Underage Gambling

[caretohuan]

What is the name of your state? Texas

Im an underage gambler, and have been for the past two years. I've lost nearly 5 thousand dollars. I did not know that gambling under the age of 18 online is illegal until recently. Is there anything i can do about losses?
Edit/Delete Message

 

[divgradcurl]

What is the name of your state? Texas

Im an underage gambler, and have been for the past two years. I've lost nearly 5 thousand dollars. I did not know that gambling under the age of 18 online is illegal until recently. Is there anything i can do about losses?
Edit/Delete Message

If you can properly document the losses, you can deduct them against your gambling winnings when you pay your taxes on your gambling winnings. But other than that, of course not -- even if it did matter -- and it doesn't -- nobody will ever believe that you were sophisticated enough to engage in thousands of dollars worth of online gambling yet not know that you had to be 18 to gamble. Ain't gonna fly, and it is entirely irrelevant even if it did fly. Suck it up, stop gambling online, go on with your life.

 

[ceara19]

If you can properly document the losses, you can deduct them against your gambling winnings when you pay your taxes on your gambling winnings. But other than that, of course not -- even if it did matter -- and it doesn't -- nobody will ever believe that you were sophisticated enough to engage in thousands of dollars worth of online gambling yet not know that you had to be 18 to gamble. Ain't gonna fly, and it is entirely irrelevant even if it did fly. Suck it up, stop gambling online, go on with your life.

The IRS is not going to allow a deduction for monetary losses suffered during the commission of a crime. However, they WILL collect taxes on proceeds GAINED during the commission of a crime.

 

[divgradcurl]

The IRS is not going to allow a deduction for monetary losses suffered during the commission of a crime. However, they WILL collect taxes on proceeds GAINED during the commission of a crime.

I realize that -- I was being facetious in my answer, and I guess the intent didn't come through clearly...

 

[ceara19]

I realize that -- I was being facetious in my answer, and I guess the intent didn't come through clearly...

Sorry I didn't realize you weren't serious.