Taxation Issues: Gambling, Gifts & Awards (2024-2025) 1.5 Credits
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Many individuals are participating in a variety of gambling activities including horse racing, live and online casino, fantasy sports, and lotteries to name a few.
With these activities, an individual may have winnings and losses that are subject to federal and possible state income taxes. Gambling winnings are fully taxable, and the Internal Revenue Service (IRS) has ways of ensuring that it gets its share. Depending on whether the individual is a casual or professional gambler, the reporting requirements differ.
The question is what amounts are reported and how are they reported. Moreover, the question arises about the losses and gambling expenses. That is, how are they reported and whether the taxpayer can and, if so, how to deduct the expenses. In addition to gaming events, many individuals receive comps from the gambling establishments, which begs the question of whether the value of the gift and awards are taxable. These rules are sometimes challenging. In this webinar, we discuss the various gaming activities and the rules that apply to them.
Key topics Covered:
Join us in this CE Course as we explore tax reporting issues for gambling income, losses, and expenses, along with the reporting of gifts and awards from gaming establishments, including when they can be excluded from federal income tax.
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1.5 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02160-24-S) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02160-24-S) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1746) | 1 CE | Approved |
| Personal Financial Specialist (PFS) | 1.5 CPD | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1.5 CPE | Eligible |
| Chartered Financial Consultant (ChFC) | 1.5 CE | Eligible |
| Tax Planning for Certified Financial Planner (CFP-US) (Approval No. 332293) (Valid upto : Dec 31, 2025) | 1.5 CE | Approved |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02160-24-S) | 1 CE | Approved |
| Retirement Income Certified Professional (RICP) | 1.5 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-02160-24-S) | 1 CE | Eligible |
| Wealth Management Certified Professional (WMCP) | 1.5 CE | Eligible |
| Financial Services Certified Professional (FSCP) | 1.5 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1.5 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1.5 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02160-24-S) | 1 CE | Approved |
| Chartered Advisor in Philanthropy (CAP) | 1.5 CE | Eligible |
| Chartered Life Underwriter (CLU) | 1.5 CE | Eligible |
| Chartered Special Needs Consultant (ChSNC) | 1.5 CE | Eligible |
| Chartered Advisor in Senior Living (CASL) | 1.5 CE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1.5 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02160-24-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02160-24-O) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1746) | 1 CE | Approved |
| Personal Financial Specialist (PFS) | 1.5 CPD | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1.5 CPE | Eligible |
| Chartered Financial Consultant (ChFC) | 1.5 CE | Eligible |
| Tax Planning for Certified Financial Planner (CFP-US) (Approval No. 332293) (Valid upto : Dec 31, 2025) | 1.5 CE | Approved |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02160-24-O) | 1 CE | Approved |
| Retirement Income Certified Professional (RICP) | 1.5 CE | Eligible |
| LTC (Approval No. GEHNZ-T-02160-24-O) | 1 CE | Eligible |
| Wealth Management Certified Professional (WMCP) | 1.5 CE | Eligible |
| Financial Services Certified Professional (FSCP) | 1.5 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1.5 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1.5 CPE | Eligible |
| Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02160-24-O) | 1 CE | Approved |
| Chartered Advisor in Philanthropy (CAP) | 1.5 CE | Eligible |
| Chartered Life Underwriter (CLU) | 1.5 CE | Eligible |
| Chartered Special Needs Consultant (ChSNC) | 1.5 CE | Eligible |
| Chartered Advisor in Senior Living (CASL) | 1.5 CE | Eligible |
Credits
1.5
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE Credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent.
Dr. Curatola is the Joseph F. Ford Professor of Accounting at Drexel University in Philadelphia. He is the Tax Column Editor for Strategic Finance since 1992. He has served as the editor of the Journal of Legal Tax Research and currently serves on the editorial review board of several journals, and has held a variety of leadership positions, including current national service with the Institute of Management Accountants. He has published over 250 articles in journals including Journal of Financial Services Professionals, Journal of the American Taxation Association, Journal of Forensic & Investigative Accounting, Oil, Gas, & Energy Quarterly, and Tax Notes to name a few. Dr. Curatola was a co-editor on IRA Answer Book by Wolters Kluwer and author of the EA Review course for Surgent Publishers. Dr. Curatola externally funded research findings have appeared in media such as Forbes Magazine, The Washington Post, The Wall Street Journal, The New York Times, and other media outlets.
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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
KK
A very appropriate topic for the times with online gambling and fantasy leagues in the mix now. The author was well versed in the subject and got his point across that we all need to be more aware about gambling activities and taxes.
TP
Good class, I enjoy the instructor who is knowledgeable. The pace of the class is great right. Not to rush thru the materials. Will take more webinar from the instructor. Thank you.
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