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Event Date Thu Feb 27 EST (almost 2 years ago)
Region All

With the recent supreme court ruling on the legalization of sports betting, more individuals are participating in all aspects of wagering. This has created a myriad of problems with reporting of income from legal casinos and professional and amateur gamblers attempting to deduct losses and expenses. This topic will help individuals and their professional advisors understand the IRS reporting requirements for income and expenses along with the record keeping requirements to prepare returns and defend against audits.

Learning Objectives:

• You will be able to define the requirements to be classified as a professional gambler.
• You will be able to describe what expenses can be deducted for both professional and amateur gamblers.
• You will be able to explain what are considered taxable comps.
• You will be able to identify what are the record keeping requirements of the IRS for gaming proceeds.


2020 Speakers


Floyd M. (Kin) Sayre, III
Partner, Bowles Rice LLP