Episode Summary:

In this insightful episode of Resilience and Resolve, tax attorney Lance Drury about the tax consequences of gambling, whether at casinos, online betting platforms, or even cryptocurrency-based wagers. Lance explains how the IRS treats gambling winnings and losses, why the agency frowns upon gamblers, and the severe consequences of not reporting income. He also shares real-life stories of clients whose gambling habits led to financial disaster and outlines the essential records you need to keep if you gamble. From W-2G forms to deductions and the risk of audits, this episode provides essential guidance for anyone involved in gambling activities.

Key Timestamps:

00:01 – Show introduction

00:53 – How the IRS defines gambling income and what must be reported

01:20 – Why the IRS frowns upon gambling

02:05 – Real-life examples of clients who gambled away their savings

03:06 – How gambling losses impact IRS settlements

03:54 – W-2G forms and when casinos report winnings

04:31 – Can gambling losses be deducted?

05:30 – Consequences of not reporting gambling winnings

06:24 – Why reporting all income helps avoid IRS audits

07:15 – Crypto and online betting: what’s changing in IRS reporting

08:03 – Can unreported gambling winnings lead to criminal charges?

09:19 – The importance of documentation for gamblers

10:00 – How to resolve tax issues related to gambling

10:45 – Advice for gamblers who refuse to stop

11:20 – Closing thoughts on staying compliant with IRS rules

“Resilience and Resolve with Lance Drury” provides practical legal insights into IRS matters, tax law, and financial defense strategies. Each episode explores timely and complex tax issues with real-world examples and expert analysis from Lance Drury and his experienced legal team.