Japan gambler claims bad bets are tax deductible

    A Tokyo court is hearing the case of a gambler seeking to claim that his bad bets, amounting to about 7.27 billion yen ($71.4 million), from horse racing should be tax deductible, according to Japanese media. He won 7.84 billion yen over a six year period and claimed the 570 million yen profit as “miscellaneous income.” He claimed the losing stubbs represented a legitimate cost of his business. However, the tax bureau claims he has failed to declare millions of yen in income over the same period. In a similar case a year ago, the Osaka District Court ruled that losses on horse racing bets can be regarded as business expenses in certain circumstances.