Categories
- Alabama
- Alaska
- Arizona
- Arkansas
- BEA
- Books
- California
- Canada
- Colorado
- Connecticut
- Cryptocurrencies
- Delaware
- District of Columbia
- Entity Formation
- Estate Tax
- Federal Budgeting
- FINCEN
- Florida
- Gambling
- Georgia
- Gift Tax
- Hawaii
- Illinois
- Indiana
- Information Returns
- International
- Iowa
- IRS
- Irvine
- Kansas
- Katrina
- Kentucky
- Las Vegas
- Legislation
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Orange County
- Oregon
- Payroll
- Payroll Taxes
- Pennsylvania
- Pensions
- Property Taxes
- Recordkeeping
- Rhode Island
- S Corporation
- Sales Tax
- SBA
- Scams
- Self Employment Tax
- South Carolina
- South Dakota
- Supreme Court
- Tax Court
- Tax Evasion
- Tax Fraud
- Tax Gifts
- Tax Preparation
- Taxable Talk
- Tennessee
- Texas
- Uncategorized
- Utah
- Vermont
- Virginia
- Washington State
- West Virginia
- Wisconsin
- Wyoming
Contact
Archives
Tax Blogs
- Dinesen Tax Times
- Don't Mess with Taxes
- EideBailly Tax News & Views
- Federal Tax Crimes
- Kelly Phillips Erb (Taxgirl)
- MauledAgain
- Peter Reilly
- Phil Hodgen Tax Law Blog
- Procedurally Taxing
- Tax Analysts Blog
- Tax Policy Blog (Tax Foundation)
- TaxProf Blog
- TaxVox Blog
- The Tax Guru
- The Wandering Tax Pro
- Tony Nitti on Forbes
Political Blogs
Tax Agencies
- California Department of Taxes and Fee Administration
- California Employment Development Dept.
- California Franchise Tax Board
- City of Las Vegas Business Licenses
- Clark County Business Licenses
- Henderson Business Licenses
- IRS
- Nevada Department of Employment, Training and Rehabilitation
- Nevada Department of Taxation
- North Las Vegas Business Licenses
Memberships
Other Links
Meta
-
Note: All Content is Copyright © 2005 – 2024 by Clayton Financial and Tax LLC.
-
Category Archives: Gambling
Making $35,000 While Gambling with $800,000 Doesn’t Compute
Even if you lose as a gambler, you’re supposed to report the income. Today, the Tax Court took up the case of a gambler who lost in more ways than one. Our unlucky gambler spent quite a bit of time … Continue reading
Posted in Gambling, Tax Court
2 Comments
Two Casino Chip Theft Cases, Two Arrests (Illegal Income Primer)
When I learned math, I learned that 1 times any number is that other number, and that 0 times any number is 0. So if I steal 400,000,000,000 play money poker chips (each can be converted to absolutely nothing), I’ve … Continue reading
Posted in Gambling, IRS
Tagged IllegalIncome
Comments Off on Two Casino Chip Theft Cases, Two Arrests (Illegal Income Primer)
A Galloping Win for Gamblers in Tax Court (With a Loss on the Side)
The Tax Court looked today at the case of a professional gambler who lost money both on his wagers and his expenses in 2001. The petitioner tried to deduct his gambling losses in excess of his wins and his business … Continue reading
Posted in Gambling
Comments Off on A Galloping Win for Gamblers in Tax Court (With a Loss on the Side)
And I Thought Denmark Had High Taxes for Gamblers…
The name “Isildur” may mean nothing to you. Perhaps you remember Isildur as a character in J.R.R. Tolkien’s classic The Lord of the Rings. For those who follow online poker, the name Isildur means screenname Isildur1. Isildur1 played high-stakes poker … Continue reading
Posted in Gambling
Tagged ViktorBlom
Comments Off on And I Thought Denmark Had High Taxes for Gamblers…
Online Gambling Addresses (Updated for 2011)
The IRS and Department of the Treasury stated in January 2009 that online gambling websites are considered to be foreign financial accounts. If you have $10,000 or more in one or more foreign bank and/or financial accounts, you must report … Continue reading
Posted in Gambling
4 Comments
Aloha, Professional Gamblers
Aloha means a lot of different things. Per Wikipedia (and a conversation with a friend who was born in Hawaii) it means affection, love, peace, compassion, mercy, hello, and goodbye. I’ll focus on the latter two tonight. There is no … Continue reading
Will Online Poker Legalization Come Out of the 111th Congress?
The poker world is abuzz with word that Senate Majority Leader Harry Reid (D-NV) is circulating legislation that would legalize online poker in the United States. Poker newsgroups, such as 2+2, have long threads on the proposed legislation. Here’s what’s … Continue reading
Posted in Gambling, Legislation
1 Comment
So I Won a Free Trip to the Bahamas. Now, How do I Report It on my Tax Return?
Well, luck, skill, or a roll of the die was with me: I did win that free trip to the Bahamas. Come early January I’ll be winging my way 2,492 miles to Nassau and then on to the Atlantis Resort … Continue reading
Posted in Gambling, Taxable Talk
4 Comments
No Gold at the End of the Rainbow
Yesterday, the Tax Court ruled in Au v. Commissioner. The Aus, husband and wife from California, gambled during 2006 but lost money. Indeed, they lost over $40,000. They took those gambling losses as a miscellaneous itemized deduction. Unfortunately, the Tax … Continue reading
Posted in Gambling
Comments Off on No Gold at the End of the Rainbow