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Man learns casino losses not deductible

TORONTO, Feb. 6 (UPI) -- A Toronto gambling enthusiast was dismayed to learn gambling losses do not constitute businesses expenses, the Toronto Sun reported Monday.

Giuseppe Tarascio, described in Canada's Court of Appeals as a Bell technician by day and high roller by night, attempted to claim more than $96,000 in gambling losses over two years as a tax deduction. He claimed his interest in horses, slot machines, casino games and lotteries had elements "of a hobby or personal venture and a business."

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Tarascio combined that with his claim in court that "his degree in mathematics, including probability theory, constitutes his special knowledge and skill as a gambler."

But Judge John M. Evans stated in his decision the "gambling activities did not constitute a business."

"I could have won this case if I had a lawyer," Tarascio said after the ruling, the Sun said. "If the casinos can make money from me, then I should be able to claim the amount."

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