Category Archives: Gambling

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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New Hampshire Gambling Tax Moving Forward

Posted on June 21, 2009 by Russ

It appears likely, but not certain, that New Hampshire will soon have a 10% tax on gambling winnings. The state legislature tentatively approved a new budget that contains the tax. It still must be approved by each house of the … Continue reading →

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Aloha Gamblers!

Posted on June 8, 2009 by Russ

Hawaii is a beautiful place. It’s hard for me to think of a more beautiful or relaxing place for a vacation. Residents of the Aloha State aren’t likely to be gamblers. Hawaii prohibits all forms of gambling. Of course, if … Continue reading →

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New Hampshire Gambling Tax Not Yet Law

Posted on April 20, 2009 by Russ

Last week I wrote about New Hampshire’s proposed tax increases. Those taxes passed the lower house of New Hampshire’s state legislature. However, they still must pass the state senate in New Hampshire. If you live in New Hampshire you may … Continue reading →

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