really, please see an accountant familiar with poker, gambling issues if you have serious questions) Net Profits is really the wrong term as if you follow the rules exactly it is more complex than that, but it seemed a simple enough term. (Another note: A nonresident alien of the United States cannot deduct gambling losses on Schedule A of Form 1040NR) Stick it to the aliens, lol From the IRS themselves... [I]It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. [/I] The funny thing is, if you keep a daily written record of your gambling activities throughout the year, including buyins, cashouts, profits, the IRS will accept the document as accepted proof of those wins and losses without further detail in most cases. But try to make this document all in one day as you prepare for an audit, and watch yourself go down in flames... [/QUOTE]

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