26 C.F.R. § 1.165-10
Wagering losses
Losses sustained during the taxable year on wagering transactions shall be allowed as a deduction but only to the extent of the gains during the taxable year from such transactions. In the case of a husband and wife making a joint return for the taxable year, the combined losses of the spouses from wagering transactions shall be allowed to the extent of the combined gains of the spouses from wagering transactions.
Notes of Decisions
Cited in 22
cases, 1965–2017 · leading case: Zarin v. Comm'r, 92 T.C. 1084 (Tax Ct. 1989).
Zarin v. Comm'r, 92 T.C. 1084 (Tax Ct. 1989). “The regulation, however, provides that wagering losses "shall be allowed as a deduction but only to the extent of the gains during the taxable years from such transactions.”
Rios v. Comm'r, 2012 T.C. Memo. 128 (Tax Ct. 2012). “The issue is whether petitioner is entitled to offset this income with gambling loss deductions of $86,600 and $214,140 claimed for the 2003 and 2006 tax years, respectively. In the case of a taxpayer not engaged in the trade or business of gambling, gambling losses are…”
Umstead v. Comm'r, 44 T.C.M. 1294 (Tax Ct. 1982). “4 *172 Petitioner argues that such treatment is "very unjust because when LINE 31 [adjusted gross income] is inflated by non-existent (sic) earnings the taxpayer who itemizes loses medical and dental deductions they would otherwise be entitled [to].”
Boneparte v. Comm'r, 2017 T.C. Memo. 193 (Tax Ct. 2017). “Section 165(d) is applied by comparing the gains from wagering transactions for the year with the losses from wagering *198 transactions for the year. Sec. 1.165-10, Income Tax Regs. If the gains exceed the losses, then there is a deduction equal to the losses.”
Scoccimarro v. Comm'r, 39 T.C.M. 486 (Tax Ct. 1979). “" Under Treas. Reg. § 1.165-10 , such losses are limited to the extent of gains from such transactions during the taxable year.”
Whitman v. Comm'r, 50 T.C.M. 1322 (Tax Ct. 1985). “OPINION Gambling winnings are includable in gross income, sec. 61; gambling losses are deductible only to the extent of the taxpayer's gambling winnings during the same taxable year, section 165(d); section 1.”
Compton v. Comm'r, 47 T.C.M. 124 (Tax Ct. 1983). “12 Respondent attempted to prove indirectly that Woodrow has net income from gambling through a net worth analysis.”
Stein v. Comm'r, 48 T.C.M. 724 (Tax Ct. 1984). “Section 61. Moreover, gambling losses are deductible only to the extent of the *267 taxpayer's winnings from similar transactions.”
Klein v. Comm'r, 47 T.C.M. 725 (Tax Ct. 1983). “165-10, Income Tax Regs. Petitioner attached a schedule to his income tax return which showed losses from three gambling trips during the months of April, June and December, 2 all subsequent to his January 1978 trip.”
Lyszkowski v. Comm'r, 69 T.C.M. 2751 (Tax Ct. 1995). “165(d) allows a deduction for gambling losses to the extent of gains from such transactions within the same taxable year. Sec. 1.”
Viso v. Comm'r, 2017 T.C. Memo. 154 (Tax Ct. 2017). “In the case of a husband and wife making a joint return for the taxable year, the combined losses of the spouses from wagering transactions shall be allowed to the extent of the combined gains of the spouses from wagering transactions.”
Donovan v. Comm'r, 24 T.C.M. 1325 (Tax Ct. 1965). “165-10 of the Income Tax Regulations , such losses are limited to the extent of the gains during the taxable year from such transactions.”
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