Golfer Phil Mickelson To Repay $1 Million In Gains From Insider Trading- Is It Tax Deductible?

Golfer Phil Mickelson -- who once landed in this space by famously threatening to retire rather than subject his $55 million in annual earnings to rising federal and state tax rates -- found himself in the news today, and not in the sports section. Mickelson was named in a federal insider trading lawsuit by the Securities and Exchange Commission, in which it is alleged that the five-time major winner made nearly $1 million from stock trades in 2012 by using information that was not publicly available.