Category Archives: Gambling

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 →

Posted in Gambling, IRS | 1 Comment

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 →

Posted in Gambling | 1 Comment

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NOTE: This list has been superseded by the 2016 list.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 →

Posted in Gambling | 3 Comments

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 →

Posted in Gambling | 1 Comment

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 →

Posted in Gambling | Tagged , | 1 Comment

1099 Time (2015 Version)

Posted on January 3, 2015 by Russ

As we start 2015, we’re running some repeats of important issues. It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who … Continue reading →

Posted in Gambling, IRS | Tagged | 1 Comment

London Calling: The Real Winners of the 2014 World Series of Poker

Posted on November 12, 2014 by Russ

Nine individuals came to Las Vegas on Monday and Tuesday to compete for the championship at the World Series of Poker (WSOP). Who would be the lucky winner? And who really got to keep the money? You will notice a … Continue reading →

Posted in Gambling | 1 Comment

New Jersey Tries Hail Mary on Sports Betting; Will IRS Intercept?

Posted on September 9, 2014 by Russ

Yesterday, Governor Chris Christie of New Jersey announced that New Jersey would not prosecute any casino or race track that offered sports betting. This is in spite of a federal court ruling that New Jersey’s sports betting law was unconstitutional. … Continue reading →

Posted in Gambling, New Jersey | 1 Comment

The Hom Decision and the Past (2008 – 2012)

Posted on August 17, 2014 by Russ

Back in June, a federal district court ruled in United States v. Hom that foreign online gambling accounts are reportable for FBAR purposes. An obvious question is what does this mean for prior years. First, these are just my thoughts. … Continue reading →

Posted in Gambling | Tagged | Comments Off on The Hom Decision and the Past (2008 – 2012)

Is a “Dealer Add-On” a Tip or a House Fee?

Posted on August 10, 2014 by Russ

Poker dealers are paid a low hourly wage; they make most of their money from gratuities (tips) from players. Those tips are, of course, taxable. In a poker tournament, dealers also receive tips. Some come from the prize pool while … Continue reading →

Posted in Florida, Gambling | Comments Off on Is a “Dealer Add-On” a Tip or a House Fee?