Ever had a lucky night at the casino and walked away with pockets full of cash? If so, that means the government had a lucky night, too—your gambling winnings are taxable income.
But, wait—what happens at the casino stays at the casino, right? Nope. Casinos and other payers are required to report gambler winnings that exceed a certain dollar amount. That means you can count on the government asking you for a token of your good fortune.
So, beat the government at its own game. Having a strategy and knowing the rules will help you not only at the casino, but also when it comes to navigating the taxes on your winnings. Depending on your status as a professional gambler or amateur, the government allows you to take deductions for certain gambling business expenses and gambling losses, which can offset some or all of the tax you would otherwise have to pay.
This article gives you clear guidance for professionals and amateurs on the deductions you are entitled to take and the strategies you need to follow to ... Log in to view full article.