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Category Archives: Gambling
Illinois Casino Tax Ruled Unconsitutional
Last year, Illinois added a new tax to help the horse racing industry. The tax required Chicago-area casinos that make over $200 million a year to remit 3% of their gross revenues to a fund benefiting Illinois’ nine horse racing … Continue reading
New York Loves Gamblers
New York is known as a high-tax state. Those who live in New York City or Yonkers must pay state and city income tax. That’s bad. The amateur gambler is in for a surprise, too. While New York allows itemized … Continue reading
Wisconsin Is No Place to Gamble
I grew up in Chicago, and I remember vacationing at Wisconsin Dells as a child. Now Wisconsin, like many states, sports Indian casinos. Gamblers who patronize such casinos are in for a rude surprise when they complete their tax returns. … Continue reading
No Alchemy for Lottery Winnings…Again
The 2nd Circuit joined the 3rd, 9th, and 10th Circuit Courts of Appeal today and won’t allow a lottery winner to turn ordinary income into a long-term capital gain. We’ve written about this before (see here and here). The question … Continue reading
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Neteller and Constructive Receipt
As the saga of Neteller, the Isle of Man based financial intermediary, drags on, I’ve gotten many questions regarding the money that’s tied up. For those who are unaware, some of the Neteller money was seized by the US government … Continue reading
More on Neteller
Neteller, the beleaguered Isle of Man financial intermediary firm whose two founders were arrested on money laundering charges in the United States, announced that they have come to an agreement with the US Attorney’s Office for the Southern District of … Continue reading
In The News…
CCH’s Federal Tax Weekly has an article on the Tschetschot case. My comments are included in the article. There were two major surprises in the decision: – The IRS conceded that Mrs. Tschetschot was a professional gambler even though she … Continue reading
Tax Court Doesn’t Like the Idea of a Video Poker Professional
Today, the Tax Court looked at another unsuccesful gambler who thought he was a professional. This individual, though, gambled at video poker, not live poker (or poker tournaments). Video poker differs substantially from live poker. Instead of playing against other … Continue reading
Posted in Gambling
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Are Poker Tournaments Gambling?
A very interesting case today from the Tax Court. A husband and wife play poker. The wife is a professional, playing in poker tournaments; the husband is not a professional. The wife wins some money playing in poker tournaments; however, … Continue reading
Neteller, the DOJ, and the IRS
One of my practice areas is professional gambling. Many gamblers maintained an account with the e-wallet firm Neteller. Neteller served as a financial intermediary between US customers and online gambling firms. In January, the Department of Justice arrested the two … Continue reading