The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. There are no guarantees that working with an adviser will yield positive returns. If you choose to deduct your gambling losses, then they must be to the same extent. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). Therefore, the IRS will raise a red flag if you dont report your winnings.
All investing involves risk, including loss of principal. This is not an offer to buy or sell any security or interest. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. SmartAsset does not review the ongoing performance of any RIA/IAR, participate in the management of any user’s account by an RIA/IAR or provide advice regarding specific investments. SmartAsset’s services are limited to referring users to third party registered investment advisers and/or investment adviser representatives (“RIA/IARs”) that have elected to participate in our matching platform based on information gathered from users through our online questionnaire.
Securities and Exchange Commission as an investment adviser. SmartAsset Advisors, LLC ('SmartAsset'), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Gambling winnings are taxable, and you may even receive a tax form in the mail (with a copy sent to the IRS) documenting the win.
