Category Archives: Gambling

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

Will Chicago Get a New Casino?

Posted on September 15, 2011 by Russ

Illinois Governor Pat Quinn is not happy about proposed legislation that would add five casinos in Illinois. One of these would be in Chicago. Among his complaints are that it would harm education, increase corruption, lower oversight, and add to … Continue reading →

Posted in Gambling, Illinois | 1 Comment

Eight Days a Month Not Enough

Posted on September 15, 2011 by Russ

As I’ve said in the past, there are several states where being an amateur gambler is not a great thing. Wisconsin is one of those states. Yet another amateur gambler found that out the hard way. Carol Kubsch reported $473,075 … Continue reading →

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Foreign Money Service Businesses May Need to Register with FINCEN

Posted on July 23, 2011 by Russ

Consider a foreign company that takes in, via wire transfers or other bank transfers, money from Americans. This company is located in, say, Costa Rica. Under new regulations published this week in the Federal Register, that company must register with … Continue reading →

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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 →

Posted in Gambling | 1 Comment

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 →

Posted in Gambling, Taxable Talk | Comments Off on Radio Russ

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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