Laura Saunders
speaker
5,937 appearances
109 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Laura Saunders’s voice in public audio — every appearance, attributed to the second.
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Appearances
Well, they'd like to be able to, but that's not what the law says, we think.
The IRS says that's not what the law says.
There are some professionals that think you could do that if you have sessions.
This is like, say, if you walked into Las Vegas and you played slots for five hours and you could look at the amount at the beginning and the amount at the end and take the losses away from the winnings.
There are some professionals that think you should be able to do that with online sports bets and that a judge would agree with you.
But the IRS doesn't agree with you and you might get into a fight with them before you get to court.
Well, yes.
First, they'd have to hear about it, you know, if you had a great big hit or something like that.
The other thing is that revenue agents know that people gamble.
So that if they're doing a regular audit and they see something like a deduction for a business trip to Las Vegas, they will raise the gambling question.
So they're very alert to that.
Yes, it is.
And it's the same rules, basically, as for online sports betting.
And what happens is that you're supposed to put your winnings on one part of the return, your losses on another, unless you're a professional, which most people aren't.
But again, those things aren't necessarily reported to the IRS unless they're over a certain amount.
For slot machines, it's $1,200.
And blackjack and poker and craps, they all have different thresholds.
Those are easily available on the IRS website.
I think they don't.
And I bet their parents don't know either.
Showing 601–620 of 5,937 · page 31 of 297
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