The Tax Court has ruled against an accountant who tried to deduct a portion of his gambling losses from his taxes.
Shiraz Noormohamed Lakhani, a CPA and professional gambler who bet on horse races, deducted his net wagering losses on his tax returns for 2005 through 2009, which the IRS said was in violation of Section 165(d) of the Tax Code. Lakhani argued, however, that he was entitled to deductions for pro rata shares of the track’s “takeout” from the pari-mutuel betting pools, which would wholly or partially offset his disallowed net wagering losses for those years.
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