This should end all of the false claims about paying US taxes on poker

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3. Are comps taxable? Thank you, Broiler, for posting the link to Libutti v. Commissioner. As the Court noted in the case, it's gains from gambling that are taxable, not winnings. If you go to a casino, and they give you a comped lunch which you eat, there's no gain. If you sell the comp (and the casino allows that) to John Doe for $20, you've made $20 in taxable income.

If a casino gives you a Rolls Royce as an enticement to gamble, that's a pretty big gain.




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Russ,

Im pretty sure that the comp is still taxable but not as gambling income.

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Im pretty sure that you didn't read Libutti v. Commissioner.

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Im pretty sure I did a report on it, and was confirming that while not gambling income the comps were still income.

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Im pretty sure you didn't do too well on the report, because that was exactly what the court found, the comps were gambling gains that could be offset by gambling loss deductions. If the comps were some other type of income, they could not have been offset by gambling losses.