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Gambling Tax Consulting Washington DC

This page provides useful content and local businesses that can help with your search for Gambling Tax Consulting. You will find helpful, informative articles about Gambling Tax Consulting, including "Taxes on Gambling". You will also find local businesses that provide the products or services that you are looking for. Please scroll down to find the local resources in Washington, DC that will answer all of your questions about Gambling Tax Consulting.

Bruce W Gilchrist
1001 PENNSYLVANIA AVE NW OFFICE BLDG
WASHINGTON, DC
Specialties
Business, Financial Markets And Services, Tax, Corporate, Investment Fraud
Education
Columbia University School of Law,Columbia College (Columbia, MO),Columbia University
State Licensing
DC

William W Miller
1001 PENNSYLVANIA AVE NW OFFICE BLDG
WASHINGTON, DC
Specialties
Business, Financial Markets And Services, Tax, Corporate
Education
Vanderbilt University Law School,Princeton University
State Licensing
DC

Scott Eldon Hamm
(202) 220-2004
555 12th St Nw Ste 500
Washington, DC
Specialties
Tax, Estate Planning
Education
Brigham Young Univ J Reuben Clark LS UT,Brigham Young Univ
State Licensing
California

Robert J Jones
(202) 942-5964
1001 PENNSYLVANIA AVE NW OFFICE BLDG
WASHINGTON, DC
Specialties
Tax, Estate Planning
Education
University of Kansas School of Law,University of Kansas
State Licensing
DC

Gordon L Miller
(202) 639-7173
1001 PENNSYLVANIA AVE NW OFFICE BLDG
WASHINGTON, DC
Specialties
Business, Financial Markets And Services, Tax, Corporate, Investment Fraud
Education
University of Chicago Law School,Stanford University
State Licensing
DC

Audrey N Nutt
(202) 521-0667
400 2nd St Nw
Washington, DC
Specialties
Tax, Government
State Licensing
Washington

Deborah K. Erwin
(202) 637-1076
555 11TH ST NW STE 1000
WASHINGTON, DC
Specialties
Tax
Education
New York University,Princeton University,Yale University
State Licensing
DC

Eli Hoory
(202) 662-5305
1201 PENNSYLVANIA AVE NW OFFICE BLDG
WASHINGTON, DC
Specialties
Tax
Education
George Washington University National Law Center,United States Coast Guard Academy,London School of
State Licensing
Connecticut, DC

Howard S Silver
1001 PENNSYLVANIA AVE NW OFFICE BLDG
WASHINGTON, DC
Specialties
Tax
Education
Georgetown University Law Center,University of Pennsylvania
State Licensing
DC

Aharon J Friedman
(202) 778-5621
1201 PENNSYLVANIA AVE NW OFFICE BLDG
WASHINGTON, DC
Specialties
Tax
Education
Harvard University Law School,New York University School of Law,City University of New York, Brookly
State Licensing
DC, New York

Taxes on Gambling

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Taxes on Gambling

Gambling is one of the most popular activities in the United States. Unfortunately, you have to pay taxes on gambling winnings.

Before we get into taxes, we need to discuss how the IRS defines gambling. Generally, the IRS wants you to pay taxes on anything you win that has monetary value. Obviously, this includes the slot machines in Las Vegas, winnings at Indian Casinos, your haul from the horse races and so on. Many people, however, fail to realize gambling winnings also include things such as winning trips, tickets or the lotto. [I would just like to say that I am more than willing to pay the taxes associated with winning the lotto. Guess I have to play!] Put in simple terms, you've got to pay if you win it.

When preparing your tax return, the total gambling winnings for the year are reported on line 21 of Form 1040. You can deduct your gambling losses on line 27, but only if you itemize deductions. Unfortunately, you can only claim a deduction up to the amount you one, i.e., you can't claim a gambling loss on your taxes. If you use one of the other 1040 forms, you'll have to read the instructions to find the correct lines.

Taxes on gambling seem like a truly unfair concept. Fail to pay them, however, and the IRS will make sure your luck runs out.

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