Is the IRS Coming for Your Gambling Winnings?
Is the IRS Coming for Your Gambling Winnings? by Kate Schubel, Kiplinger Personal Finance The latest tax audit on unreported income points to high-income, high-wealth gamblers. Could that be you? A new report is shining light on a problem at the IRS that could impact millions of those who enjoy gambling: a huge gap in […]
How to Write Off Gambling Losses on Your 2024 Tax Return
How to Write Off Gambling Losses on Your 2024 Tax Return Gambling comes with wins and losses—and it’s a good idea to keep track of both. According to IRS rules, gambling wins are taxable and must be listed on your tax return. If you have a winning year, you’ll pay extra taxes. But there is […]
Taxes on 2023 Gambling Wins: What You Need to Know
Gamblers know that your finances can change with one lucky bet. Whether you pump money into a slot machine or wager that your favorite team will win, success could mean a windfall. However, be prepared for Uncle Sam to take a cut. The IRS has very specific rules about taxing gamblers, and if you’ve hit […]
Casino Winnings
Every year, lucky gamblers strike gold in Las Vegas. Whether you hit a slots jackpot or win a fortune playing table games, winning big can be electrifying. However, as every casino winner soon discovers, handling significant winnings involves more than just cashing in your chips. You need to understand the tax implications of your windfall. […]
WSOP 2022 Update: Nonresidents Face ITIN Issues
If you have been to the WSOP this year, you have probably noticed many changes from past years. There are two new venues, larger rooms and new tournament chips. However, unless you are a nonresident, then you may not have noticed one of the largest issues players face this year: the WSOP is not able […]
Michigan Allows Gambling Loss Deduction for 2021
Prior to 2021, Michigan was one of the few remaining states that did not allow recreational gamblers to deduct gambling losses on the state level (this includes losses related to poker, slot machines, sports betting, table games, etc.). While professional gamblers were able to deduct their gambling losses on Schedule C, as it is considered […]
Are Online Lotteries Gaining Steam?
In recent years, states have taken their lotteries online to boost ticket sales and increase profits. Georgia launched their online lottery program back in 2012, but last week, they rolled out a new addition to their program. The state partnered with Gtech, an Italian gaming company, and expanded the game library offered online. Along with […]
Proposed Regulation Could Change Poker in Nevada
If you walk through the halls of the Rio during the World Series of Poker, or through any poker room for that matter, you will quickly discern that many players are involved in a staking arrangement of some kind. Whether backed or swapping action, players have realized that it is less risky to parcel out […]
Your 2014 Tax Return – Part I: Sources of Income
Another tax season has snuck up on us already. Tax organizers have already been sent to clients to prepare them for the challenging tax season ahead. Once they receive this subtle reminder that tax season is looming, clients who are trying to stay ahead will email or call me and ask what they can be doing […]
Professional Gamblers Tax Guide
The start of the new year brings many resolutions, some that will be kept and others that will be broken. Whether it is a resolution, or not, everyone should make an effort to begin documenting their tax year starting today. Many of my clients have heard me say this year after year, and most of […]
