Category Archives: Gambling

No Records and Other Issues Lead to a “Pro” Being an Amateur

Posted on July 19, 2011 by Russ

The Tax Court had to decide whether or not another individual was a professional gambler. On his return, he included his gambling winnings on a Schedule C (like a professional gambler). But was he truly a professional or was he … Continue reading →

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If It’s Not in Print…

Posted on June 14, 2011 by Russ

Today, the US Tax Court looked at the case of a citizen of South Korea, and his gambling. The petitioner argued that the Korea – US Treaty of Friendship, Commerce, and Navigation exempts gambling income; alternatively, that the gambling income … Continue reading →

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Staking and the WSOP: 2011 Update

Posted on May 26, 2011 by Russ

Back in 2007, I wrote this post regarding staking and the World Series of Poker. Generally, nothing has changed. Caesar’s (formerly Harrah’s) still runs the WSOP and still refuses to obey IRS rules regarding Form 5754. That means that a … Continue reading →

Posted in Gambling | 6 Comments

Radio Russ

Posted on April 27, 2011 by Russ

I am once again the guest on Bart Hanson’s Deuce Plays podcast this week. We discuss “Black Friday” in the online poker world, and its probable impact on taxes, and the possible future of online gambling in the United States. … Continue reading →

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One Down, Two to Go

Posted on April 26, 2011 by Russ

This afternoon, PokerStars announced that they are now ready to return balances in Americans’ accounts back to them. Depending on the balance, this can be done by check, electronic funds transfer, or wire transfer (only balances of $50,000 or more … Continue reading →

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Apparently Much Faster than Neteller

Posted on April 20, 2011 by Russ

The one question I have been asked many times by my clients with money held up because of the Department of Justice’s action against online poker sites is, “When will I get my money back?” The answer appears to be … Continue reading →

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DOJ Indicts Major Online Poker Sites

Posted on April 15, 2011 by Russ

As if my day wasn’t hectic enough, out of New York (and San Francisco) comes news that the DOJ has indicted the three largest US-facing online poker sites: Full Tilt, PokerStars, and Ultimate Bet/Absolute Poker. The indictment charges a variety … Continue reading →

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Avoiding Floor Decisions

Posted on March 15, 2011 by Russ

A number of people, especially my poker friends, have asked me why I would want to be a tax accountant. It does seem like an odd shift from professional poker player to tax accountant, at least on the surface. The … Continue reading →

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Will California Start Their Own Online Poker Sites?

Posted on March 14, 2011 by Russ

Unless you’ve been under a rock, you know that California is broke. The budget deficit for next year is projected at somewhere between $25 and $30 billion. That has caused legislators in the Bronze Golden State to look at online … Continue reading →

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Paper, Money, and Chips: How to Cause Problems with Poker Satellites in Florida

Posted on February 25, 2011 by Russ

From the standpoint of taxes, if I you win a poker tournament and I pay you in cash, a check, or casino chips, there’s no difference. All are negotiable (or fungible) monetary instruments. That’s basic. But what happens when you … Continue reading →

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