Can you write off gambling losses in florida?

Reporting Losses – A taxpayer may deduct gambling losses suffered in the tax year as a miscellaneous itemized deduction but only to the extent of that year's gambling gains.

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2023-08-18 23:34:35

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What is the biggest gambling loss ever?
1. TERRANCE WATANABE: $127 MILLION. Terrance Watanabe was the son of a successful businessman, inheriting the Oriental Trading Company when his father died in 1977. However, he was more interested in gambling than business, and sold the company in 2000 to turn his attention to Baccarat
Baccarat
Baccarat or baccara (/ˈbækəræt, bɑːkəˈrɑː/; French: [bakaʁa]) is a card game played at casinos. It is a comparing card game played between two hands, the "player" and the "banker". Each baccarat coup (round of play) has three possible outcomes: "player" (player has the higher score), "banker", and "tie".
https://en.wikipedia.org › wiki › Baccarat
Baccarat - Wikipedia
and Blackjack.
2024-01-18 20:22:56

What amount of gambling losses are deductible?
Gambling Losses
The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized Deductions."
2023-08-26 14:50:27

Does florida allow gambling losses?
So, winnings and losses are treated the same as for any other gambling activity, and the amounts paid to buy raffle or lottery tickets or to play bingo or other games of chance are not deductible as a charitable contribution.
2023-02-02 15:11:05

Can 18 year olds gamble in florida?
Lottery: Limited to players over 18. Pari-mutuel betting: Florida has not only dog and horse tracks, but also jai-alai. State statutes prohibit wagering by a person under the age of 18 but permit admittance if the minor is accompanied by a parent or legal guardian.
2023-01-15 15:02:21

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