Do you enjoy recreational gambling?
Uncle Sam doesn’t mind if you do, but he sure wants in on the action!
As many gamblers have discovered the hard way, they owe taxes even though they have zero net gambling income. That’s right. Even if you break even after a night at the casino, you can still wind up with a hefty tax bill!
How should you play your cards if you’re off to the casino? You’ll learn how to increase the odds of success when you read my new article titled Tax Tips: U.S. Government Models Gambling Tax Law after Vegas Casinos!
Three ways our fact-filled article can help you:
- We’ll warn you about the IRS’s huge house edge. Too bad Ann Laplante didn’t know the three ways the IRS makes money off gamblers. Get this… According to Uncle Sam, she had a net loss after playing the slots. So she was shocked when she got a tax bill from the IRS for $1,808. $1,808 in taxes on a loss? What gives? It’s a sure bet you’ll find out when you read the full article.
- You’ll learn how to measure gains and losses. The basic rule of thumb is that you measure your gambling gains and losses at the time you cash out. Generally, you do this daily or after a couple of days gambling. You’ll get all the important details when you read the full article.
- We’ll tell you how to keep the right kind of records. What should you bring with you to the casino? Answer: Cash and a diary book to record the facts the IRS will want to see. There are four things you’ll need to record. We’ll list them for you when you read the full article.