My son is in a similar situation. When he filed he found out he had to give
up the standard deduction to use Schedule A to claim losses. He gave up
gambling but has returned to gamble much less frequently & at a lower level. He
doesn't gamble for comps anymore as he piggybacks on my comp gambling which
makes a lot more sense tax-wise.
In a message dated 6/25/2004 1:12:08 PM Pacific Standard Time,
vpFREE@yahoogroups.com writes:
<<< Date: Fri, 25 Jun 2004 08:43:01 -0000
...
Here's another one that bites me - I'm sure there are a half dozen
more other people can name. I don't own a house or have kids or buy
tax shelters or borrow money, so I have virtually no itemizable
deductions. I just started VP this year so I haven't filed yet for a
gambling year, but if I recall correctly, gross gambling income gets
added on the front of the form, but gambling losses are deductible on
schedule A. So the net effect is the first couple thousand of losses
are not decuctible for me because first I have to get past what would
have been my standard deduction if I had not itemized.>>>
[Non-text portions of this message have been removed]
ยทยทยท
From: "blaw57" <blaw57@yahoo.com>
Subject: Re: Getting robbed (by tax code) was "keeping your $$$$ safe "