0 out of 1 members found this post helpful.
Did you find this post helpful?
Yes |
No
Did the Tax Cuts and Jobs Act of 2017 Change How Comps Are Taxed
My understanding was small value comps like free drinks, free meals, and free rooms were not considered taxable because they were considered rebates similar to credit card cash back where you have to spend money to get any benefit.
This link is to such a discussion, but it was before the Tax Cuts and Jobs Act of 2017.
https://www.arahcpa.com/blog/gamblin...d-losses/39522
I can't find much information on this after the new law, but some articles are suggesting comps are taxable. Anybody have any updated information on the tax-ability of small value comps.
Is this addressed at all in the 4th edition of Tax Help for Gamblers? Dog Hand did you read the book?
Bookmarks