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Gold or Platinum Membership

BuzzsawAnn's avatar - nw shadow.jpg

 

  If  one joins the gold or platinum membership can you deduct the cost as expenses when you win big or will the IRS challenge your deduction?

Todd's avatar - Cylon 200.jpg

Now that's an excellent question!  Any accountants out there know the answer?

paurths's avatar - underground

If i win euromillions next friday i'll be happy to buy everyone here, that has posted since last friday upto upcoming friday, a platinum membership lol Jester

Developer's avatar - logo2 small.jpg

No betting is not an expense, its a past time, besides would you really want to bother your self with that if you just won all that money, I would be out looking for Cars, Houses and Holidays

Uff Da!'s avatar - InCelebration 001.jpg

 

  If  one joins the gold or platinum membership can you deduct the cost as expenses when you win big or will the IRS challenge your deduction?

I'm not an accountant, but I strongly suspect that the answer may depend upon whether you are a professional gambler or, like most of us, a "hobby" player.  At least that's how it works with deducting expenses and selling one's crafts.

Clairvoyance's avatar - eye storm.jpg

My Word, if I won the big bucks, I would not worry about deducting my LP membership fee!!! It is a very reasonably small fee any way! I would probably even slip Todd some money so that he did not have to pay out of pocket to keep LP running!

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My Word, if I won the big bucks, I would not worry about deducting my LP membership fee!!! It is a very reasonably small fee any way! I would probably even slip Todd some money so that he did not have to pay out of pocket to keep LP running!




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