Search results
Results from the WOW.Com Content Network
The service argued that Section 165(d) precluded the taxpayer from engaging in gambling as a "trade or business." [4] The Tax Court held that the taxpayer's gambling was a business activity and allowed the deductions. In essence, the court held that Section 165(d) only applies when a taxpayer is at a loss instead of a net gain and “serves to ...
United States, 633 F. Supp. 912 (D. Nev. 1986), [1] was a federal tax refund case, decided in 1986, regarding the U.S. federal income tax treatment of the gambling income of a professional gambler. Because of this case, gambling winnings in the United States can in certain cases be treated as business income for federal income tax purposes.
William E. Baxter Jr. v. United States [6] was a federal tax refund case, decided in 1986, regarding the U.S. federal income tax treatment of the gambling income of a professional gambler. Because of this case, gambling winnings in the United States can in certain cases be treated as earned income for federal income tax purposes.
In 2001, professional gambler Robert Mayo wagered over $131,000 and won $120,000. On his tax return, he listed his gambling losses, as well as his expenses for travel and research, as tax deductions.
Tax Talk launches its 25th year with Ken Milani and Rick Klee answering reader's questions regarding changes to the 2023 federal income taxes.
This facilitated amendments to 2011 tax returns to claim a casualty tax deduction. [4] Gambling losses, but only to the extent of gambling income (For example, a person who wins $1,000 in various gambling activities during the tax year and loses $800 in other gambling activities can deduct the $800 in losses, resulting in net gambling income of ...
For premium support please call: 800-290-4726 more ways to reach us
That act was part of a betting scam aimed at manipulating the score for gambling purposes. The investigation revealed that the scandal was tied to a broader network of match-fixing activities in ...