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Taxation Of Gambling Income

By Eric Smith
The CPA Journal
December 2019 Edition

Thanks to legalized sports gambling, U.S. casinos generated a record amount of gaming revenue in 2018. As might be expected, it is becoming increasingly common for individuals to have questions regarding the taxation of gambling income and losses, and these questions will almost certainly be more complex if the individual is a professional gambler. This article aims to help CPAs answer these questions for taxpayers.