This easy-to-read up-to-date guide explains everything gamblers need to know about taxes, including:
- how gambling winnings are taxed
- when winnings are reported to the IRS by casinos;
- when and how much tax is withheld from gambling winnings;
- how to report winnings and document losses;
- the myths and realities of taxation of internet gambling
- completing a tax return when you have gambling winnings
- state income taxes on gambling; and
- how to qualify as a professional gambler.
The information in this book applies to all forms of gambling, including: slots, blackjack, craps, roulette, internet poker, poker tournaments, horce racing, keno, lotteries, bingo, raffles, sweepstakes, and sports betting.