Category Archives: Gambling

The Wagering Excise Tax and DFS

Posted on October 20, 2015 by Russ

I’m focusing on the tax aspects of daily fantasy sports (DFS) this week. It’s beneficial for DFS participants for the activity to be considered gambling. For political reasons (“gambling is a sin”) and regulatory reasons (gambling is regulated, skill contests … Continue reading →

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The Future of DFS

Posted on October 18, 2015 by Russ

If you watch any sports television, you’ve almost certainly seen commercials for the two leading daily fantasy sports (DFS) sites, DraftKings and FanDuel. Last week the Nevada Gaming Control Board announced that DFS is gambling under Nevada law. The Nevada … Continue reading →

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How Should Multiple Buy-Ins for a Poker Tournament be Handled on a W-2G?

Posted on September 9, 2015 by Russ

Poker tournaments today have various forms. Some are “freeze-outs,” where you can only buy into the tournament once. Some have rebuys and add-ons, where if you lose all your chips you can rebuy into the tournament and if you’re in … Continue reading →

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Fail, Caesar! Update

Posted on July 23, 2015 by Russ

Yesterday US Bankruptcy Judge Benjamin Goldgar ruled that various lawsuits against Caesars Entertainment can go forward. Caesars Entertainment Operating Company (CEOC) is already in bankruptcy; this ruling increases the chances that Caesars Entertainment Corporation (CEC) follows CEOC into Chapter 11. … Continue reading →

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FBAR Due in One Week

Posted on June 23, 2015 by Russ

The Report of Foreign Bank and Financial Accounts (Form 114, the FBAR) is due on June 30th. The form must be electronically filed with FINCEN. Your tax professional may be able to do it through his software (we can) or … Continue reading →

Posted in Gambling, International | Tagged | 1 Comment

Form 8300 and Poker

Posted on June 17, 2015 by Russ

I’ve posted before on staking, but someone asked me the following question: I’m a professional [poker player] and am going to be staked for the High Roller One Drop Tournament [a $111,111 buy-in tournament]. I’m going to be handed the … Continue reading →

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Staking and the WSOP: 2015 Update

Posted on May 25, 2015 by Russ

The 2015 World Series of Poker begins on Wednesday at the Rio Hotel and Casino here in Las Vegas. While many things have changed for this year (for example, the WSOP will have a “Colossus” tournament this coming Friday and … Continue reading →

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Online Gambling Addresses Updated for 2015

Posted on March 5, 2015 by Russ

NOTE: This list has been superseded by the 2016 list. With the United States v. Hom decision, we must again file an FBAR for foreign online gambling sites. An FBAR (Form 114) is required if your aggregate balance exceeds $10,000 … Continue reading →

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IRS Proposes Session Method for Slot Machine Play and a Revision to the Regulations on Gambling Information Returns

Posted on March 3, 2015 by Russ

This morning the IRS proposed a new Revenue Procedure for individual taxpayers to determine wagering (gambling) gains and losses from slot machine play. Additionally, the IRS proposed an update to the regulations on information returns for gambling from slot machines. … Continue reading →

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Fail, Caesar!

Posted on January 19, 2015 by Russ

Last week Caesars Entertainment Operating Company (CEOC) filed for Chapter 11 bankruptcy in Chicago. One week ago, second-tier bondholders filed an involuntary bankruptcy petition in Delaware. A company can only be in one bankruptcy court, so there’s an obvious issue: … Continue reading →

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