Gambling Losses

Forum|Forum|1 year ago
November 7, 2024
2 replies
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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.

xmasbaby0

Employee

Business losses? Are you a professional gambler?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

tlazarouAuthor

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

xmasbaby0

Employee

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

VolvoGirl

Employee

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

tlazarouAuthor

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.

TomD8

Employee

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.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.