Sep 15, 2023
The old saying “you win some, you lose some” is not true for most recreational gamblers. For them, the saying is more like “you win some, yo
Lesson From The Tax Court: Substantiating Gambling Losses On Per-Casino Basis (TaxProf Blog) - The old saying “you win some, you lose some” is not true for most recreational gamblers. For them, the saying is more like “you win some, you lose more.” But proving that proves a problem. In Jacob Bright v. Commissioner, Docket No. 10095-22 (May 4, 2023), Judge Buch teaches us how taxpayers can use their player cards to substantiate their wagering losses.