Gamblers Can Write Off Expenses
According to a January, 2011 ruling by the United States Tax Court, professional gamblers' expenses to reach a casino or racetrack, and other expenses associated with the activity of gambling, can be written off
The news comes via an article by the Las Vegas Review-Journal, which quotes University of Nevada, Las Vegas Boyd School of Law Professor Steve Johnson as saying, "What the decision says is that gambling is a business trade that is not any different than any other profession. A professional gambler can deduct business expenses."
The report explains that the ruling deals with questions brought forth by professional California gambler Robert Mayo. On his 2001 tax return, Mayo listed automobile and related costs, fees for race handicapping information and other research purposes as listed expenses.
The court ruled that the listed costs were legitimate business expenses.
(With files from Las Vegas Review-Journal)