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Gambling Tax Reporting Rules and Recordkeeping Requirements

Defend against audits and understand the gambling tax reporting requirements for income and expenses along with the record keeping requirements.

With the recent supreme court ruling on the legalization of sports betting, more individuals are participating in all aspects of wagering. This has created a myriad of problems with reporting of income from legal casinos and professional and amateur gamblers attempting to deduct losses and expenses. This topic will help individuals and their professional advisors understand the IRS reporting requirements for income and expenses along with the record keeping requirements to prepare returns and defend against audits.

100 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

How to Report Gaming Winnings

  • How Casinos Report Gaming Proceeds
  • Reporting on Form 1040 and Supporting Schedules
  • What Income Must Be Reported
  • Reporting Income for Professional Gamblers
  • Reporting Income for Amateur Gamblers

How to Report Gaming Losses and Expenses

  • What Losses and Expenses Are Deductible for a Professional Gambler
  • What Losses and Expenses Are Deductible for an Amateur Gambler
  • How to Report Comps Provided by Casinos

How to Keep Accurate Records of Gaming Activities

  • The Need for Contemporaneous Recordkeeping
  • What Details Are Required by the IRS
  • What Information Is Required to Be Classified Professional Gambler
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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

OnDemand Course

This course was last revised on May 27, 2021.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

William M. Gerhardt, J.D., LL.M. Taxation

William M. Gerhardt, J.D., LL.M. Taxation

Gerhardt Law Firm, PLLC

  • Tax consultant for Gerhardt Law Firm, PLLC
  • Works with individual and entity taxpayers providing tax consulting and business advisory services in all facets of federal income taxation
  • Represents clients in tax controversy and dispute resolution cases before the IRS and the U.S. Tax Court
  • LL.M. degree in taxation, University of Florida College of Law; J.D. degree, St. Mary’s University School of Law; B.A. degree, Vanderbilt University
  • Can be contacted at 210-239-1396 or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 407014
Published 2021
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