Posts tagged as:

gambling

Best Night of Baseball Ever: You Can Bet on It

29 September 2011

So wow. I hope you stayed up last night – like I did – to catch those baseball games. And by those baseball games, I mean a set of four baseball games that made up what was possibly the greatest night in baseball regular league play. If you didn’t catch it, I highly recommend you [...]

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Ask the taxgirl: Gambling Winnings and Losses

18 January 2011

Taxpayer asks: I filed the 1040ez for 2009 and had gambling winnings of 2500.00. I got a notice from IRS that I owe an increase of 625.00. It was reported on a w-2g I did not file a sched. A. How can I report my gambling loss of up to 2500.00 Since I have already [...]

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It Really IS Whether You Win or Lose – and Not Just How You Play the Game

1 February 2008

When it comes to Super Bowl, folks think chili, beer and commercials. They also think gambling. It’s one of those games that inspires a lot of big money, sure, but also enormous numbers of side bets and the ubiquitous office pools. What does gambling have to do with tax? Plenty. Gambling winnings, no matter whether [...]

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I’ll See Your 1099 and I’ll Call… My Lawyer

20 October 2007

You’ve always known that you’re supposed to report your gambling winnings on your taxes, right? Well, the IRS is making it a little easier (for them) to make sure that happens. Beginning March 4, 2008, casinos and other sponsors of poker tournaments will be required to report most winnings to winners and the Internal Revenue [...]

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Taxgirl Goes to the Movies: Trading Places

31 July 2007

Next in my movie review series is one of my favorite movies, Trading Places, and not just because it was filmed in Philadelphia. While the plot is quite contrived, the acting is really funny – it’s Eddie Murphy back when he remembered what being a comedian meant. And Jamie Lee Curtis? This was just the [...]

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Tocchet Takes a Hit.

25 May 2007

I know, my husband is probably hunched over his PowerBook in disbelief (though probably also mumbling that Tocchet never won us a championship…) about Rick Tocchet. As previously reported, former Philadelphia Flyers star Rick Tocchet has been charged with masterminding an elaborate and illegal gambling ring in New Jersey. The charges could have landed him [...]

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Fix the Tax Code Friday: Gambling Losses

17 November 2006

It’s Fix the Tax Code Friday! Casinos are headed to Pennsylvania and many other states this year as revenue raisers for state governments.  Winnings are taxable.  If you lose, you can only deduct to the extent of your winnings and only if you itemize. This week’s question:  Should gambling losses be deductible?  Should there be [...]

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Taking a gamble…

9 February 2006

The latest gambling saga to come our way involves mostly NHL athletes, including former Philadelphia Flyers Rick Tocchet and Jeremy Roenick, as well as former great Wayne Gretsky’s wife, Janet Jones.  While Tocchet has been fingered as being a ringleader in the multimillion dollar racket, Roenick and Jones have been identified as merely being "involved." [...]

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