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Tax Savings for Accountants with Gambling Clients

CTP

American gaming has boomed since sports betting and online gambling were legalized. Complex tax laws for filing and deducting gambling winnings and losses provide new hurdles for taxpayers. Definitions of gambler categories Gambling winnings are reported differently based on the different categories. Social players rarely bet.

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NY’s Cuomo Embraces Online Gambling; Shows Inroads Amid Pandemic

PYMNTS

According to reports, Cuomo is set to unveil the proposal to legalize online gambling (he also seeks to legalize marijuana) in his state of the state address that is scheduled for next week. Supreme Court decision allowed sports betting in 2018 and online gambling gained ground even as brick and mortar locations had to close.

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Tax Tips for Accountants With Gambling Clients

CPA Practice

The legalization of sports betting and online gambling has led to an explosion in gaming across America. With millions trying their luck, complex tax rules for reporting and deducting gambling winnings and losses present new challenges for taxpayers. Gambling losses can be deducted above the line as business expenses.

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Online Gambling And The Challenges Of Betting On Instant Disbursements

PYMNTS

This is resulting in increased revenue for these online gambling platforms in states like New Jersey — trends in growth that may well continue after the crisis. government, as well as the gambling industry, is also dealing with infrastructure and regulatory hurdles that stall its ability to offer instant disbursements at scale, though.

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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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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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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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