The Internal Revenue Service requires the reporting of gambling winnings as income. Gambling losses are tax deductible for taxpayers who itemize deductions. However, the deduction for gambling losses is limited to the amount of gambling winnings. Consequently, gambling losses cannot…
Get the Form Whenever you win a “qualifying amount” at a casino, they are legally required to report it to the IRS. Therefore, they will collect your social security number and send you an IRS Form W-2G. As such you…
Are you a Canadian gambler? Are you a Canadian gambler who likes to gamble at US casinos? A lot of Canadian gamblers love to patronize American casinos. However, you must keep in mind that you end up taking home 30…
Whether you are novice or a veteran to gambling, it is imperative that you know as much about rules and strategy to optimize your chances of coming out ahead. Although gambling should always be looked at as entertainment and not…
Online gaming is not very old and started in the late 1990’s with the Caribbean government legalizing online gambling. This step paved the way for further advancement in this field. Although it is illegal to gamble on the Internet in…