Gambilng

/Tag:Gambilng

The Difficulty of Proving that You Are a Professional Gambler

By | August 15th, 2011|Categories: Potpourri of Tax Topics|Tags: , , |

A taxpayer from North Carolina had more than $15,000 in gambling expenses disallowed by the IRS after the taxpayer tried claiming the expenses as business deductions.  The case went to Tax Court, and the Court sided with the IRS.  The case shows that it’s hard to be classified as a “professional gambler” for tax purposes, even [...]

Comments Off on The Difficulty of Proving that You Are a Professional Gambler

The IRS Has Ways of Determining Your Income

By | February 28th, 2011|Categories: Potpourri of Tax Topics|Tags: , , , |

If you gamble a lot -- like purchasing several-hundred-thousand dollars of chips during the year, the IRS might get suspicious if you report income that seems unusually low.  Casinos are required to file "currency transaction reports" (CTR) with the IRS whenever someone purchases or redeems more than $10,000 worth of chips during a 24-hour period.  A [...]

Comments Off on The IRS Has Ways of Determining Your Income