Need the New Edition Tax Book?

The 4^th Edition of Tax Help for Gamblers is finally available – to order here on the LVA website or pick up at the Huntington Press office. And that pre-pub frugal discount is still available through March 15 – a real bargain at $15 that includes free shipping.

But I am still receiving questions that I want to address:

“If I have an earlier edition, do I really need this new edition?” 

Perhaps some do not, if their tax situation is rather simple and/or their gambling figures are quite small.  However, this book has more updates than any previous one.  Part of the reason – a big part really – is the major changes brought about by the Tax Cuts and Jobs Act passed by Congress at the end of 2017, one that majorly affected the 2018 federal tax returns. Another factor is the growing number of states which for the last few years have been changing how they treat gambling figures, both for their residents and out-of-state players. The chapter on “How All 50 States Handle Gambling Wins/Losses” could cause you major financial mistakes if you depended on information found in any previous editions.

We have expanded our discussion about sports betting that will help new gamblers deal with tax issues.  We cover in more detail fantasy sports play, describe the new – and surprisingly positive – changes for dog and horse race betters, and added a new section on cryptocurrency.  We warn about a benefit loss for professional gamblers, but reveal a new benefit for them that could be a major money-saver. And we discuss at length the change that is hitting hard many recreational players and the various ways they are dealing with it.

And what might be most valuable in this new edition are the 2018 sample forms in the back of the book, which are quite different from those of previous years.  They also include notes pointing out the new places where you would put various gambling figures.

“Will this book tell me whether, because of all the new changes, I should switch from filing as a recreational gambler to a professional one?”

This book rarely uses the word “should” because the IRS written guidance for gamblers speaks in very general terms and is often vague, even contradictory, and thus open to individual interpretation.  You will probably get tired of us repeating often throughout the book, after giving a range of possible actions, that what you “should” do depends on your individual “facts and circumstances.”  This is why I cannot answer your personal tax questions and I will suggest, as we do often in this book, that you consult your accountant or professional tax preparer, who will look at the big picture of your “facts and circumstances.”  This is why I shudder when people pose tax questions on an Internet forum and someone gives their “opinion” and/or relates their own personal experiences with that matter.  They may be sincere and trying to be helpful, but so often the information can mislead others.

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This book is also available for all major eBook reader formats, including Amazon Kindle, Nook, and iBooks.  One warning: Be sure if you order the paperback or the eBook online, you check that it is the Fourth Edition. Some previous editions are still being offered, but not worth even a heavily discounted price!