Harlan Lunsford <fe9g62$4t3$1[at]panix3.panix.com> wrote:
- quote -

God has already gotten me, allowed me to be born on the
Superior South Side of Chicago, and told me to move to the
the Promised Land of North Carolina where on the seventh
day God went to rest - all of this was tax-free.

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Dick Adams wrote:

- quote -

God will get you for that, Dick Adams!

ChEAr$,
Harlan

p.s. - there's always next year.

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Dick Adams wrote:

- quote -

I imagine if their doctor prescribed them to make the bet.
Otherwise it's over the counter.

- quote -

Good try. Unfortunately it would be subject (where gambling
is not legal) to the in pari delicto argument. It says that
if your loss was incurred as a result of engaging in illegal
conduct, you're out of luck.

In states where gambling is legal, you might well get away
with it - subject to the theft loss floor.

Stu

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- quote -

Who owns the Cubs nowadays? Depending on the answer to that
question, a delusional (and/or delirious) person could
plausibly argue that the Cubs' woes have been subsumed into
the global Zionist-Free Masons conspiracy.

Medical expenses are only deductible to the extent they
exceed 7.5% of AGI. And I believe fraud losses fall within
the gambit (no pun intended) of casualty losses, which must
exceed 10% of AGI. Gambling losses on the other hand are
deductible without regard to any AGI limitations (of course
one must itemize). So as long you show gambling winnings
from some source, your ill advised bets on the Cubs are
fully deductible on Schedule A as miscellaneous itemized
deductions not subject to the 2% of AGI floor.

Condor

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Is it possible for those people who bet money on the Chicago
Cubs to win the National League Division Series against the
Arizona Diamondbacks to deduct their losses as medical
expenses on the basis that those bets were made due to
severe mental health problems - specifically hereditary
delusionment and self-medication with fortified wine?

How about deducting these bets as fraud losses as the
bettors were defrauded into believing the denizens of the
Wrigley Graveyard were actually a Major League Baseball team.

Dick

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