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Talesman

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Taxes and Gambling
September 12, 2008, 05:09:28 PM
The other day I got a private e-mail from a fellow gambler who got his first-ever W2G. I guess he hasn't followed my posts over the years as to how to avoid that situation <g>. I can only hope the amount he won was a life-changing amount for him and not a paltry $1200 on a 25-cent slot machine. So I am posting the link I gave him for all to enjoy.

Anyway, USA gamblers would be wise to read virtually everything on the site depicted below. It is well-written and authoritative by someone who practices that realm of law daily. And best of all it allows you to plan ahead if you carefully read it. You may wish to do a copy and paste of some of the articles to have on your HD as a reference for the day you really need it! Pay close attention to the article 'What is a Gambling Session. That gets more folks screwed or screwed up there than anything else.

Also, Jean Scott (The Queen of Comps) has partnered with Marissa Chien and they co-wrote "Tax Help for Gamblers" which I am told is an excellent book but one I have yet to read in its entirety. It sells on Amazon for about $18. Good addition to a gamer's library.

I have seen excerpts from their book and there are a few minor "letter of the law" things I would take issue with (and then only a sitting judge could decide who is more correct) but the rest of the advice is stellar.

http://www.gambling-law-us.com/

Good luck and get rich.

"When you go to a casino, always carry a concealed weapon... your brain." - VP Pappy

 

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