Hollywood Gambler Sues IRS For Deduction After $2.9 Million Loss

A Hollywood professional gambler sued the IRS for disallowing more than $1.69 million of his gambling loss itemized deduction, arguing the IRS made a mistake when analyzing his finances.

Craig Fischer asked the US Tax Court to toss the government’s deficiency notice, which adjusted down his sustained gambling losses for tax year 2021 from $2.93 million to just $1.24 million. Fischer told the court that his $2.93 million loss had been verified by Hard Rock Casino, and that the IRS engaged in faulty bank account analysis to reach its adjusted figure.

By considering only the money that left Fischer’s bank ...