2006-10-19 09:49:03 · 4 answers · asked by kcollahm 1 in Business & Finance ➔ Taxes ➔ United States
Gains in 2006 can be offset by Losses in 2006. Same year I do believe.
2006-10-19 09:52:56 · answer #1 · answered by EAA Duro 3 · 2⤊ 0⤋
The first 3 answers are correct. Below is a link to the IRS answer.
Here are some general guidelines on gambling income and losses:
• Reporting winnings: The full amount of your gambling winnings for the year must be reported on line 21, Form 1040. You may not use Form 1040A or 1040EZ.
• Deducting losses: If you itemize deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). You cannot deduct gambling losses that are more than your winnings.
It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.
2006-10-19 18:31:47 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Only the current year.
2006-10-19 17:00:59 · answer #3 · answered by nova_queen_28 7 · 1⤊ 0⤋
Just for the current year I'm afraid.
2006-10-19 16:56:51 · answer #4 · answered by Pundit Bandit 5 · 1⤊ 0⤋