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:

Hobby gamblers

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.