topic Gambling Losses in State tax filing

Gambling Losses

tlazarou — Thu, 07 Nov 2024 17:14:44 GMT

Is there a separate OK form to complete to report business losses attributable to Ok business activity? I live in Texas but has gambling winnings losses/winnings from Ok. Filed my 2023 Federal with OK part-time resident tax return which shows gambling losses. I received a letter from OK tax commission saying I owe more money because I didn't provide documentation showhing business losses. Has anyone had similar situation? Not sure what other documentation is needed since a profit or loss from business was filed with Ok tax return.

Re: Gambling Losses

xmasbaby0 — Thu, 07 Nov 2024 17:27:55 GMT

Business losses? Are you a professional gambler?

Re: Gambling Losses

tlazarou — Thu, 07 Nov 2024 19:12:40 GMT

Not sure what is considered a professional but I do play a lot si I started to report my losses and gambling expenses.

Re: Gambling Losses

xmasbaby0 — Thu, 07 Nov 2024 19:21:27 GMT

Please explain why you believe your gambling losses can be "business losses."

Re: Gambling Losses

VolvoGirl — Thu, 07 Nov 2024 19:21:53 GMT

Do you have a business separate from the gambling? Like file Schedule C for self employment on your federal return?

Re: Gambling Losses

Tinamae — Sun, 10 Nov 2024 12:44:45 GMT

Yes I do. Husband and I have 2 schedule C filed with our joint returns. One for his plastic models he sells online and the other is for my gambling.

Re: Gambling Losses

TomD8 — Mon, 11 Nov 2024 16:51:43 GMT

It sounds like Oklahoma is asking you to document or substantiate the gambling losses that you claimed on your federal Schedule C. You'd have to contact the Oklahoma Tax Commission to find out what kind of documentation they require. There should be contact information on the letter you received.