Gambling

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Gambling

The act of wagering on an event or a game of chance in which the outcome is uncertain. This includes card games such as poker or bets on sporting events. In U.S. tax, all gambling income, regardless of where or how it was obtained, is taxable income and must be reported to the IRS. Professional gamblers may deduct all gambling losses against gambling income, but casual gamblers may only do so up to the amount of their gambling income.
References in periodicals archive ?
The court also held that he was liable for the 20% accuracy-related penalty since he did not seek advice from a tax professional and could not explain how he concluded that he was a professional gambler for 2012 and 2013.
His professional tax preparer opined that he was a professional gambler because he spent more than 20 hours per week gambling.
Malton trainer Wainwright, Wright, a professional gambler from Carlisle, and Carter are charged with conspiring to commit a corrupt or fraudulent practice over the running and riding of Blazeofenchantment, who finished seventh of nine in a race at Southwell in June 2014.
Professional gamblers are treated differently from amateur gamblers for tax purposes because a professional gambler is viewed as engaged in the trade or business of gambling.
Ackerman was banned along with jockey Michael Stainton, professional gambler and owner David Greenwood and professional gambler Kenneth MacKay over the running - and laying on betting exchanges - of Ad Vitam between November 2011 and March 2012.
Leonie-Marie Granger, pictured in the Palm Beach Casino <Bin central London on March 23 last year, was yesterday found guilty of setting a honey trap for professional gambler Mehmet Hassan, left, who was kicked to death for the sake of his winnings
Professional gambler Marcus Bebb-Jones, who once won through to the final of a lucrative poker tournament in Birmingham, had denied killing his 31-year-old wife Sabrina in 1997.
The Counting Game: An Accountant Reveals How to Win at Blackjack is different from an ordinary "how-to" gambling guide in that author Alan Berg is not only a skilled professional gambler (so good at winning money through card counting he's been banned in casinos across America), but also a certified public accountant.
Fallon denied he was part of a plot to allow horses to lose so a syndicate run by professional gambler Miles Rodgers could win on bets.
It was a dream result for professional gambler Shaun Perry, who won a share in the horse in a competition in the Racing Post recently.
A FORMER EastEnders actor turned professional gambler was in the money today after winning the regional leg of a national poker competition.
The cash was seized from a pal of professional gambler Citrone at Newcastle Airport who said it was his stake in an international poker tournament.

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