Quote Originally Posted by DJD View Post
Lowerider,
Great info! In your opinion does gambling fall under any of the critera of having fun and trying to make money? Once heard that losses in that can be a write off. I know i'm getting off the subject a little but i would love to hear a professional opinion. Thanks.
You can write off gambling losses, but only if they are equal to or less than the amount of winnings you declare. So if you spent $5000 gambling, and only won back $3000, you can only write off $3000.

Here's where the IRS spells it out on their web site:

http://www.irs.gov/taxtopics/tc419.html