Category Archives: Gambling

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 →

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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

Thank You, George Cohan: A Gambler Gets Lucky

Posted on December 3, 2009 by Russ

George Cohan is known as “the man who owned Broadway.” He also proved quite helpful to a gambler today at the US Tax Court. Jose Caro liked horse racing. Any and every day he could, he went to the track … Continue reading →

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Mailbag: How to Get Both Sides Upset with You (Poker Coaches & 1099s)

Posted on December 3, 2009 by Russ

Like most tax professionals, I send out a newsletter for my clients. In my most recent newsletter, I included the following: Under federal law, a business owner (this includes those of you who file a Schedule C — a sole … Continue reading →

Posted in Gambling, Tax Preparation | Tagged | 2 Comments

The Jock Tax Hits Poker Players

Posted on November 15, 2009 by Russ

Back in 1991, the Chicago Bulls beat the Los Angeles Lakers in the NBA Finals. The Franchise Tax Board (California’s income tax agency) didn’t like the idea that the Bulls took the money and ran, so they implemented the first … Continue reading →

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The Other Winners at the World Series of Poker, Part 2

Posted on November 10, 2009 by Russ

There’s another part to the story of this year’s World Series of Poker main event winner: backing. And it has one tax agency smiling even more, while another will miss out on 50% of an unexpected bounty. This year’s main … Continue reading →

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The Other Winners at the World Series of Poker

Posted on November 10, 2009 by Russ

Nine individuals came to Las Vegas this past weekend to compete for the championship of 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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