In a message dated 11/05/05 1:18:03 AM Pacific Standard Time,
vpFREE@yahoogroups.com writes:
Would this be acceptable from an IRS standpoint? I was thinking a
stolen voucher would have to be declared as a casualty or theft loss
versus an offset of gambling wins, although I am not knowledgeable
You are correct stolen cash is a casualty loss usually subject
to 10% of income(agi) + 100 dollars and then transferred to sch. A as an
itemized so a stolen 650 ticket would proalbly do no tax good to any recreational
gambler (a police report should be filed to back up any deduction).From a prior
thread on taxes Jean mentioned she files as a subchapter S corporation with
her writings and other activities as well as her and Brad gambling as corp.
activities so a business casualty loss has no floor (nothing is subtracted from
it) and goes directly agianst the business gain or loss so for her tax effect
would be the same as what she did. Hey if Jean Scott is not her real name, Is
Brad real name Brad?
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