Hi @JohnB5677 ,
Thank you for your detailed response! I'd just like to confirm your answer to make sure I am understanding you correctly:
As an example, let's assume I made one bet for the entire year, and I have the proper records according to your description. I wagered $15,000, and took home $20,000. Let's also assume I had no other gambling expenses. I know I must claim $20,000 as my gambling winnings for the year. In this example, would I claim my gambling losses to be $15,000? Or $0, since my only wager that year was for a winning bet?
