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Category Archives: Gambling
IRS Officially Announces Delay in Reporting Cryptocurrency Transactions on Form 8300
The IRS officially announced today that businesses do not have to report the receipt of digital assets on Form 8300 until the Treasury and the IRS issue regulations implementing the new law. The IRS officially announced this in Announcement 2024-4. … Continue reading
Posted in Cryptocurrencies, FINCEN, Gambling, Information Returns, IRS
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Form 8300, Cryptocurrency, and Gambling: An Update
Last August I wrote a post noting that as of January 1, 2024 cryptocurrency is considered to be cash for Form 8300 reporting requirements. Here’s what I wrote last August: A Twitter/X post from John Reed Stark reminded me about … Continue reading
Posted in FINCEN, Gambling, Information Returns, IRS
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Form 8300, Cryptocurrency, and Gambling
A Twitter/X post from John Reed Stark reminded me about an issue that may soon impact you if you are a professional gambler playing on one of the current US-facing sites such as Ignition or America’s Card Room (ACR). FINCEN … Continue reading
Posted in Cryptocurrencies, Gambling
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The Real Winners of the 2023 World Series of Poker
Yesterday afternoon, the 2023 Main Event of the World Series of Poker concluded. A record 10,043 entrants ponied up the $10,000 buy-in to the event leading to a prize pool of $93,399,900 (the $7,030,100 difference is the funds kept by … Continue reading
WSOP and Taxes: 2023 Update
The 2023 World Series of Poker (WSOP) began yesterday here in Las Vegas at the Paris and Horseshoe hotels (the hotels are linked). There are also several other tournament series that have either begun or will soon begin at the … Continue reading
Colorado: Let’s Implement a 1207800% Marginal Tax Rate!
Consider two taxpayers who enjoy gambling; both are single and residents of Colorado. Both are amateur gamblers who earn $100,000 of wage income and rent. Joe Unlucky broke dead even in his gambling, winning $299,000 (using the session method) and … Continue reading
On Exchanging Cryptocurrency for Casino Chips (or Cash)
The high stakes poker world works a little differently than you might think. Most of the players frequenting these games know each other, and borrowing money from one another is common. Another common occurrence is the exchanging of cryptocurrency for … Continue reading
Posted in FINCEN, Gambling
Tagged Money.Laundering
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When Bad Recordkeeping Helps You (And Bad News for Some Canadian Professional Poker Players)
As we previously reported, the Canada Revenue Agency (CRA) thought that Jonathan Duhamel, the winner of the Main Event of the World Series of Poker (WSOP) in 2010 was a professional gambler, and that he conducted himself as a professional … Continue reading
Posted in Canada, Gambling, International
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The Real Winners of the 2022 World Series of Poker
Yesterday afternoon, the 2022 Main Event of the World Series of Poker concluded. First, congratulations to Caesars for putting on a mostly great series at the Paris and Bally’s casinos on the Strip. This was the first year the events … Continue reading