The 17 words of Internal Revenue Code Section 165(d) provide little guidance on the reporting requirements of wagering gains and losses. With such little information readily available, it comes as no surprise that the vast majority of tax returns which report gambling income, whether prepared by the taxpayer, a tax professional or tax software, are prepared incorrectly.
For more information, please refer to these articles and seminars:
- Lady Luck Gambling Diary: Slot Machine Edition (Book), December 2010
- Taxation of the Recreational Gambler, Tulsa Lawyer Magazine, April 2011
- Taxation of the Gambler, @Law Magazine, Fall 2011
- You Win Some, You Lose Some: Know How To Correctly Report The Wagering Gains And Losses Of Recreational Gamblers, CPA Focus Magazine, January/February 2012
- Taxation of Recreational Gamblers: An Overview of How to Report Wagering Gains and Losses, EA Journal (Publication of the National Association of Enrolled Agents), March 2012
- Geronimo and Gambling Taxes: The Story Behind A Legendary Warrior Can Prepare You For Tax Time, Strictly Slots Magazine, July 2012.
- Taxation of the Gambler, Continuing Education Seminar, October 2012
- Gambling Tax Update, Continuing Education Seminar, June 2015