Big Gambling Losses

Gambling losses were allowed, but in an amount less than claimed by the taxpayer. In justifying its findings, the court stated, “We are convinced, on the whole, that petitionerwas a truthful and candid witness.” In Doffin, 43 the court estimated and allowed IRS-rejected gambling losses. The court looked at the taxpayer’s lifestyle. I don't have to pay for AMT,because it is less than the regular income tax.Since the misc. Income is so big, I am not able to qualify for state tax and real estate tax deduction (under new rule for 2013).I have to pay 28% tax bracket after the gambling loss $680,000 get deducted from adjusted income. The desperation phase – taking irrational risks in hope for a big win that will offset all previous losses In the winning phase, the gamblers usually win big and then start to have a skewed perception of their chances which emboldens them to continue gambling. Gambling Losses May Be Deducted Up to the Amount of Your Winnings. Fortunately, although you must list all your winnings on your tax return, you don't have to pay tax on the full amount. You are allowed to list your annual gambling losses as an itemized deduction on Schedule A of your tax return.

1. Huge Gambling Losses
2. Big Cat Gambling Losses
3. Big Gambling Losses

Hi All
I have recently been looking and reading this forum since I made a huge loss on online roulette, and online blackjack.
It all started with watching some videos on You Tube, and a particular channel of this guy making and losing money. I thought wow this guy is using REAL money, and not fake play to show his gambling sessions.
This re-ignited a flame as I have gambled online, in bookies, and in casinos in the past.
The flame was now lit, and I initially started with depositing £20, and then the online casino doubled it.
In the past I had never done this deposit match, I just deposited my own money so I didn't have to meet the bull**** wagering requirements.
Basically I ended by gambling only on roulette, but then moved onto blackjack because the You Tube Channel I was watching daily made it look so easy to win at both roulette and blackjack.

Huge Gambling Losses

I ended up losing £6000 in a matter of an hour initially chasing a loss of £100. I had to start moving money from my savings accounts, and felt physically sick when I made this loss.
I new that I could carry on, and either max out my overdraft, credit cards available to me etc, but it was at that point I knew I never wanted to GAMBLE AGAIN as I did not want to lose my money.
I think I am a BINGE gambler, the reason I say this is because did not gamble before stumbling upon this You Tube channel.
I also want to add I am extremely tight with my money. I have a wife of 8 years, and a 2 year old daughter, and try to save where ever I can always looking out for deals here and there.

Big Cat Gambling Losses

Big Gambling Losses

How can I forget about the losses and see the loss as a positive?