Of course, if you want to get really excited about the tax implications
of your losses, check out the Supreme Court case of Commissioner
v. Groetzinger, where the US Supreme Court held that "if
one's gambling activity is pursued full time, in good faith, and
with regularity, to the production of income for a livelihood,
and is not a mere hobby, it is a trade or business...", and
therefore your losses are actually deductible or at least able
to be carried forward to the next taxable year.
In that case, Mr. Groetzinger was spending 60-80 hours per week
on researching, handicapping, and wagering on dog racing, and
it was his only source of employment. So for all of us really
bad degenerates out there, there's hope after all! And I'm certain
that time spent on Tiger's Chalk Talk board should count toward
one's weekly handicapping efforts.
