Articles About gambling losses

How Single Session Gambling Limits Can Save Your Bankroll

Jonathan June 4, 2024 20:29:28

Due to the excitment and repetitive natuire of casino games, with each turn of a card, roll of a dice or spin of a wheel holding the promise of cash prizes, some players find it difficult to control their spending. That's why we recommend sticking with playing for a single session. It's a great way of controlling your bankroll.

When Do You Need To Start Paying Gambling Taxes In The US?

Jonathan August 25, 2023 22:31:24

When we hear about those lucky winners who manage to land eye-watering amounts of cash from the Powerball or a progressive jackpot at the US casino, we probably imagine they take the total amount home. But in reality, there are inescapable taxes to be paid. If you win in the casino, they hold back 25% of the payout for the tax man. However, in the UK, because gambling is seen as a pastime, most casino winnings are tax free.

Phil Mickelson Gambling Losses – Debt And Lost Partnership

Zsolt May 12, 2022 11:01:49

The Phil Mickelson gambling losses are insanely high, and the situation is getting worse because he lost two of his major sponsorships. Because he was voicing his bad opinion about the sponsors of the PGA, and if he keeps on doing things such as this, then his career might be at stake next time. Phil Mickelson is a legendary and great golf player, but he has to reconsider his choices if he wishes to stay in the spot he is right now.

Tips On How To Claim Gambling Losses

Olena April 21, 2021 00:47:05

If you are a keen gambler or sports bettor, you should know how to claim gambling losses and/or winnings on your taxes. Here are some tips that will help you to determine how to do it and why it is better for you to report your gambling misfortunes.

Massachusetts’s Responsible Gambling Electronic System To Help Gambling Habits

Bianca O. March 18, 2016 06:39:38

To help curve the betting frenzy that can occur with slot betting, Play My Way, a Responsible Gambling Electronic System, is meant to guide bettors into deciding if the next dollar is worth it. In US gambling news, Massachusetts expressed their concerns about obsessive betting and revealed intentions to integrate a responsible electronic system into […]

Professional Gambler Folds in Tax Court Business Expense Case

Rab March 20, 2014 13:52:09

A professional gambler bet wrong in tax court when arguing that sportsbook takeout expenses should be written off business expenses. The enterprising CPA likes to frequently bet on sports in the US and tried to avoid paying tax on sportbook takeout expenses, claiming them as business expenses. The case was taken against the IRS in […]