The State of Nevada has no corporate income tax. Unlike most states in the nation, Nevada has no personal income tax. Corporations are encouraged to leave other states like California and bring their businesses to Nevada because of the friendly laws that allow business owners to save money. Professional gamblers may deduct business expenses. Poker, blackjack, gambling, and gaming may be considered a business with the law allowing for tax deductions. Professional gamblers may deduct the expenses for business use of their home if a part of their home in exclusively used as the taxpayer’s principal place of business. The government act known as the Tax Cuts and Jobs Act allows for deductions for miscellaneous expenses to two percent of adjusted gross income. Gambling losses have been broadened to include expenses incurred while gambling. For example, travel back and forth from a casino, resort, or race track, are considered expenses. Gamblers can deduct losses up to the amount of their winnings. The Internal Revenue Service has requirements that gamblers should familiarize themselves with. For example, the Internal Revenue Service asks that gamblers keep track of their winnings and losses in a journal, ledger, or diary in the case of deducting losses from winnings in casino card games, blackjack, poker, raffle tickets, lottery tickets, and sports book betting. Gamblers must keep a record in their ledgers and diaries that list the date of the transaction, or time that they gambled. With that, the game must be listed with the name and address of the venue where the gambling took place, whether that be a casino, resort, or race track. If there were people with the gambler gambling, they must be included in the record keeping with their names. Most important is the transaction. The amount that the gambler won or loss must be recorded with the date, time, location.
Publisher, Thomas Chee