1.   Judge Lewis R. Carluzzo ruled that professional gamblers can deduct losses and gambling expenses only until their winnings reach zero.

2.   Like amateur gamblers, however, professional gamblers can only deduct any losses they incur up to the amount they have won.

3.   Under current tax law, gamblers may deduct their losses from gambling winnings for a given year, similar to the way capital gains are taxed.

4.   Under current tax law, gamblers can deduct losses from their winnings, reducing their tax bills substantially.