Cover image for The gambler's guide to taxes : how to keep more of what you win
The gambler's guide to taxes : how to keep more of what you win
Lewis, Walter L.
Personal Author:
Publication Information:
New York, N.Y. : Kensington Publishing, [2003]

Physical Description:
xvi, 160 pages : illustrations ; 21 cm
General Note:
"A Lyle Stuart book."
Format :


Call Number
Material Type
Home Location
Item Holds
HG179 .L4825 2003 Adult Non-Fiction Central Closed Stacks

On Order



Want a sure bet to increase your winnings or take some of the sting out of a losing streak? Just as smart gamblers know how to sweeten the odds in their favor, the proven financial strategies discussed in this important and easy-to-follow book can increase anyone's chances of a better bottom line at tax time. Walter L. Lewis is a Certified Public Accountant with years of experience successfully navigating the confusing jumble of IRS tax laws, and his simple, step-by-step guide is designed to help every gambler minimize the tax penalties of both winning and losing. This advice isn't just for players of blackjack, craps, and other casino games; the information is equally valuable for anyone betting on the ponies, bingo -- even sweepstakes and lotteries. And remember, even if you've lost money, the tax implications can be serious. So make the smart bet ... get the facts and be a winner at tax time! Book jacket.

Table of Contents

Basil NestorProfessor I. Nelson RoseRoy LewisProfessor I. Nelson RoseTom StamatsonProfessor I. Nelson RoseKay BellProfessor I. Nelson RoseBasil NestorProfessor I. Nelson RoseKay BellProfessor I. Nelson RoseJames W. Crawford, CPAProfessor I. Nelson RoseA. J. Cook, CPA, Attorney
Acknowledgmentsp. xi
Warning--Disclaimerp. xiv
Introductionp. xv
Part I The Guide
1 Don't Be a "Louie the Loser"p. 3
2 Questions and Answersp. 6
3 Seven and Out for the IRSp. 15
4 The Professional Gamblerp. 19
5 I Won, I Won, I Wonp. 24
6 Substantiating Lossesp. 28
7 Forms to the Gamblerp. 37
8 Reporting Your Gambling Winnings and Lossesp. 41
9 Cohan Rulep. 45
10 Preparing a Gambler's Tax Returnp. 49
11 Filing an Amended Tax Returnp. 63
12 What's Newp. 66
Part II Selected Articles
13 "Is It Gaming or Gambling"p. 75
14 "Gambling and Taxes"p. 81
15 "Taxes and the Lottery"p. 85
16 "Winnings and the Tax Man"p. 91
17 "Sweepstakes and Taxes: Paying the Piper, A.K.A. Uncle Sam"p. 94
18 "Big Brother (the IRS) Is Watching"p. 97
19 "Bet on It: The IRS Doesn't Get Its Cut of Gambling Winnings"p. 101
20 "Supreme Court Gives Tax Break to Professional Gamblers"p. 105
21 "Ask the Gambling Expert"p. 108
22 "How to Double Casinos' Jackpots for Free"p. 110
23 "Hit the Big One? Here's How to Report the Winnings and Deduct the Losses"p. 113
24 "Casinos As Spies for the Federal Government"p. 115
25 "If I Win Money Gambling, Do I Have to Pay Taxes on It?"p. 118
26 "The Cruelest Tax"p. 120
27 "A. J.'s Tax Fables--Gambling"p. 123
Part III Useful Information Published by the Internal Revenue Service
Glossary of Gambling Termsp. 129
Appendix I. Gaming Activities by Statep. 134
Appendix II. Gaming Directory by Statep. 136
Appendix III. Gaming Withholding and Reporting Requirementsp. 140
Appendix IV. Gaming Tax Calendarp. 143
Appendix V. Internal Revenue Service--Publication 529 Miscellaneous Deductions: Gambling Losses up to the Amount of Gambling Winningsp. 146
Appendix VI. Internal Revenue Service--Tax Topic 419: Gambling Income and Expensesp. 148
Conclusionp. 149
References and Resourcesp. 150
Indexp. 153
About the Authorp. 160