Category Archives: Gambling

Mailbag Update

Posted on March 13, 2012 by Russ

We get mail: I got married last June and my wife says we need to file as single because we weren’t married for the whole year. Can you set her straight? Your marital status on December 31st is your marital … Continue reading →

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Shockingly, the Nevada Resort Association Is Fighting a Tax Initiative on Nevada Resorts

Posted on March 4, 2012 by Russ

Last Wednesday the Nevada Resort Association filed a lawsuit in Carson City to block a proposed initiative that would increase the highest tier of gambling taxes in Nevada from 6.75% to 9%. The Las Vegas Sun reported that the lawsuit … Continue reading →

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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 →

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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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