ADamR: gambling winning are not entiitled to any deduction

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nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
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ADamR: gambling winning are not entiitled to any deduction

Post by nelsona »

ND's comment about applying a $3000 exemption is incorrect No such exemption exists.

Gambling winnings are not connected income, therefore they go on the NEC shedule, with NO exemption, deduction or credit possible, since there is no lower treaty rate than the 30%.

Recorded losses are your only allowable deduction.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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