Taxation of Gambling Income
Gambling has become a major pastime in the United States. However, the taxation of the winnings and losses are a bit tricky and depends on the source of the gambling. Under current rules, gambling not only includes casino winnings, horse racing, and lotteries but also fantasy sports and on-line betting. Depending on whether the individual is a casual or professional gambler, the reporting requirements differ. In this session, we highlight the tax reporting issues associated with gambling income and discuss the reporting of gifts by an individual or by a couple and when a gift is excluded from federal income taxation. Areas Covered Review of tax issues affecting all forms of gambling incomeReview of reporting gifts given and received from a person within the U.S. and from a person or organization outside the U.SDiscuss the gifts that may be excluded from federal income tax Review the rules associated with awards receivedWho Should AttendTax preparers, CPAs, Accountants, Financial Planners, Consultants, and Personal AdvisorsWhy Should You AttendMany individuals are participating in a variety of gambling activities including live casinos, online casino, fantasy sports, and lotteries to name a few. With these activities, an individual may have winnings and losses that are subject to federal and possible state income taxes. The question is what amounts are reported and how are they reported. This is important since losses are only deductible if an individual itemizes. Likewise, the giving of a gift may be a taxable event for the gift giver. These rules are sometimes challenging, and, in this presentation, we simplify the rules.
Single
Gambling has become a major pastime in the United States. However, the taxation of the winnings and losses are a bit tricky and depends on the source of the gambling. Under current rules, gambling not only includes casino winnings, horse racing, and lotteries but also fantasy sports and on-line betting. Depending on whether the individual is a casual or professional gambler, the reporting requirements differ. In this session, we highlight the tax reporting issues associated with gambling income and discuss the reporting of gifts by an individual or by a couple and when a gift is excluded from federal income taxation.
Areas Covered
- Review of tax issues affecting all forms of gambling income
- Review of reporting gifts given and received from a person within the U.S. and from a person or organization outside the U.S
- Discuss the gifts that may be excluded from federal income tax
- Review the rules associated with awards received
Who Should Attend
Tax preparers, CPAs, Accountants, Financial Planners, Consultants, and Personal Advisors
Why Should You Attend
Many individuals are participating in a variety of gambling activities including live casinos, online casino, fantasy sports, and lotteries to name a few. With these activities, an individual may have winnings and losses that are subject to federal and possible state income taxes. The question is what amounts are reported and how are they reported. This is important since losses are only deductible if an individual itemizes. Likewise, the giving of a gift may be a taxable event for the gift giver. These rules are sometimes challenging, and, in this presentation, we simplify the rules.