Category Archives: Gambling

The Real Winners at the World Series of Poker

Posted on November 11, 2008 by Russ

This year’s World Series of Poker concluded early this morning at the Rio Hotel and Casino in Las Vegas. The winner of the main event won $9,152,416 but would he actually end up with all that money? This year’s winner … Continue reading →

Posted in Gambling | 6 Comments

He Gambled…And He Lost

Posted on November 1, 2008 by Russ

Renato Medina used to own Lucky Chances, a Colma, California cardroom (poker club). Colma, which may have more tombstones than people, was the target of a federal corruption investigation. Mr. Medina was found to have been taking personal deductions on … Continue reading →

Posted in Gambling, Tax Evasion | Comments Off on He Gambled…And He Lost

We Get Questions on Gambling Income

Posted on October 12, 2008 by Russ

Over the past few weeks we received a couple of questions. Here they are with answers. Timing of Online Gambling Income Question—What if you are gambling on an online site over the course of a year and you win some … Continue reading →

Posted in Gambling | 1 Comment

A Very Unlucky Spendthrift Lottery Winner

Posted on August 10, 2008 by Russ

If you are lucky enough to win the lottery definitely plan on paying your taxes. Indeed, you’ll find that the government will be quite helpful in that regard, and that taxes will be withheld from your winnings. Do remember, though, … Continue reading →

Posted in Gambling, Tax Evasion | Comments Off on A Very Unlucky Spendthrift Lottery Winner

We Get Questions on Gambling and Taxes

Posted on June 24, 2008 by Russ

Question 1. “Good afternoon Russ, “I am a regular [poker] player online and I was wondering the policy in the state of California? Is there a certain amount and above that needs to be reported on your taxes? Since the … Continue reading →

Posted in Gambling | Comments Off on We Get Questions on Gambling and Taxes

A New York Doctor/Gambler Hits Three Lemons

Posted on June 7, 2008 by Russ

The TaxProf Blog alerted me to an interesting Tax Court case decided earlier this week. Once again the Court looked at whether or not an individual can be a professional gambler when that individual specializes in video poker. In video … Continue reading →

Posted in Gambling, New York | Comments Off on A New York Doctor/Gambler Hits Three Lemons

What If You Win the Big One

Posted on March 23, 2008 by Russ

We get mail. Now, I don’t answer all of it, but this weekend I got quite a bit of interesting email. A reader asks, “I caught your appearance on the Ante Up podcast last week, so I thought I’d take … Continue reading →

Posted in Gambling | Comments Off on What If You Win the Big One

ePassporte Is a Foreign Bank Account

Posted on March 5, 2008 by Russ

I’ve been asked by some of my gambling clients about ePassporte, an e-wallet that’s now in widespread use. The question that has arisen is whether ePassporte is a foreign bank account like Neteller was. It’s hard to figure this out … Continue reading →

Posted in Gambling | Tagged | Comments Off on ePassporte Is a Foreign Bank Account

The Wages of Sin

Posted on February 20, 2008 by Russ

A New Jersey couple frequented Atlantic City, and enjoyed playing the slot machines. In 2004, they were “lucky” enough to win $208,420 in jackpots for which they received W-2Gs. The couple, though, didn’t include that income on their tax return … Continue reading →

Posted in Gambling | Comments Off on The Wages of Sin

Louisiana Loves Gamblers

Posted on February 15, 2008 by Russ

And that’s not a good thing. Assume you’re an amateur gambler. You add up your winning and losing sessions for the year, and find that you have $150,000 of wins and $100,000 of losses. You get to deduct the $100,000 … Continue reading →

Posted in Gambling | Comments Off on Louisiana Loves Gamblers