Unreleased Casino App’s Developer Can Deduct Gambling Losses
A software developer who never completed her planned casino app isn’t entitled to unsubstantiated deductions for her business, but can deduct some gambling related losses, the US Tax Court said Wednesday.
Although she can’t treat these losses as business expenses, IRC Section 165(d) allows a taxpayer to deduct wagering losses up to the amount of their winnings, the court said.
The IRS determined more than $428,000 in tax deficiencies, plus further accuracy-related penalties, against Katherine Kalk for tax years 2011 through 2016. Kalk responded by petitioning the Tax Court, where the IRS conceded its penalties and she admitted that she’s …
Related
Mother of Prominent Korean Actress Avoids Jail Time For Gambling
Posted on: December 26, 2024, 04:28h. Last updated on: December 26, 2024, 04:28h.
Scandals, changes in public perception highlight year of sports betting
In the six years since the U.S. Supreme Court cleared the way for states to offer sports betting, each successive year has set a record for the amount of money
How Did Gambling Stocks Perform in 2024?
Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal! The w
Florida Gambling Operation Leads to Arrests, Assets Seized
Posted on: December 26, 2024, 03:11h. Last updated on: December 26, 2024, 03:11h.
