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Get your taxes done using TurboTax
These losses would be considered gambling losses. You can only deduct gambling losses if you have gambling winnings. Since you only have losses, these would not have an impact on your tax return this year.
Had you received a Form W-2G from a casino with $10k in winnings, then you could offset it with your losses as an itemized deduction.
If your state does not consider these activities gambling, and instead a game of "skill", then you would be in a hobby situation. Unfortunately, the scenario is more or less the same.
You can only deduct hobby expenses up to the amount of hobby income.
May 31, 2019
5:02 PM