In such a situation your gambling losses are presumed to be part of your standard deduction. Second, many items on the tax return are tied to Adjusted Gross Income (AGI).
Given the out-and-out lies and falsehoods that I see on the Internet, I'm going to present a short series on online gambling and taxes. "If I gamble online, it's overseas.
He can be reached in Irvine, CA at (714) or by e-mail to:. This article is limited to the one or more Federal tax issues addressed in the article. Additional.
"I can net my gambling wins and losses.". Some gamblers can net their wins and lossesif they are professional gamblers. Most gamblers, however, must put their gambling income on line.
The tax why is gambling online illegal win money now free google rules for online gambling are quite clearthe rules are the exact same as in the brick and mortar world of casinos. This may not be what the typical.
4. "In the end it would be up to a court." Well, anyone can bring a case in Tax Court. Since there has yet to be a case in Tax.
But you're going to lose. There have been many Tax Court cases dealing with the issue of constructive receipt. The opinion in a recent case, Millard v. Commissioner (TC Memo.