Category Archives: Gambling

New Hampshire Adds Gambling Tax

Posted on April 16, 2009 by Russ

Live Free or Die may be the motto of New Hampshire, but the formerly conservative state that believed in very low taxes elected a Democratic majority in the state legislature last year. Shock of shocks, tax increases are coming. And … Continue reading →

Posted in Gambling, New Hampshire | 1 Comment

Three More Questions from the Mailbag

Posted on March 22, 2009 by Russ

Three more questions from the mailbag this week. We’ll take a look at pensions, extensions, and putting money aside for 2009 taxes. First, a Californian asks: If I retire with a government pension (Calpers) from California, will I have to … Continue reading →

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Weekend Mailbag

Posted on March 15, 2009 by Russ

Three questions of interest this weekend. The first deals with moving to Nevada, the second with the requirement to report foreign financial accounts, and the third deals with deducting clothing. First, a reader asks: I want to move to Nevada. … Continue reading →

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Online Gambling Addresses

Posted on March 10, 2009 by Russ

The IRS and Department of the Treasury recently stated that online gambling sites are foreign bank accounts that must be reported. There’s a problem, though. Most of these entities don’t broadcast their addresses. Some individuals sent email inquiries to one … Continue reading →

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The Stop Tax Haven Abuse Act and Online Gambling

Posted on March 4, 2009 by Russ

Senator Carl Levin (D-MI) and others introduced the Stop Tax Haven Abuse Act on Monday. The Act targets financial transactions into (or out of) jurisdictions that are considered to be tax havens. Senator Levin has posted a summary of the … Continue reading →

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Another Headache for Young Gamblers

Posted on January 31, 2009 by Russ

Many online gamblers are college students and may be considered dependents. You can be claimed as a dependent if your parent(s) provide at least 50% of your support and you are under 18 or a full-time college student under age … Continue reading →

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Online Casinos Are Foreign Financial Institutions

Posted on January 27, 2009 by Russ

Casinos in the United States fall under the same currency requirements as banks and other financial institutions. Congress and the IRS recognized that money laundering and other currency shenanigans could occur at a casino. I’ve always felt that one day … Continue reading →

Posted in Gambling | Tagged | 6 Comments

Three Gambling Questions

Posted on January 15, 2009 by Russ

Three interesting questions were recently emailed to me regarding gambling tax issues. Let’s take a look at some of the issues of concern: 1. “I’m planning on playing at an upcoming poker tournament in Los Angeles and heard that if … Continue reading →

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Two Gambling Cases at the Tax Court

Posted on December 23, 2008 by Russ

The Tax Court looked at two gambling related tax cases today. In the first case the petitioners thought there was discrimination; in the second case the question was whether or not the petitioners were professionals or amateurs. In the first … Continue reading →

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More on the World Series of Poker and Income Tax

Posted on November 13, 2008 by Russ

Earlier this week I posted on the tax bite that the top nine finishers at this year’s main event of the World Series of Poker faced. This year’s winner, Peter Eastgate, hails from Denmark. Assuming he is subject to Danish … Continue reading →

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