Ohio Gambling Losses

[Jean]

Adding to my former reply:

<<<<I'm wondering if anyone can tell me if I can deduct losses to offset my
W2-G winnings if I have to file taxes in the state of Ohio.>>

I had to check the chart giving information for all 50 states, in my own tax
book, to answer this question. Don't start packing! Ohio is one of the
unfriendly-to-gamblers states and you can not deduct losses to offset your
winnings.>>

As someone else mentioned, this disadvantage CAN be avoided if you file federally as a professional gambler, but I must repeat the same warning. This option is extremely difficult to get upheld unless you gamble "full-time" and it is your major source of income. Not impossible in other circumstances but very difficult.

I haven't lived in Ohio, but I lived for many years, before we moved to Las Vegas, in Indiana which has the same restriction as Ohio about not allowing you to claim losses. In fact, because I had to do so much research so I could "educate" my non-gambling Indiana accountant, that was the beginning of what eventually, with Marissa's input, became "Tax Help for the Frugal Gambler." We emphasize in the book all the time that you need to seek professional help with your gambling tax issues. The purpose of the book is to help you become knowledgeable enough so you know when you have a tax problem and whether your tax professional really knows the in's and out's of these problems. So many very good tax preparers do not gamble themselves and/or do not know enough about gambling tax issues to give you the best advice.

···

________________
Jean $�ott
The new " FRUGAL VIDEO POKER
SCOUTING GUIDE" and other frugal
products are available at my Web site,
http://queenofcomps.com/.

[whitejeeps]

Exactly Jean

A few years ago my accountant had to exit the accounting business
quickly, as he had some kind of tax problem himself. Along comes a
jr. helper who suddenly was the "owner" of the firm. He is and was a
good tax person. In those days it was a 10 employee firm. Next
comes my tax return and I about fell through the floor. BIG tax
payment for fed as no loss deductions were taken. I actually had to
debate new guy for a few minutes till new accountant agreed to
confirm my info and redo the return; if I was right. He knows about
gambling wins now. Today, years later, he still is amazed when he
gets my paper work and stack of W2Gs ranging from $1200 to $20,000.
He and his wife took their first ever trip to Vegas and even
gambled $50 in vp machines. They chose Vegas because he wanted to
see this place where I "make all that cash".

Cheers....Jeep

Adding to my former reply:
I haven't lived in Ohio, but I lived for many years, before we

moved to Las

Vegas, in Indiana which has the same restriction as Ohio about

not allowing

you to claim losses. In fact, because I had to do so much

research so I

could "educate" my non-gambling Indiana accountant,

and whether your tax professional really knows the in's and out's
of

these problems. So many very good tax preparers do not gamble

themselves

and/or do not know enough about gambling tax issues to give you

the best

···

--- In vpFREE@yahoogroups.com, "Jean Scott" <queenofcomps@...> wrote:

advice.
________________
Jean $¢ott
The new " FRUGAL VIDEO POKER
SCOUTING GUIDE" and other frugal
products are available at my Web site,
http://queenofcomps.com/.