Taxation of Gambling Income

Gambling in the US is a popular pastime, but taxation of winnings and losses is complex. Current rules cover casino winnings, horse racing, lotteries, fantasy sports, and online betting.
IMG Anthony P. Curatola
Webinar Id: 60015
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Gambling has become a major pastime in the United States. However, the taxation of the winnings and losses are a bit tricky and depends on the source of the gambling. Under current rules, gambling not only includes casino winnings, horse racing, and lotteries but also fantasy sports and on-line betting. Depending on whether the individual is a casual or professional gambler, the reporting requirements differ. In this session, we highlight the tax reporting issues associated with gambling income and discuss the reporting of gifts by an individual or by a couple and when a gift is excluded from federal income taxation. 

Why you should Attend:

Many individuals are participating in a variety of gambling activities including live casinos, online casino, fantasy sports, and lotteries to name a few. With these activities, an individual may have winnings and losses that are subject to federal and possible state income taxes. The question is what amounts are reported and how are they reported. This is important since losses are only deductible if an individual itemizes. Likewise, the giving of a gift may be a taxable event for the gift giver. These rules are sometimes challenging, and, in this presentation, we simplify the rules. 

Areas Covered in the Session:

  • Review of tax issues affecting all forms of gambling income. 
  • Review of reporting gifts given and received from a person within the U.S. and from a person or organization outside the U.S.
  • Discuss the gifts that may be excluded from federal income tax.
  • Review the rules associated with awards received.

Who Will Benefit:

  • Tax preparers
  • CPAs
  • Accountants
  • Financial Planners
  • Consultantsand Personal Advisors

Speaker Profile

Anthony P. Curatola is the Joseph F. Ford Professor of Accounting and Tax at Drexel University in Philadelphia. Tony’s area of research is the taxation of individuals, small businesses owners, and retirement income. He has authored over 200 articles in his field and has completed sponsored research for external groups.

His findings have appeared in media such as Forbes, The Washington Post, Wall Street Journal, and The New York Times. He is the editor of the tax column for Strategic Finance, and the author of several interactive education courses for Thomson Reuters.

He holds a variety of leadership positions in accounting associations, including the Institute of Management Accountants. Dr. Curatola earned his B.S. in Accounting ’75 and MBA in Finance ‘77 from Drexel University, M.A. in Accounting ’79 from The Wharton School of the University of Pennsylvania, and Ph.D. in Accounting ‘81 from Texas A&M University.