Gambling Tax Reporting Rules and Recordkeeping Requirements (OnDemand Webinar)

$199.00

SKU: 407014EAU

Description

Defend against audits and understand the gambling tax reporting requirements for income and expenses along with the record keeping requirements.With the recent supreme court ruling on the legalization of sports betting, more individuals are participating in all aspects of wagering. This has created a myriad of problems with reporting of income from legal casinos and professional and amateur gamblers attempting to deduct losses and expenses. This topic will help individuals and their professional advisors understand the IRS reporting requirements for income and expenses along with the record keeping requirements to prepare returns and defend against audits.

Date: 2021-05-27 Start Time: End Time:

Learning Objectives

How to Report Gaming Winnings
• How Casinos Report Gaming Proceeds
• Reporting on Form 1040 and Supporting Schedules
• What Income Must Be Reported
• Reporting Income for Professional Gamblers
• Reporting Income for Amateur Gamblers

How to Report Gaming Losses and Expenses
• What Losses and Expenses Are Deductible for a Professional Gambler
• What Losses and Expenses Are Deductible for an Amateur Gambler
• How to Report Comps Provided by Casinos

How to Keep Accurate Records of Gaming Activities
• The Need for Contemporaneous Recordkeeping
• What Details Are Required by the IRS
• What Information Is Required to Be Classified Professional Gambler

William M. Gerhardt, J.D., LL.M. Taxation-Gerhardt Law Firm, PLLC