Saturday, March 05, 2011

Tax court decision

Mayo v. Commissioner.

I was alerted to this case by a column in Poker Player Newspaper (March 14, 2011) by Shari Geller. It appears to be an important decision regarding a couple of previously ambiguous and contested areas of tax law for gamblers--specifically, the deductibility of gambling losses and non-wagering expenses incurred in the course of gambling. Worth reading if this is something that might make a difference in how you do your taxes.

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