The short segment I just finished on the radio show “Playing with an Edge” barely skimmed the surface of the very complex subject of gambling and taxes. Obviously if you want more information you might want to read the book Tax Help for Gamblers. As well as the Web sites mentioned on the show where you can order the hard copy, you can go to the LVA store to download the e-Book.
Many players have asked for recommended tax preparers who understand gambling issues. These are two good ones I want to mention because they are gamblers themselves.
Both of these are based in Las Vegas but have clients from all over the country.
1. Marissa Chien – [email protected]
2. Randy – Thoroughbred Tax Service at [email protected] – 702-940-2325.
I also wanted to give more details about a very important recent IRS memo. Be warned – this memo does include an admonition: This advice may not be used or cited as precedent. However, Marissa hopes that this memo will be the start of an IRS trend toward a better understanding of gambling issues and thinks it can probably be used when dealing with the IRS at the administrative levels. Actually I have already referred to it with successful results, when helping a friend with an IRS letter audit disputing his using the session method.
Thanks for sharing the recent IRS memo.