The IRS provides a great deal of information. Unfortunately, it can be difficult to find the information that specifically pertains to gambling.
The web pages listed below contain links to the most common information that a gambler/taxpayer needs.
- IRS Forms and Publications contains PDF files of the most common forms and publications needed by gamblers/taxpayers or their tax professionals.
- IRC Section 61 Gross Income Defined provides the statutory language for “gross income” – the starting point of any analysis concerning income.
- IRC Section 165(d) Wagering Losses provides the statutory language that specifically authorizes and limits the deduction of wagering losses.
- IRS Section 6001 Notice or Regulations Requiring Records, Statements, and Special Returns provides the statutory language which requires a gambler/taxpayer to keep sufficient records and then make these records available for inspection by the IRS if required.
- IRS Revenue Ruling 1954-339, 1954-2 C.B. 89 details the IRS position that wagering income shall be included in gross income.
- IRS Revenue Procedure 77-29 provides the IRS record keeping requirements for a gambling diary or gambling log. The complete text and a PDF file are included.
- IRS Technical Advice Memorandum TAM 8123015 details the IRS’s position that gain from a wagering transaction shall be deemed to be the amount received from the wager reduced by the amount bet.
- IRS Chief Counsel Advice Memorandum 2008-011 provides a high-level summary of the IRS’s position and understanding of many of the issues that concern gamblers/taxpayers. The complete text and a PDF file are included.
- IRS Chief Counsel Advice Memorandum 2008-013 details the IRS’s position that the business expenses of a professional gambler shall not be limited by IRC Section 165(d).
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