Question

How to categorized/chart of account gambling transactions

Hey,

I was wondering how do i categorized my gambling transactions, and make their appropriate chart of account

Gambling winnings is income and gambling costs are expenses, create an account of each type in the chart of accounts and name them.

Per the IRS, you can ONLY deduct gambling losses (expense) that are equal to the amount of gambling winnings (income).

Thank you for your answer

Do you know which type of sub income & expense charter of account i should use specifically for this gambling purposes.

Detail type is an intuit invention, it only exists in the intuit world and really only serves to title the account.

Pick one you like

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