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.
ADJUSTED GROSS INCOME: GAMBLING LOSSES Syllabus: Gambling losses (to the extent of gambling gains) are deductible in computing adjusted gross income insofar as they are attributable to a trade or business (subject to the illegal activities limitation of Section 17297 of the Personal Income Tax Law). Advice is requested as to whether gambling losses (to the extent of gambling gains) are deductible in computing adjusted gross income or are only deductible from adjusted gross income in computing net income. Section 17072 of the Personal Income Tax Law defines adjusted gross income as meaning gross income minus specified deductions, among which are those