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Article Date:
March 2011


Word Count:
828

 

 

New Tax Court Ruling Makes Gamblers Rejoice


If you gamble, take a bow and say thank you to Ronald A. Mayo, who took his gambling case to the Tax Court and won a big, precedent-setting victory for gamblers.1

 

Before getting to Mr. Mayo’s accomplishments, note that there are two types of gamblers:

 

1.

Hobby gamblers

2.

Gamblers who are in the business of gambling

 

Business gamblers get the best breaks, and Mr. Mayo just got the Tax Court to issue new precedent that makes those business breaks more beneficial. To see if your gambling activity might ... Log in to view full article.

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