Category Archives: Gambling

If You’re Asking for Bail, Don’t Hide Your Cryptocurrency Accounts

The saga of poker playing Supreme Court litigator (and, for the attorneys who read this, SCOTUSblog founder) Tom Goldstein continues.  Mr. Goldstein was arrested late yesterday, and will be spending his time (at least for a while) at ClubFed while … Continue reading

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Supreme Court Litigator, High-Stakes Poker Player, and Tax Felon?

This morning, a friend texted me, “Russ, you MUST read this!” with a link to this story about Supreme Court litigator Tom Goldstein.  Mr. Goldstein was indicted on numerous tax-related charged regarding how he handled his high-stakes poker playing. Mr. … Continue reading

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The Real Winners of the 2024 World Series of Poker

I was not one of the 10,112 entrants (a record field) in the 2024 Main Event of the World Series of Poker. Yesterday saw the winner being crowned. He received a cool $10 Million, but how much of the winnings … Continue reading

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US-Russia Tax Treaty Mostly Suspended Beginning August 16th

The IRS announced today that based on a request from Russia last August that most of the US-Russia Tax Treaty will be suspended beginning August 16, 2024.  One impact: Russians who have gambling income in the US that’s subject to … Continue reading

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Online Gambling and Cryptocurrency Addresses for 2024

If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2023, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading

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IRS Officially Announces Delay in Reporting Cryptocurrency Transactions on Form 8300

The IRS officially announced today that businesses do not have to report the receipt of digital assets on Form 8300 until the Treasury and the IRS issue regulations implementing the new law.  The IRS officially announced this in Announcement 2024-4.  … Continue reading

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Form 8300, Cryptocurrency, and Gambling: An Update

Last August I wrote a post noting that as of January 1, 2024 cryptocurrency is considered to be cash for Form 8300 reporting requirements.  Here’s what I wrote last August: A Twitter/X post from John Reed Stark reminded me about … Continue reading

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Form 8300, Cryptocurrency, and Gambling

A Twitter/X post from John Reed Stark reminded me about an issue that may soon impact you if you are a professional gambler playing on one of the current US-facing sites such as Ignition or America’s Card Room (ACR).  FINCEN … Continue reading

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The Real Winners of the 2023 World Series of Poker

Yesterday afternoon, the 2023 Main Event of the World Series of Poker concluded. A record 10,043 entrants ponied up the $10,000 buy-in to the event leading to a prize pool of $93,399,900 (the $7,030,100 difference is the funds kept by … Continue reading

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WSOP and Taxes: 2023 Update

The 2023 World Series of Poker (WSOP) began yesterday here in Las Vegas at the Paris and Horseshoe hotels (the hotels are linked). There are also several other tournament series that have either begun or will soon begin at the … Continue reading

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