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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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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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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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Betting on the Super Bowl? Don’t Forget About Taxes

CPA Practice

Gambling winnings tax If you are one of the millions to place a bet this year, you need to know that the IRS considers sports betting to be gambling. And income from gambling winnings is taxable. If you take the standard deduction, which most taxpayers do, you can’t deduct your gambling losses.

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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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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.