Regarding U.S. income tax, is there any year-to-year 'carry-over' permitted for gambling losses? If so, are there any limits, and how many years can be carried over / aggregated? I'm pretty sure that I know that the answer is 'no', but I just want to be sure.
Thanks.
Bill Velek
You are right.
No.
-----Original Message-----
From: Bill Velek [mailto:billve…@…net]
Sent: Friday, December 05, 2003 7:57 AM
To: vpfree@yahoogroups.com
Subject: [vpFREE] Gambling and U.S. Taxes: Any carry-over of losses
permitted?
Regarding U.S. income tax, is there any year-to-year 'carry-over'
permitted for gambling losses? If so, are there any limits, and how
many years can be carried over / aggregated? I'm pretty sure that I
know that the answer is 'no', but I just want to be sure.
Thanks.
Bill Velek
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[Non-text portions of this message have been removed]
Regarding U.S. income tax, is there any year-to-year 'carry-over'
permitted for gambling losses? If so, are there any limits, and
how many years can be carried over / aggregated? I'm pretty sure
that I know that the answer is 'no', but I just want to be sure.Thanks.
Bill Velek
You are correct...the answer is no...so lose your money in the stock
market, where you can carry forward losses (with limitations).
Don the Dentist