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Betting on sports

Mars1
Level 3

My client has won from betting on sports.  Was wondering if it is treated the same as regular gambling winnings.

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BobKamman
Level 15

Somewhat more likely to win the argument that she's a "professional gambler" so losses can go on Schedule C -- compared to those with skill only at slots, and more like those who play card games.  

https://www.cpajournal.com/2019/12/24/taxation-of-gambling-income/ 

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BobKamman
Level 15

Somewhat more likely to win the argument that she's a "professional gambler" so losses can go on Schedule C -- compared to those with skill only at slots, and more like those who play card games.  

https://www.cpajournal.com/2019/12/24/taxation-of-gambling-income/