Category Archives: Gambling

FBAR Deadline Is Today

Posted on June 30, 2010 by Russ

Almost all tax deadlines are on the fifteenth day of the month. However, there’s one that falls on June 30th: The filing deadline for the Report of Foreign Bank and Financial Accounts (FBAR, Form TD F 90-22.1). This is the … Continue reading →

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Taxes and Online Gambling: General Presentation on June 15th

Posted on June 8, 2010 by Russ

I’ll be presenting a one-hour continuing education talk on Taxes and Online Gambling at the monthly meeting of the Orange County Chapter of the California Society of Enrolled Agents next Tuesday, June 15th. If you’re near the Phoenix Club (1340 … Continue reading →

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The Sky Is Not Falling (Yet)

Posted on June 2, 2010 by Russ

For online gamblers, yesterday was the day that banking regulations relating to the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006 went into effect. The legislation itself passed in 2006 (it was attached to the Safe Ports Act). Kay Bell … Continue reading →

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Poker Player Blames His Accountant for His Tax Troubles

Posted on May 16, 2010 by Russ

Michael “The Grinder” Mizrachi is a well known tournament poker player. The Florida resident has nearly $7 million in career earnings. He also has tax troubles. Mr. Mizrachi had a nearly $340,000 tax lien slapped on him. A condominium he … Continue reading →

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Forgetting the “Charitable” In Charitable Poker Leads to Trouble

Posted on May 13, 2010 by Russ

Stanley Combs allegedly had a nice little business in West Carollton, Ohio. He owned and operated a Fraternal Order of Orioles lodge. But it appears the side business he supposedly ran was the real money maker. He ran poker tournaments. … Continue reading →

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Aloha! Hawaii Repeals Gambling Loss Prohibition

Posted on April 16, 2010 by Russ

Last summer Hawaii enacted a tax, err, the elimination of the ability to take gambling losses as an itemized deduction. This made our fiftieth state even less of a good place for gamblers to reside. Today, Governor Linda Lingle signed … Continue reading →

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Specifics Trumps General in Gambling Losses for Taxes

Posted on March 22, 2010 by Russ

Congress writes the Tax Code. That leads to many situations where there’s conflicting language between two sections of the Code. Section 162(a) allows for the deduction of necessary and ordinary business expenses. Section 165(d) limits gambling losses to the amount … Continue reading →

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Unearned Income Tax in New Healthcare Bill Will Impact Gambling

Posted on March 18, 2010 by Russ

The new healthcare legislation contains plenty of taxes. One especially bad one is a new 3.8% tax on unearned income above $200,000. This will have a very bad impact on amateur gamblers. When I last looked at the bill, the … Continue reading →

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Bad States for Amateur Gamblers

Posted on March 1, 2010 by Russ

All states are alike, right? That’s definitely not true in the world of tax. Some states don’t have an income tax. Other states have very high income tax rates. Amateur gamblers have a special concern: The ability (or lack thereof) … Continue reading →

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The Wyden/Gregg Tax Reform Bill: Interesting, but DOA

Posted on February 28, 2010 by Russ

Senators Ron Wyden (D-OR) and Judd Gregg (R-NH) introduced a bill, “To amend the Internal Revenue Code of 1986 to make the Federal income tax system simpler, fairer, and more fiscally responsible, and for other purposes.” The bill would have … Continue reading →

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