DEFINITION of 'Invoice'. A commercial document that itemizes a transaction between a buyer and a seller. An invoice will usually include the quantity of purchase, price of goods and/or services, date, parties involved, unique invoice number, and tax information.If goods or services were purchased on credit, the invoice will usually specify the terms of the deal, and provide information on the available methods of payment.n invoice will usually include the quantity of purchase, price of goods and/or services, date, parties involved, unique invoice number, and tax information.
Gambling losses are deducted on Schedule A as a miscellaneous deduction and are not subject to a 2% limit. This means that you can deduct all losses up to the amount of your winnings, not just the amount over 2% of your adjusted gross income.
Second, the amount of losses you deduct can't exceed the amount of gambling income reported on your return. As a professional, if you have a gambling loss that exceeds your winnings, you cannot deduct the loss. Your tax loss from the business of gambling can exceed your gambling income but not your gambling loss. If it's your real job and you lose money, then you can deduct those losses, she said.