Category Archives: Gambling

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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Kansas Joins Bad States for Gamblers in 2014

Posted on July 30, 2013 by Russ

Heads-up to residents of the Sunflower State: Your state will join the list of bad states for amateur gamblers beginning in 2014. During this year’s legislative session, your state legislature eliminated the itemized deduction for gambling losses beginning January 1, … Continue reading →

Posted in Gambling, Kansas | 3 Comments

Waiting for Godot: Full Tilt Poker Remission

Posted on July 19, 2013 by Russ

Back in high school I read Samuel Beckett’s classic play Waiting for Godot. For Americans who are waiting for remission to occur on money they had on deposit at Full Tilt Poker, this could be retitled “Waiting for Remission.” In … Continue reading →

Posted in Gambling | Tagged , , , | 1 Comment

Ohio Back on the Bad List for Gamblers

Posted on July 12, 2013 by Russ

When Ohio legalized casino gambling in 2010, they also added a deduction for gambling losses effective January 1, 2013. Taxdood reported that the new budget signed into law repeals this deduction. He believes it’s retroactive; I can confirm that it … Continue reading →

Posted in Gambling, Ohio | 1 Comment

Foreign Gamblers Get Equal Footing

Posted on July 10, 2013 by Russ

The United States Court of Appeals for the District of Columbia ruled yesterday that foreign gamblers should be treated similar to US citizens and residents. The issue has to do with a basic idea in gambling: Should gamblers be taxed … Continue reading →

Posted in Gambling, International | 1 Comment

A Gambler Gambles to Tax Court…and Loses

Posted on July 9, 2013 by Russ

With the World Series of Poker main event in progress here in Las Vegas, the Tax Court coincidentally released a decision of a former “Bracelet” winner. (If you win any event at the WSOP, you not only win cash, but … Continue reading →

Posted in Gambling, Tax Court | 1 Comment