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Showing posts with label Gambling. Show all posts
Showing posts with label Gambling. Show all posts
Monday, March 13, 2023

TAX REFORM PROPOSALS – GAMBLING WINNINGS AND LOSSES

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  More “unfairness” in the US Tax Code.   Gross gambling winnings, reported on Form W-2G, are generally reported in full as income on Line 8...
Thursday, May 17, 2018

NOBODY EVER SAID TAXES WERE FAIR

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Tax reform discussions rarely touch on the many inequities and basic “unfairness” in the US Tax Code. Here are three examples of “unfa...
Tuesday, October 24, 2017

TAXES AIN'T FAIR!

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Tax reform has become a hot political topic.   Reduce taxes on the middle class, or increase taxes on the “wealthy” simply because they can...
Tuesday, June 14, 2016

A TAX POTPOURRI

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(1) One of the reasons I am called the “Wandering” Tax Pro is because once the tax filing season ends I enjoy travel via all methods – car,...
Wednesday, May 14, 2014

STILL MORE CLIENTS SCREWED BY THE TAX CODE

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I ain’t done yet.   The list of taxpayers screwed by our current Tax Code is not a short one.   Today I add taxpayers with gambling winn...
Wednesday, July 24, 2013

THE BIGGEST LOSER

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Dana Anspach talks about a gross unfairness in the tax treatment of gambling winnings and losses – one that I have been pointing out for y...
3 comments:
Friday, July 15, 2011

KEEPING TRACK OF GAMBLING ACTIVITY

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Do your vacation plans this summer include a trip to the casinos in Las Vegas, Reno, Atlantic City, New Orleans, St Louis, Bethlehem or Mt A...
5 comments:
Monday, December 14, 2009

ANOTHER GAMBLING WIN

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Not too long ago I posted about a Tax Court case involving gambling winnings and losses (see my post “ A LITTLE THIS-A AND A LITTLE THAT-A –...
1 comment:
Monday, October 19, 2009

A LITTLE THIS-A AND A LITTLE THAT-A – WITH THE EMPHASIS ON THE LATTA

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* A recent taxpayer-friendly Chief Counsel Advice memo (CCA 200940030) tells us that the IRS Chief Counsel has determined that in the case o...
Wednesday, May 6, 2009

IT AIN'T NECESSARILY SO

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I just purchased 6 raffle tickets for the annual Theatre Development Fund raffle. I participate every year. TDF offers some great prizes, i...
Wednesday, July 23, 2008

1040 FYI: DEDUCTING GAMBLING LOSSES

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Jimmie Clemons, retired, had received a 1099 reporting $44,800 in winnings from a casino. As his gambling losses for the year exceeded $44,...