Category Archives: Gambling

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 →

Posted in Gambling | 2 Comments

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 →

Posted in Gambling, Legislation | Tagged | 1 Comment

“I am not a crook.”

Posted on February 7, 2010 by Russ

New York will soon have a ‘racino’ at Aqueduct Race Track in Queens, New York. (A racino is a race track that also has slot machines.) Governor David Paterson chose Aqueduct Entertainment Group to build and run the racino. New … Continue reading →

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Radio Russ

Posted on February 2, 2010 by Russ

I am the guest on this week’s Deuce Plays podcast with Bart Hanson. The focus of the podcast is poker and taxes. You can also download it to your computer by clicking on this link.

Posted in Gambling, Taxable Talk | 2 Comments

Online Gambling Addresses

Posted on February 2, 2010 by Russ

This list has been superseded by the 2011 list. Click here to look at the 2011 list. The IRS and Department of the Treasury stated in January 2009 that online gambling websites are considered to be foreign financial accounts. If … Continue reading →

Posted in Gambling | 3 Comments

Donations to Haiti Relief Via Online Gambling Websites

Posted on January 26, 2010 by Russ

I’ve received quite a few inquiries asking about making a donation to Haiti earthquake relief via an online gambling website. Here’s the latest: An online poker site is saying that if I transfer funds to a specific account, they’ll use … Continue reading →

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Why Is Iowa Looking at Allowing Major Poker Tournaments?

Posted on January 24, 2010 by Russ

Iowa House Majority Leader Kevin McCarthy (D-Des Moines) is proposing legislation to allow large poker tournaments in ballrooms at the state’s 17 licensed casinos. Given my vocation and avocation I’m always happy to see an expansion of poker in the … Continue reading →

Posted in Gambling, Iowa | 1 Comment

A Layover of 33 Months

Posted on January 11, 2010 by Russ

In July 2006 I reported on David Carruthers. Mr. Carruthers needed to fly from London to San Jose, Costa Rica. No nonstops were available, so he flew through DFW. The 2-hour layover ended up being 33 months. Mr. Carruthers happened … Continue reading →

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A Loss for the Taxpayer but a Win for Gamblers

Posted on December 28, 2009 by Russ

The Tax Court today looked at the case of a couple who gambled in their local casino, won, but didn’t include the income on their tax return. That they had taxable income is a given, but there’s a very interesting … Continue reading →

Posted in Gambling | 1 Comment

More Gambling Questions from the Mailbag

Posted on December 9, 2009 by Russ

A few interesting questions have come in recently on gambling and taxes: Question. I think it’s ridiculous that you have to file an FBAR on an online gambling account. These aren’t bank accounts and I don’t think the government can … Continue reading →

Posted in Gambling | Tagged | 5 Comments