Las Vegas Launching a video blog channel on YouTube

Thank you for the help

What I'm wanting to know about is all of these Las Vegas bloggers on YouTube. I know they can write off the money they spend on rooms, food, shows, etc, etc..... But the ones that play the machines and table games and record their play to post on YouTube or Twitter, if they are down say $5,000 for the year, can they write that loss off against any money they receive for shooting these videos since they're in essence, a "business expense". I know a regular gambler can only write off losses up to the money they lost ( tons of record keeping involved). I'm thinking about starting something along these lines and would like some input.

I'm going to consult a tax pro should I decide to move forward, but I would like your take on the matter.

Thank you,

Ray

 

Nobody???????

 

Gambling losses are generally only deductible to the extent of gambling winnings. However, there is an exception for professional gamblers. A professional gambler is someone who makes a profit from gambling over a period of time. If you are a professional gambler, you can deduct your gambling losses up to the amount of your gambling winnings.

The IRS defines a professional gambler as someone who:

• Makes a profit from gambling over a period of time;
• Bets for a livelihood; and
• Keeps records of their gambling activities.

If you are a professional gambler, you can deduct your gambling losses on Schedule C of your tax return. You will need to keep accurate records of your gambling winnings and losses, as well as any expenses related to your gambling activities.

The IRS does not specifically address whether or not the money spent on gambling as a YouTube blogger can be deducted as a business expense. However, it is possible that it could be considered a business expense if you can show that the gambling losses are incurred in the course of your business.

For example, if you are a YouTube blogger who makes videos about gambling, and you spend money on gambling in order to produce the videos, you could argue that the gambling losses are a business expense. However, it is important to note that the IRS may not agree with this argument, and you could be audited if you deduct the gambling losses.