In Gambling and Tax: The Price of Winning, Robert E. McKenzie gives you an in-depth look at how gambling winnings and losses affect taxation. You'll learn which winnings are taxable, which losses are deductible, and who needs to report. Case studies are used throughout the course to illustrate specific Tax Court rulings. The forms on which income is reported are also covered, with instructions on where to input necessary information from various gambling activities.
Upon successful completion of this course, participants will be able to:
- Choose the calculation for the amount of reportable income from a winning wager.
- Select income against which gambling losses may be offset.
- Recognize the withholding rate for gambling winnings.
- Identify the rate by which gross tips were reduced to account for tip sharing in the reconstruction of tip income.
- Recognize regulations related to wagering tax.
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