Taxation of Gambling This installment of our Tax and Vice blog series will discuss the tax treatment of cancelled debts. I will use a recent California Appeals case (Tak Chun Gaming Promotion v. Long) to illustrate the potential tax consequences when a gambling debt or any debt gets cancelled or there is a so called
Gaming Losses
Tax and Vice – The Treatment of Gambling Tax and Gaming Losses
Gambling Tax and Gaming Losses This first installment of our Tax and Vice series will discuss the treatment of gambling tax and gaming losses. How are gambling winnings taxed? Are there any tax deductions available for gambling losses and lost wagers? What are the tax implications if a casino, the lottery, or racetrack issues me