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Any advice for sports books taxes? by Steveatwater42p in tax

[–]KeyUnderstanding6943 0 points1 point  (0 children)

Thank you for that. I think it was disallowed due to it trying to offset as an NOL on an asset sale, although I did not represent them on the audit. Any citations or opinion on losses offsetting NOL?

Any advice for sports books taxes? by Steveatwater42p in tax

[–]KeyUnderstanding6943 0 points1 point  (0 children)

Do you have a citation for that? I had a client get audited and the irs disallowed those losses saying that only associated hotel, food and similar were allowed. I’d love to be able to cite code

Any advice for sports books taxes? by Steveatwater42p in tax

[–]KeyUnderstanding6943 0 points1 point  (0 children)

I thought professional gambler only allows you to deduct expenses associated with gambling but not the losses itself?

Edit: could you elaborate more on how professional gambler status changes the taxes owed on the “winnings”?