Category Archives: Gambling

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

Who Gets the Charitable Donation for the WSOP’s One Drop Events?

Posted on July 1, 2013 by Russ

At this year’s World Series of Poker, there are two events where money is donated to the One Drop Foundation: the high rollers event with a $111,111 buy-in (won by Tony Gregg for $4.8 million over the weekend), and the … Continue reading →

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Why Saying No to wsop.com If You Win the $111,111 “Free” Seat Is a Good Idea

Posted on June 25, 2013 by Russ

Tonight, wsop.com will be giving away a “free” entry into a $111,111 buy-in tournament that begins on Wednesday. To be eligible for the free entry, you had to sign-up in person for the new online poker site wsop.com at the … Continue reading →

Posted in Gambling | Tagged | 3 Comments

When a W-2G (or Other Information Return) Is Wrong

Posted on March 20, 2013 by Russ

Let’s say you’re self-employed, and you get a 1099-MISC from a customer. He notes he paid you $1,200. However, he really paid you $900. What do you do? First, you contact the customer and attempt for him to correct the … Continue reading →

Posted in Gambling, Indiana, Iowa | Tagged , , | 7 Comments

If You Want a World Series of Poker Bracelet…

Posted on March 12, 2013 by Russ

…You can get one at auction in Sacramento on April 4th. Jerry Yang, the winner of the Main Event of the 2007 World Series of Poker, is in tax trouble with both the IRS and California’s Franchise Tax Board. Back … Continue reading →

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Who Knew? Iowa Has a $50 Loss Limit on Fantasy Sports

Posted on March 7, 2013 by Russ

As I end a very long work day, I notice that Jason Dinesen sent out a tweet that an Iowa legislator is attempting to increase the daily fantasy sports betting, er, skill, well gambling (in Iowa) limit from $50 to … Continue reading →

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