Tax Help for Gamblers: Poker & Other Casino Games by Jean Scott
My rating: 4 of 5 stars
Tax Help for Gamblers is a book that outlines the core tax issues that American resident taxpaying gamblers face. The book also provides lots of good practical advice and is served up in Jean Scott’s easy to read folksy style. When I’m reading Jean Scott’s books, I feel like my mom is giving me advice.
By far the most important thing to learn from this book is gamblers must keep good records. It’s almost impossible nowadays to keep up with tax rules, but good records can help taxpayers solve most of their problems, or at least make those problems easier to solve. Good record keeping and organized administration is the most important aspect for any modern American taxpayer. I read about too many posts online where gamblers ask questions about taxable winnings, and how to account for them, and most of the time, just keeping good records would provide the solution. The trouble is keeping records is no fun. I suspect most people find record keeping and administration to be the last thing they’d like to do during their entertainment time. But without good record keeping, the IRS or the CRA will hunt you down and punish you (most of the time they will simply punish you for not keeping good records).
Taxpayers should take the same approach gambling the same way they approach other financial activities. Taxpayers should have a clear administrative process in place that enables them to collect, review, and report the right information. This information should be accessible and the type of information that decisions can be based on. In some ways, the modern taxpayer has a lot of advantages. The modern taxpayer can use information technology to save time and be more accurate compared to generations past.
Tax Help for Gamblers goes into all the main topics that taxpaying gamblers should consider including up to date information on fantasy sports, how to treat cashback and comps, teams, and information for poker players. I recommend this book for any serious gambler, whether professional or someone who plays for fun.
