Category Archives: Gambling

FBI Agent Structures His Gambling Into ClubFed

Posted on December 19, 2013 by Russ

Law enforcement officers are supposed to know the law. That’s obvious, but one former FBI agent remembered half the law about currency (cash) deposits to his regret. Travis Wilson is a former Special Agent of the FBI. Agent Wilson liked … Continue reading →

Posted in Gambling, IRS | Tagged | 1 Comment

It’s All Greek to Me

Posted on November 21, 2013 by Russ

In reading through the poker world today, news from Greece pushed to the forefront: The Greek government has implemented an up to 20% “Player Withholding Tax” on online gambling. It doesn’t sound like much, but like everything the devil is … Continue reading →

Posted in Gambling, International | Tagged | 1 Comment

Full Tilt Remission Deadline is Today

Posted on November 16, 2013 by Russ

Today, November 16th, is the deadline for making a remission claim from Full Tilt Poker. (There are two exceptions noted below.) If you were not an affiliate of Full Tilt Poker or a Red Pro, you must file your claim … Continue reading →

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The Real Winners of the 2013 World Series of Poker

Posted on November 5, 2013 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? Congratulations to Ryan Riess … Continue reading →

Posted in Gambling | Tagged | 16 Comments

Can an Indian Tribe Open a Casino on Non-Tribal Land that the Tribe Purchases?

Posted on October 20, 2013 by Russ

The Bay Mills Indian Community (Tribe) has a reservation on Michigan’s upper peninsula. The tribe decided to open a casino in Vanderbilt, Michigan–over 100 miles from the reservation. Is that legal? The tribe purchased the land and argues that since … Continue reading →

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The Affordable Care Act and Gamblers: A Bad Bet

Posted on September 21, 2013 by Russ

The Affordable Care Act (aka ObamaCare) is a complex law. For those who gamble, both professionally and as amateurs, there will be a multitude of impacts. The law includes twenty new taxes. Let’s take a look at how these will … Continue reading →

Posted in Gambling, IRS | Tagged | 1 Comment

Tax Implications of Full Tilt Poker Remission

Posted on September 17, 2013 by Russ

I did an interview with CardPlayer Media on the tax impact of the Full Tilt Poker remission. (That remission process formally begins tomorrow, September 18th. More information on that is available at the claims website run by the Garden City … Continue reading →

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Full Tilt Poker Remission Claims to Begin in Mid-September

Posted on August 17, 2013 by Russ

The Garden City Group (GCG) posted the following information on the Full Tilt Poker Claims Administration website yesterday: Important Update About the Start of the Claims Process Starting on September 16, 2013, GCG will email a Notice with instructions on … Continue reading →

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Ledyard 3, Mashantucket Pequots 0

Posted on August 11, 2013 by Russ

Back in mid-July the 2nd Circuit Court of Appeals ruled on an interesting case regarding tribal sovereignty at Indian casinos. The case pitted the country’s largest casino, Foxwoods, against the town of Ledyard and the State of Connecticut. The issue: … Continue reading →

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Rhode Island Is Now a Bad State for Gamblers

Posted on August 8, 2013 by Russ

Little Rhody, Rhode Island, changed its tax structure for 2012. Rhode Island eliminated itemized deductions (but did increase the standard deduction). Thus, an amateur gambler with $50,000 of gambling winnings and $30,000 of gambling losses will owe tax on his … Continue reading →

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