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The IRS and Gambling – The Tax Blotter – June 16, 2023

CPA Practice

Taxpayers can claim a limited deduction for gambling losses, but the IRS keeps close tabs on these write-offs. Gambling losses are deductible only up to the amount of you winnings for the year. Casinos and other gambling payors report earnings on Form W2-G if you win $1,200 or more from your bets. Report all your winnings.

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What are the Tax Implications of Winning Money or Valuable Prizes?

RogerRossmeisl

If you gamble or buy lottery tickets and you’re lucky enough to win, congratulations! Winning at gambling For tax purposes, it doesn’t matter if you win at the casino, a bingo hall or elsewhere. After you celebrate, be aware that there are tax consequences attached to your good fortune.

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Mark Cuban Wants Casino Gambling Resorts in Texas

CPA Practice

(via TNS) A Texas Rangers World Series win and hot start to the Dallas Mavericks season would look a lot sweeter to Mark Cuban if Dallas-Fort Worth had one thing: resort-style gambling.

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Find Out If You Stay Out of The Stock Market Because You Don’t “Gamble”

Withum

Many people do not invest in the stock market because they think it is gambling and they do not “gamble.” Here are some scenarios to explore to determine if you are a gambler.

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Ingo’s Edwards Plays The Inside Straight On Online Gambling

PYMNTS

In 2018 the Supreme Court struck down a 1984 federal law that prohibited gambling in most states. For example, Visa has recreated the MCC codes associated with online gambling to have a merchant verification process built in so that banks are no longer “blanket denying” anything that looks like a gambling transaction.

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NJ’s Internet Gambling Revenues Soar To $80M In April

PYMNTS

New Jersey’s big bet on online gambling has paid off, with revenues skyrocketing to a record $80 million in April. Not surprisingly, sports gambling revenues were way down as stadiums remained closed and most professional games were canceled due to COVID-19 restrictions. Meanwhile, the state’s casinos remained shuttered.

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Paytm Briefly Removed From Google Play Over Alleged Gambling Violations

PYMNTS

Paytm, India’s eCommerce payment platform, was removed from Google’s Play Store after the global technology company alleged Paytm violated Google’s gambling policies, India.com reported , but the app was later reinstated. “We Within hours of its removal, Paytm was reinstated to the Play Store, The Indian Express reported.