Taxation of Gambling Winnings

costa-rica-gambling-tax

Do you enjoy gambling? Many people find it enjoyable and relaxing to go to a casino and spend time at the slots or tables. A big problem we see as accountants is that most people don’t understand how the winnings affect their tax return. Here are a couple of examples. About 25 years ago a [...]

Taxes and Gambling

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 want to make sure to report these winnings on your tax returns because the IRS [...]

Winning Strategies For Sports Betting

Whether you are betting for fun or you are a professional bettor making a living from sports betting, all of us would like to win all of the time. This is obviously unrealistic but, even if you can win just over 50% of the time, you are going to come out ahead. For instance, if [...]

Multiple Betting

If you’re new to betting on Sporting Events on the web, you may be confused by the many bets that modern bookies and sportsbooks advertise. Amongst the most confusing to a novice gambler are Multiples. Although multiples can offer great returns, they can be notoriously hard to make a consistent profit with.. Almost all pro [...]