Tax Consequences of Gambling On-Demand Webinar

Summary

Those who gamble generally fancy themselves as professionals at tax time. However, according to the IRS’s definition, that may not always be the case. During this webinar we’ll discuss the differences between a recreational/causal gambler and a professional gambler, and how each will report their respective winnings and losses. Additionally, we’ll discuss online gaming and when this could surprisingly cause a foreign tax reporting requirement. Lastly, we’ll explain how to report winnings and losses of a recreational gambler, and prepare Schedule C (Form 1040), Profit or Loss From Business, for a professional gambler.

Objectives

Upon completion of this course, you will be able to:

• Differentiate between a professional and a recreational gambler
• Identify taxable winnings both on and offshore
• Determine when a gambler has a foreign tax reporting obligation
• Explain how to report winnings and losses for a recreational gambler
• Prepare Schedule C for a professional gambler

Course Details

This on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.