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$500K gambling loss deduction not allowed

23 March 2011

ILLINOIS -- A court challenge by a couple to claim gambling losses as a tax deduction has failed, Courthouse News reported.

The decision came along with the demand for $60,382 in owed tax on Jerry and MaryLou Byrd's casino winnings, the report said.

The Judge ruled that gambling losses could not be deducted because the couple were "recreational gamblers" and gambling was not their full time business, Courthouse News reported.

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