06-20-2015, 08:21 AM
(06-20-2015, 12:23 AM)Benton Wrote: Any could, provided you gain from it. Golf tournaments, fishing tournaments, archery competitions, paid musicians, artists who sell their work, sailors entering races, motorbike racers, race car drivers. If I have stacks of unsold paintings, does that mean I can claim them as a loss? If I lose a race, can I balance that with the purses from the wins?
No. It's just with the gambling industry.
As far as winning, I think it's mostly the honor system up until you win a certain amount. I dunno, I don't gamble at casinos much. I know if you win over a certain amount you have to claim it.
As far as the hands you win/lose, I would suppose it's more dollars and less quantity of hands.
And they can all deduct things like entry fees.
Ok so I bet $1000 a hand and win 5 and lose 5. You really think I should have to pay tax on the 5 I won? You don't think it should be net winnings?
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