Gambing winnings vs. gambling losses

[sporto42]

Hello:

We are are working on the statement of financial affairs as we prepare to file Chapter 13.

I played in a few poker tournaments over the last year and won more than I have lost. I know I have to include the poker winnings as income, but since I won more than I lost for the last year, do I need to include any gambling losses in the statement of financial affairs? Or does the money won offset the losses.

Oh and the money used to pay for the tournaments came out of cash from my paycheck, not any credit card advances or loans? (We are filing because of a loss of a job)

Thanks for any help you can provide.

[justbroke]

I would think it's the same definition as the IRS uses. Gambling winnings actually go on Form 1040 in the part to calculate your Adjusted Gross Income (AGI). You can only claim the losses on Schedule A if you itemize. Therefore, Gambling winnings are indeed income and are reportable as part of your Current Monthly Income (CMI) on your Means Test.

As for your Statement of Financial Affairs (SOFA), it would be income not earned through employment.

You many want to check with an attorney, but I believe the definition of CMI would include your "winnings" as income.