Sports gambling has grown into a significant industry, with millions engaging in betting activities yearly. With the legalization of sports betting in several states and the expansion...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 08/11/2023
Sports betting and gambling is a two-edged sword – fun or depressing depending on your outcome. On top of that, gamblers have to deal with the complication of taxes as Uncle...
Posted by Pat Raskob on 06/06/2021
Almost every gambler looks forward to winning when they bet on a sport. Unknown to most gamblers; however, the taxman also wants his cut. Uncle Sam considers sports betting winning...
Posted by Karen Munoz, EA on 10/30/2021
You’ve waited all year, finally got your team drafted and now, game on! But, leave it to the IRS to collect a share of your team’s earnings. This year, certainly,...
Posted by CONTINENTAL TAX AND ACCOUNTING SERVICES on 10/09/2018
A lot of people are indulged in betting on the games especially over the super bowls games. The engagement of sports has compelled IRS to take out rules over the betting along with...
Posted by Larry D. Tew, EA on 05/30/2018
Gambling is any form of betting, gaming, or participation in a lottery. For a bet to legally qualify money must exchange hands, and activities must be licensed for the behavior to...
Posted by TAX DEBT GENIE, LLC on 03/05/2018
For many individual tax payers who prefer to stop by a casino for a relaxing day of cards or slots, it might surprise you to know that your winnings from the trips to the casino are...
If you're a gambler or if you intend to start gambling in 2016, then one thing you need to keep in mind is that whenever you make a loss on your gambles, you can claim a deduction...
If you won the jackpot this year at one of the Casinos, you’ll want to put a little aside for the IRS. Casino winnings are taxable, and large payouts need to account for the...