IRS Finalized Gambling Rules to Tattle on Your Slot Machine Play

IRS Finalized Gambling Rules to Tattle on Your Slot Machine Play
Since I spent the end of last year in Las Vegas (though my city related activities were limited to the Mandalay Bay Aquarium and having my son tell me all about the MGM Grand Casino fire), it seemed appropriate to kick off the new year discussing new gambling tax rules issued by the IRS. If ...

Does the Government Subsidize Gambling Losses?

Does the Government Subsidize Gambling Losses?
A while back, I had a client receive a notice from the IRS demanding why he didn’t include his over $100k in gambling winnings on his tax return. “But I don’t gamble!” he promptly reported, figuring that the issue was a mistake and would be quickly put to rest. The IRS responded by sending slip ...