Gambling Loss question on Statement Financial Affairs
Date: Sat, 05/09/2009 - 11:20
I am a pro se filer. ON the Statement of Financial Affairs for filing bankruptcy (in my case chp.13) but same form for both 7 & 13, there is a question that states; list all losses from fire, theft, other caualty or gambling within one year. Does anyone know what is considered Gambling Loss for the purpose of this question? Are they talking about cash advances on your credit card company to a particular betting establishment? And who is to say that is a loss or not? Maybe the person won with that money. Or lets say you just took 50.00 cash debit out of your account and for recreation went to the track and came back with O. And throughout the year you may have won consistantly too. Let's say you went for recreation throughout year to slots or track and won some and loss some and made hundreds and hundreds of transactions that you wouldn't have a clue about now? What are they actually asking with this question?
Probably because you can use losses to offset winnings on your t
Probably because you can use losses to offset winnings on your tax return but you cannot claim a net loss, only a net gain.
