Category Archives: Gambling

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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Hurry Up and Wait: What the New Jersey Online Gambling Bill’s Passage Really Means

Posted on February 26, 2013 by Russ

New Jersey Governor Chris Christie signed into law a bill authorizing online gambling in New Jersey. I’ve seen tweets from friends saying things like, “Great! Christie legalizes online poker in New Jersey.” Well, that’s not exactly what happened. While I’d … Continue reading →

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Mailbag

Posted on February 24, 2013 by Russ

We get mail: I moved to California in 2012, and earned just $5,000 while in California versus a lot of money outside of the state. Yet those robbers want me to pay based on my overall income. This can’t be … Continue reading →

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Nevada Looks to Tax Online Poker Tournaments

Posted on February 14, 2013 by Russ

A brief story in the Las Vegas Review-Journal noted that the chairman of the Nevada Gaming Control Board, A.G. Burnett, proposed that online poker tournaments be subject to tax (on the net profit of the tournament). This bill, Senate Bill … Continue reading →

Posted in Gambling, Nevada | 1 Comment

A Podcast to Start the New Year

Posted on January 1, 2013 by Russ

On the day the world didn’t end, I was interviewed for the Thinking Poker podcast. The interview ran about an hour, and it was a lot lighter than most discussions on taxes and gambling. You can download the episode through … Continue reading →

Posted in Gambling, Taxable Talk | Tagged | 1 Comment

Is It Time to Take a Casualty Loss on Absolute Poker/Ultimate Bet?

Posted on December 27, 2012 by Russ

One of the things needed for a casualty loss is certainty. There’s been relatively little of that when dealing with Absolute Poker (AP) and Ultimate Bet (UB) after Black Friday. While PokerStars quickly repaid players, and it appears players will … Continue reading →

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