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Discussion Forum Index --> Tax Questions --> Prizes, Gambling
Skhyatt (talk|edits) said:
| 21 February 2006
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| I have a question. If a TP enters a contest at a casino and does not have to pay any money out of pocket, wins the prize, which was cash, is there any situation where the TP could deduct gambling losses against this prize? On the face of it, it doesn't seem so. Any feedback?
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Riley2 (talk|edits) said:
| 21 February 2006
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| He can deduct his losses from other gambling activities during the year.
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Skhyatt (talk|edits) said:
| 21 February 2006
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| He can deduct those gambling losses, if any, against the prize that he won? Is there a code section? Thanks Riley2.
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Rlw (talk|edits) said:
| 21 February 2006
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| A contest in which no stakes were at risk is not a gambling activity.
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