Yes, you may deduct gambling losses from your federal U.S. taxes, but only to the extent that you have winnings to offset. What a crock. There are so many different taxes that we pay on a daily basis, i.e. sales tax, gasoline tax, cigarette tax, liquor tax, excise tax, city tax, use fees, even our utility bills have several taxes added. Totalled up, we pay out 50% or more of our income in taxes, which is just totally insane. I'm lucky to have a good income and have the ability to make frequent wagers on horseracing. I'm sure it's only a matter of time before the U.S. government finds a way to tax my Australian punts.

Glenn

[ This Message was edited by: TheAvenger on 2004-03-18 03:46 ]

[ This Message was edited by: TheAvenger on 2004-03-18 04:29 ]