Gambling Wins/Losses

[Burke]

Have clients who file MFJ. One spouse has net winnings over losses, other spouse has net losses, no winnings. Can one spouse's net losses be used against other spouses net winnings? TTB does not address this.

[BOB W]

Have clients who file MFJ. One spouse has net winnings over losses, other spouse has net losses, no winnings. Can one spouse's net losses be used against other spouses net winnings? TTB does not address this.

I do it all the time..... but it is a good question.....Joint return, joint money used, not a professional gambler, Humm........................

[Burke]

If I key the amounts separately into my software using each spouse's info, it nets them on the return. So that is what I am going to do. Thanks.

[New York Enrolled Agent]

Have clients who file MFJ. One spouse has net winnings over losses, other spouse has net losses, no winnings. Can one spouse's net losses be used against other spouses net winnings? TTB does not address this.

Even if the TTB does not address this, the good news is that the income tax regulations do!!!

Reg §1.165-10 allows COMBINED losses of the spouses to the extent of COMBINED winnings of the spouses.

[Burke]

Thanks. I could not find it in my other IRS sources either.