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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.

Jay H. Hebert
(202) 639-6521
The Willard Office Bldg, 1455 Pennsylvania Ave Nw
Washington, DC
Specialties
Mergers & Acquisitions, Tax, Appeals
Education
Harvard University
State Licensing
DC, Texas

James A Beall
(202) 638-3307
1455 F ST NW STE 225
WASHINGTON, DC
Specialties
Government, Administrative Law, Tax, Environmental
Education
Georgetown University Law Center,University of Oregon School of Law,Oregon State University
State Licensing
DC, Oregon

Dean A Cantalupo
300 Massachusetts Ave Nw #636
Washington, DC
Specialties
Tax, Estate Planning, International Law
Education
Brooklyn Law School,Univ of Pennsylvania
State Licensing
California

Kari M. Larson
(202) 637-1018
555 11TH ST NW STE 1000
WASHINGTON, DC
Specialties
Tax, Litigation
Education
University of Chicago,University of Washington -Seattle
State Licensing
DC

Michael B Shulman
(202) 508-8075
801 Pennsylvania Ave Nw
Washington, DC
Specialties
International Law, Tax, Intellectual Property
State Licensing
DC

Martin D Ginsburg
(202) 639-7030
1001 Pennsylvania Ave Nw, Suite 800
Washington, DC
Specialties
Tax
State Licensing
DC

Gerald A. Kafka
555 11TH ST NW STE 1000
WASHINGTON, DC
Specialties
Tax
Education
Georgetown University,University of Cincinnati
State Licensing
DC, Maryland

David T Della Rocca
(202) 637-1050
555 11th Street NW
Washington, DC
Specialties
Employee Benefits, Tax, Advertising
State Licensing
DC

Ethan D Harris
(202) 508-8163
801 Pennsylvania Avenue Nw
Washington, DC
Specialties
Tax
State Licensing
DC

Robert A Bauman
950 F ST NW
WASHINGTON, DC
Specialties
Employee Benefits, Tax, Divorce
Education
College of William and Mary,College of William and Mary
State Licensing
DC

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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