If you've got an upcoming Vegas trip or even if you're just betting on your favorite sports team, Zak Zimbile has got some info to share with you! Zak Zimbile is a Certified Public Accountant who runs his own CPA firm, specializing in gambling tax. He's been in the game for over 10 years now and has worked with all sorts of gamblers - from recreational poker players to professional sports bettors and advantage players. Although he's based in Las Vegas, Zak has helped clients from all over the US with their gambling tax needs.

We delve into the impact of gambling on taxes and Zak has valuable tips on keeping track of all gambling activity for tax time and proving losses to an agent. We also tackle the topic of gambling with crypto, acknowledging its complexity and the importance of precise tax reporting. And, of course, we answer the burning question of whether gambling is deductible against winnings for recreational or professional gamblers. Make sure to seek advice from a tax professional for the best approach to handle your gambling income. Tune in for a wealth of valuable insights on the fascinating world of gambling and taxation.

What you'll hear in this episode:

[2:00] What are recreational and professional gamblers? What are they doing?

[3:40] What is gambling and how does it impact your taxes?

[7:30] Best tips for keeping track of all this activity for tax time.

[9:55] How to prove your losses to an agent.

[15:10] What are some of his tips for someone who’s looking to get into gambling as a professional?

[18:55] Gambling with crypto is getting more complicated.

[21:40] Is gambling deductible against winnings for recreational or professional gamblers?

[25:10] Is it gambling income or is it other income?

* Related episodes:

244. How to File Taxes as a Single-member LLC or Sole Proprietor

248. How to Take the Home Office Deduction

249. Are They Your Employee or a Contractor?

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.