Category Archives: Gambling

Taxes and Gambling Series

Posted on February 15, 2012 by Russ

About once a year I get asked, “I won some money gambling, but I didn’t get a W-2G. Do I really have to declare that income?” The answer is easy: All income is taxable unless Congress exempts it, and gambling … Continue reading →

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Funding the Payroll Tax Cut Extension: Online Poker?

Posted on February 12, 2012 by Russ

Late last year, Congress extended the 2% cut in the payroll (FICA) tax for just two months. That extension expires in 18 days. Congress and the President appear to want it to be extended, but there’s a catch. The extension … Continue reading →

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Ignoring Tax Advice and then Suing the Attorney who Gave the Advice Isn’t Brilliant

Posted on January 16, 2012 by Russ

Let’s assume you talk to your attorney, and he advises you that you should create a reserve fund for taxes. Usually, it’s a good idea to listen to your attorney. If you don’t like his opinion, perhaps get a second … Continue reading →

Posted in Florida, Gambling | Tagged , | 2 Comments

Norway Demands $30 Million from Absolute Poker

Posted on December 28, 2011 by Russ

Absolute Poker, the now more-or-less defunct company that included UltimateBet, has been hit with a 180 million Norwegian Kroner tax bill ($29.9 million) by the Norwegian tax agency, Skatteetaten. The tax agency accuses Absolute Poker of running 430 million Kroner … Continue reading →

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IRS Acquiesces to Decision in Mayo v. Commissioner

Posted on December 27, 2011 by Russ

The IRS has acquiesced to the decision in Mayo v. Commissioner; this decision will be published in the January 17, 2012 issue of the Internal Revenue Bulliten according to Linda Beale. The Mayo case allows a professional gambler to deduct … Continue reading →

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Casualty Losses, Constructive Receipt and Full Tilt Poker

Posted on December 21, 2011 by Russ

I’ve been asked numerous times over the past few weeks one question by poker players: “Can I take a casualty loss on the money I have tied up on Full Tilt Poker?” The answer is a definite maybe, but even … Continue reading →

Posted in Gambling, IRS | Tagged | 8 Comments

The Real Winners of the 2011 World Series of Poker

Posted on November 9, 2011 by Russ

Nine individuals came to Las Vegas this past weekend to compete for the championship at the World Series of Poker. Who would be the lucky winner? And who really got to keep the money? This year’s World Series of Poker … Continue reading →

Posted in Gambling | 12 Comments

News Report: Full Tilt Sold

Posted on September 30, 2011 by Russ

PokerFuse is reporting that Full Tilt Poker has been sold to Group Bernard Tapie. The deal is conditional on factors including a favorable resolution with the US Department of Justice. PokerFuse reports that the deal calls for repayment of all … Continue reading →

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Full Tilt Poker: $238 Million (54%) May Have Gone to Pay Taxes

Posted on September 28, 2011 by Russ

As I noted last week, Full Tilt Poker allegedly paid their owners $440 million, much of that money supposedly coming from player deposits. One question I’ve been asked is, where did that money go? Well, I don’t know where all … Continue reading →

Posted in Gambling, Scams | Tagged | 2 Comments

Full Tilt Poker Alleged to be “Massive Ponzi Scheme”

Posted on September 20, 2011 by Russ

The United States Attorney for the Southern District of New York this morning alleged that Full Tilt Poker is a “massive Ponzi scheme.” Back in April, the Department of Justice seized the domain names of the three largest US-facing online … Continue reading →

Posted in Gambling, Scams | Tagged | 3 Comments