Category Archives: Gambling

Online Gambling Addresses (Updated for 2011)

Posted on January 21, 2011 by Russ

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

Posted on January 4, 2011 by Russ

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 →

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Will Online Poker Legalization Come Out of the 111th Congress?

Posted on December 6, 2010 by Russ

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?

Posted on November 12, 2010 by Russ

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

Posted on November 11, 2010 by Russ

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 →

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The Real Winners at The World Series of Poker (2010)

Posted on November 9, 2010 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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If I Win a Free Trip to the Bahamas (Part 2)

Posted on November 8, 2010 by Russ

For those who care, I made the semi-final round of the contest that could send me to the Bahamas. For the readers who commented and want to vote in the semi-finals, you can do so at this link (choose Russ … Continue reading →

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If I Win a Free Trip to the Bahamas, Do I Have to Pay Tax On It?

Posted on November 5, 2010 by Russ

About ten days ago, I noticed that a poker website was running a contest. Submit a fun poker game that can be run as a poker tournament; if your game is chosen we’ll send you the Bahamas. There were over … Continue reading →

Posted in Gambling, Taxable Talk | Tagged | 1 Comment

Making Lives Miserable in the Pacific Northwest

Posted on September 30, 2010 by Russ

I used to reside in Kent, Washington. The Pacific Northwest is (during clear weather) one of the most beautiful places in the country. The combination of the Cascades, the ocean, Puget Sound, and Lake Washington makes the Seattle area a … Continue reading →

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Horse Racing About to be an Even Worse Bet in California

Posted on September 7, 2010 by Russ

I don’t think that I’m revealing a secret when I tell you that most gamblers lose. The casinos in Las Vegas and elsewhere weren’t built by having more people win than lose. The horse racing industry has struggled in recent … Continue reading →

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