Category Archives: Gambling

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 →

Posted in Gambling | 2 Comments

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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Why Gamblers Should Dislike PelosiCare

Posted on November 4, 2009 by Russ

Suppose you’re an amateur gambler. Say you’re a college student. You net $45,000 playing poker tournaments. When you determine your annual wins and losses you find that your gross winnings are $800,000 and your gross losses are $755,000. You take … Continue reading →

Posted in Gambling, Legislation | Tagged | 3 Comments

An Interesting Gambling Case

Posted on October 17, 2009 by Russ

Here’s the one post that didn’t make the move from the old host. Note that “today” (in the below post) means October 1st, not October 17th. The Tax Court looked at an interesting case today. A recreational gambler (playing slot … Continue reading →

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Welcome to the Hotel California

Posted on August 4, 2009 by Russ

The Eagles song Hotel California remains a classic rock hit. During my recent vacation I walked through a Hotel California—the California Hotel and Casino in downtown Las Vegas. The California has a Hawaiian theme, and the hotel is popular with … Continue reading →

Posted in Gambling, Hawaii | 1 Comment

Mailbag Time

Posted on July 12, 2009 by Russ

Lots of questions have come in during the past few weeks. Here are a few that might interest you. 1. I recently settled a lawsuit for wrongful termination, and was awarded $100,000 after attorney fees of $50,000. How much of … Continue reading →

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New Hampshire Gambling Tax Now Law

Posted on July 2, 2009 by Russ

New Hampshire’s budget was signed into law earlier this week, and it gives gamblers a reason to frown. Included in the budget is a 10% tax on gambling winnings. This article on the tax states, As written, he [Rick Newman, … Continue reading →

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IRS Gives More Time for FBAR for Some

Posted on June 30, 2009 by Russ

The reporting of Foreign Bank and Financial Accounts—the FBAR reporting on Form TD F 90-22.1—is impacting more individuals than in the past. More people have foreign financial accounts, and online gambling accounts are now considered foreign financial accounts. As Joe … Continue reading →

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Foreign Financial Account Reporting Due

Posted on June 24, 2009 by Russ

If you have a foreign financial account, or have signature authority over such an account, you must file Form TD F 90-22.1. That form is due on June 30th. Unlike every other IRS deadline, this one is a receipt deadline. … Continue reading →

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