Document Type
Radio Broadcast
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Publication Date
11-27-2018
Abstract
Tax Consequences of Gambling: Gambling income must be included on an annual income tax return, and a gambler can only deduct losses to the extent of their gambling winnings. Losses are itemized deductions, and as such, a gambler should keep in mind that if their losses do not exceed the standard deduction amount, they will not get any benefit from the losses. Moreover, a gambler has the burden of proof of their losses.
Recommended Citation
Lipman, Francine J., "Tax Talk Tuesdays: Tax Consequences of Gambling (Nov. 27, 2018)" (2018). Tax Talk Tuesdays Radio Broadcasts. 15.
https://scholars.law.unlv.edu/taxtalk/15
COinS
Comments
Professor Francine Lipman brings the City of Las Vegas invaluable tax tips & traps for the unwary in this weekly morning radio spot “Tax Talk Tuesdays” on KUNV Radio 91.5 F.M. Topics change weekly and include IRS phone scams, information on offers in compromise, higher education benefits, veterans’ disability severance payments, and many more issues affecting many taxpayers.