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Gambling income/losses (hobby)...
Did you read the Statement of Financial Affairs carefully?
Stephen
Sent: Thursday, October 14, 2010 10:19 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Gambling income/losses (hobby)...
Dear Listserv Mates:
Filing Chapter 7 for client who engages in frequent gambling to the extent
of winnings of about $100,000 and losses just above that amount each year
for the past two years. It is a hobby, not his means for income. Since there
is no profit, or actual income after consideration of losses annually, does
it need to be reported in the petition? If it does, where?
Regards,
Stephen M. Stern, Esq.
Yahoo! Groups Links
The post was migrated from Yahoo.
Dear Listserv Mates:
Filing Chapter 7 for client who engages in frequent gambling to the extent of winnings of about $100,000 and losses just above that amount each year for the past two years. It is a hobby, not his means for income. Since there is no profit, or actual income after consideration of losses annually, does it need to be reported in the petition? If it does, where?
Regards,
Stephen M. Stern, Esq.
The post was migrated from Yahoo.