Taxation Issues-Gambling, Gifts & Presents

Every year, about 40% of American adults visit at least one of the casinos that are located in Las Vegas, Nevada, in Atlantic City, New Jersey, or in one of the dozens of places in between, not to mention on the web. A lucky few takes home a lot of money. 

Gambling winnings are fully taxable, and the Internal Revenue Service (IRS) has ways of ensuring that it gets its share. Under current rules, gambling not only includes casino winnings, horse racing, and lotteries but also fantasy sports and online betting. Depending on whether the individual is a casual or professional gambler, the reporting requirements differ.

This webinar on Taxes highlights the tax reporting issues associated with gambling income, gifts received and given, and awards received. It will also discuss the reporting of gifts by an individual or by a couple and when a gift is excluded from federal taxation.

Gambling has become a popular pastime across the world, and as winnings accumulate, it's essential to understand the tax implications. The IRS views gambling as a form of income and may require you to pay taxes on your gambling winnings. Gifts and presents are a part of our daily lives. We frequently give and receive gifts, but the tax laws governing these transactions can be confusing. Depending on the type of gift, the recipient, and the value of the gift, you may be required to pay gift tax.

Join us for this informative webinar and gain a thorough understanding of tax issues related to gambling, gifts, and presents. Our goal is to make your tax experience more manageable and less intimidating.

• To review tax issues affecting all forms of gambling income. 
• To analyze reporting gifts given and received from a person within the U.S. and a person or organization outside the U.S.
• To discuss the gifts that may be excluded from federal income tax.
• To identify the rules associated with awards received.

Major topics covered in this Tax webinar:

• Taxation Rules Applicable to Income resulting from Gambling winnings & losses, Gifts, Awards
• Rules for determining wager amount for horse racing, dog racing, and jai alai winnings
• Taxability of professional and non-professional winnings
• Documentation of Taxpayer’s Expenses & Losses
• Penalty for understatement

• CPA, EA, AFSP
• CRTP, MRTP, ORTP
• CGFM, ChFCA, CASL
• ChSNC, RICP, WMCP
• FSCP, PFS, CFIRS, CWS
• Accountants and Other Tax Professionals who desire to learn more about tax reporting issues associated with gambling income, gifts received and given, and awards received.