Gambling and Taxes

[Reece Jr]

Back in February, I introduced myself as the author of the Lady Luck Gambling Diary and did my best to try and answer the question of the topic.

Since then, I have written some additional articles that I thought forum members would enjoy and find helpful. The articles are:

Taxation of the Recreational Gambler

http://www.ladyluckdiary.com/taxation-of-the-recreational-gambler/

What Happens When a Gambler Recycles His Winnings?

http://www.ladyluckdiary.com/what-happens-when-a-gambler-recycles-his-winnings/

Why Does the IRS Ignore Casino Win/Loss Statements?

http://www.ladyluckdiary.com/why-does-the-irs-ignore-casino-winloss-statements/

I hope these articles help. I would be more than glad to answer any further questions concerning gambling that ATX Forum Members may have.

Thank-you.

[kcjenkins]

Thanks for those links. They should prove useful to me, since I'm only a couple of hours from the Tunica casinos and even some MO riverboat casinos. I may be able to send you some sales.

[Yardley CPA]

Yes, I thank you as well. Great information.

[Pacun]

Nice info. Thank you for sharing.

[kcjenkins]

I may buy a few of those to give to certain clients. Then they can buy their own after.

[Reece Jr]

When you visit the web site, you will probably notice that the left-hand side of the menu is the "marketing" stuff. But, the LEFT-HAND SIDE OF THE MENU is the TAX RESEARCH!

The Tax Research includes

• IRS Information (check out IRS Rev Procedure 77-29 and the IRS Chief Counsel Memorandum 2008-011)
  
• 30+ Court cases that I cherry-picked
  
• Several articles I have written
  
• A Glossary
  
• A Bibliography
  
• Links to all the State Tax Commissions
  
• Links to all the State Gaming Agencies
  
• Links to the various Lotteries
  
• Much more!
  

(Sorry, did not mean to sound like a late night infomercial!)

I think it would save you a lot of time trying to gather and get up to speed on the topic.

I would also mention that if you do get some to pass out to your clients, the back cover has a placed titled "Compliments of" - that way you can stamp or write your name/firm name.

If you go to Amazon.com, you can see pictures of the covers.

http://www.amazon.com/Lady-Luck-Gambling-Diary-Machine/dp/0982929900/ref=sr_1_2?ie=UTF8&s=books&qid=1302104661&sr=8-2

One of the main reasons I set up the web site was because of a multi-million dollar tax assessment we were working on. I needed to be able to access these resources whether I was at work, home or meeting with the IRS Appeals Officer at his office.

I would also recommend using DropBox! We scanned 2,000+ pages into the PDF file format. Then, when we met with the IRS Appeals Officer we did not have to carry a bunch of boxes with us. It was great!

I made the offer in February - and would be glad to do it again, for a limited time while supplies last, etc - if you will fax your name and mailing address on your letterhead to me, Reece B. Morrel, Jr., @ 918-663-1383, I would be glad to mail a Lady Luck Gambling Diary to you free of charge. Thank-you.

[kcjenkins]

I agree, it was the research links that really impressed me. Having it all on one site made it a sure 'bookmark' for me. But just as I have, over the years, often given certain clients a 'Mileage Log' booklet to get them started on proper record-keeping, I am thinking about giving a few clients a Gambler's Diary. Thankfully, not too many of my clients go often enough for it to be an issue, but there are a few.......

[NECPA in NEBRASKA]

Thanks for the great information.

[Pacun]

Reece Jr.

Thank you for your call. The pdf you emailed is great. Thank you again.