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Category Archives: Gambling
Staking and the 2014 WSOP: Nothing Has Changed
The poker world is about to descend on Las Vegas. Over the next several weeks, many players who enter the myriad of poker tournaments from expensive tournaments at the World Series of Poker to more affordable tournaments at Binion’s and … Continue reading
Yes, Online Poker Players Must Pay Taxes
The Las Vegas Review Journal has a short article on the fact that online poker players must pay taxes. The article notes that winning players must pay taxes; of course, both winners and losers are supposed to include their winning … Continue reading
A Second Bite at the Apple? Yes, When You Don’t Read the Fine Print
I previously wrote about betonsports.com, a former Internet sports betting website. One of its executive, David Carruthers, made the mistake of changing planes at DFW. Unbeknownst to him, he had been indicted. His two-hour layover got extended…to 33 months at … Continue reading
Posted in Gambling, Tax Court
Tagged betonsports.com
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The Moral Climate may have Changed but the Law Hasn’t
Another professional gambler went to Tax Court seeking to stop Section 165(d) of the Tax Code–the section that stops a gambler from deducting losses in excess of wins. This ended up being a full decision of the Tax Court, so … Continue reading
Taxes and Daily Fantasy Sports: The Duck Test
If it looks like a duck, walks like a duck and quacks like a duck, then it just may be a duck. So said someone (this quote has been attributed to Walter Reuther among others), and it’s one of those … Continue reading
What Are the Tax Impacts of the FullTiltPoker Remission Payments?
In less than one week, many poker players will finally receive their balances that they had at FullTiltPoker when that online poker site was shut down as a result of “Black Friday.” According to the Garden City Group (the claims … Continue reading
Posted in Gambling
Tagged FullTiltPoker, Remission
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Mailbag: Can Gambling Income Transform to Ordinary Income by Moving It Through a Business Entity?
Back in the Middle Ages, alchemists attempted to transform base metals into gold and silver. If only one could change lead into gold. Unfortunately, lead is lead and gold is gold. Why do I bring up alchemy? Because I received … Continue reading
Massages May Feel Nice, But Can You Deduct Them at the Poker Table?
Last week I had an inquiry that asked me about deducting massages at the poker table. At many poker rooms and major poker tournaments, you can get a massage; the cost ranges between $1 and $3 per minute (plus a … Continue reading
Posted in Gambling
4 Comments
1099 Time
As we finish the first week of January, 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 … Continue reading
“Unabomber” (Poker Player) Phil Laak Reportedly Hit With Tax Liens from California
Phil Laak is a very successful poker player. According to the Hendon Mob database, he’s won more than $3,136,000 in poker tournaments. He’s also a successful cash game player. The web site TMZ has stated that Phil Laak left out … Continue reading
Posted in California, Gambling
Tagged Phil.Laak
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