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This book deals with the innumerable nuances and grey areas of gambling and taxes. It covers all the why's and wherefores of this complex subject, including tax-code specifics, record-keeping, filing your tax return, state-tax considerations, audits and other tax problems-often citing relevant court cases to help you come to the proper conclusions. Numerous charts and forms help you see the practical application of the information. The book is for recreational and professional gamblers, including low and high rollers, machine and table-game players, and video poker, live poker, online, international, and cruise ship players.
Completely updated for 2014-2015, this easy-to-read up-to-date guide explains everything gamblers need to know about taxes, including: How gambling winnings are taxed; When winnings are reported to the IRS by casinos; When and how much tax is withheld from gambling winnings; How to report winnings and document losses; The myths and realities of taxation of internet gambling; Completing a tax return when you have gambling winnings; State income taxes on gambling; and How to qualify as a professional gambler. The information in this book applies to all forms of gambling, including: slots, blackjack, craps, roulette, internet poker, poker tournaments, horce racing, keno, lotteries, bingo, raffles, sweepstakes, and sports betting.
An easy-to-read guide that explains everything gamblers need to know about taxes, including: how gambling winnings are taxed when winnings are reported to the IRS by casinos when and how much tax is withheld from gambling winnings how to report winnings and document your losses the myths and realities of taxation of internet gambling completing a tax return for gambling winnings state income taxes on gambling, and how to qualify as a professional gambler. The information in this book applies to all forms of gambling, including: slots, blackjack, craps, roulette, nternet poker, poker tournaments, horce racing, keno, lotteries, bingo, raffles, sweepstakes, and sports betting.
Author : Walter L. Lewis Publisher : Lyle Stuart Page : 180 pages File Size : 36,28 MB Release : 2003 Category : Business & Economics ISBN : 9780818406324
Want a sure bet to increase your winnings or take some of the sting out of a losing streak? Just as smart gamblers know how to sweeten the odds in their favor, the proven financial strategies discussed in this important and easy-to-follow book can increase anyone's chances of a better bottom line at tax time. Walter L. Lewis is a Certified Public Accountant with years of experience successfully navigating the confusing jumble of IRS tax laws, and his simple, step-by-step guide is designed to help every gambler minimize the tax penalties of both winning and losing. This advice isn't just for players of blackjack, craps, and other casino games; the information is equally valuable for anyone betting on the ponies, bingo -- even sweepstakes and lotteries. And remember, even if you've lost money, the tax implications can be serious. So make the smart bet ... get the facts and be a winner at tax time! Book jacket.
DON'T GAMBLE WITH THE IRS Gambling Is My Business was written for men and women who are, or want to be, professional gamblers. It will show you how to track gambling income, explains what gamblers can and cannot deduct, and teaches you how to document gambling activities in a manner that will survive an IRS audit. A couple of winning pots taken home from card games with friends, or casual evenings at the casino, does not make you a professional gambler. A professional gambler is operating a business, not just out to win a game or two. And, in an audit, the professional gambler will most likely be asked to prove that their gambling activities qualify as a business. Tracking wins, losses, and expenses on gambling is the same whether you're reporting hobby or business income. It must be done according to IRS rules if you expect to survive a tax audit, and both professional and hobby gamblers will benefit from using this organizer to keep proper records. Maintain this organizer regularly and you should be done in less than 20 minutes each month, and when tax time rolls around it will take you less than an hour to get ready for your tax professional. All of the forms necessary for recordkeeping, as well as preparing annual income and expense figures for tax preparation, and documenting your time spent as a gambler are included. This system requires no special math or bookkeeping skill; the professional gambler simply posts all records into this organizer, which can then be used by his or her tax preparer to produce an audit-proof return.
The saga goes on as casinos, together with the government, continue to browbeat and persecute skilled gamblers. Gambling law is a complicated subject, but one that in some way affects thousands of players daily, if only in terms of what's allowed and what isn't during a casino visit. Of course, it gets taken to highest terms when you consider the cat-and-mouse game being played between the billion-dollar temples of chance and the world's most skilled gamblers who are looking to beat the casinos at their own game. The Law for Gamblers brings together decades of experience from the world's pre-eminent gambler's advocate, providing perspective gleaned from defending hundreds of casino-related criminal cases. With detailed discussions of subjects that include gambler taxation, the use of aliases, Indian gaming rules, and casino credit, and even hiring an attorney when necessary, The Law for Gamblers provides anyone who sets foot in a casino easy access to understanding their rights. Additionally, the collection of case law and statutory points of view within is unparalleled in the rapidly expanding area of gaming law. For students in gaming law courses, no more up-to-date analysis on the subject exists.
Over the past decade, legal wagering has expanded rapidly in North America. In 1998 alone, people lost 50 billion dollars in legal betting and it is estimated that illegal wagering is twice that amount. A recent government report, based on the broadest population survey, concludes that the lifetime and pathological gamblers in the U.S. range between 4 and 10 million persons and is growing. If we include the families affected by problem gambling then the potential impact is indeed prodigious. Virtually no community in the U.S. and Canada is left untouched by entertainment or problem gambling. Treating problem gambling has evolved from a small group of practitioners in the 1980's working in specialty impatient units into an international enterprise that affects the caseload of many mental health professionals. Owing to its quiet origins, problem gambling treatment strategies are not well known throughout the clinical community. Consequently the average clinician is him/herself "learning as they go." This approach does not benefit either client or therapist. As the book's first chapter makes clear, problem gambling differs significantly from substance abuse, its nearest clinical relative. Not attending to these differences leads to poor results and clinical failure. This book is the one essential tool needed by clinicians treating or likely to treat problem gambling. Written by a clinician with wide experience, it is intended for the general clinician treating or likely to treat problem gambling desiring a comprehensive, yet user-friendly guide. Assessment and treatment of problem gambling and those affected by it is discussed Includes diagnostic instruments developed by the author An integrative approach is taken with a special focus on cultural concerns and clinical applications for women and minorities Integration of spirituality in treatment is covered
Commercial gambling is a recent historical phenomenon. It has developed into a profitable industry that supplies a range of recreational activities to its customers, and is a significant way of collecting money from players to distribute to companies, state budgets, and other beneficiaries. Many of these are civil society organizations, using the money for producing services in sports, culture, social work, and health care. However, gambling can also develop into pathological behaviour. Using a public interest framework, this book discusses the policies that will best serve the public good and minimize individual and collective harms. After describing the historical context of the gambling and the current global burden of the activity, available methods of regulating the industry are evaluated using the available scientific evidence. By analysing the effectiveness of gambling policies and their alignment with the public interest, the epidemiological obstacles to successful regulation are considered in detail. There is good evidence for the effectiveness of restrictions on availability and access, but preventing gambling-related harm is not possible without limiting the overall volume of the activity, and hence the profits for the gambling industry and governments. Taking an international approach, this book delivers a comprehensive review of the epidemiological evidence documenting the harmful effects of gambling on individuals, communities, and societies. Essential reading for policymakers, social and behavioural scientists in gambling research, and public health researchers, Setting Limits examines a global view of an emerging epidemic of gambling problems.
Discussions in this book include taking gambling losses and expenses off your taxes, how to avoid paying gambling debts, what to do if you feel you are cheated, whether a home poker game is legal, what to do if you are arrested, your rights in a casino,can counting cards be legal, how to keep from being blacklisted by casinos, getting a gambling license, reducing taxes if you win big in the lottery and more.