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Category Archives: Gambling
The 2021 Real Winners of the World Series of Poker
Last night, the Main Event of the World Series of Poker concluded. (While there are still a few events to be decided in the WSOP, this is the event that everyone thinks of as the big one.) Before I get … Continue reading
Why Did the WSOP Change the Rules on Lammers?
With the World Series of Poker (WSOP) winding down (the Main Event champion will be crowned Wednesday evening–and, yes, I will have my customary post on the real winners of the WSOP on Thursday), an issue arose late in the … Continue reading
The WSOP and Taxes (2021 Update)
The World Series of Poker will begin here in Las Vegas on September 30th. While attendance is likely to be less than in previous years (it’s still difficult to travel internationally to the United States), thousands of poker players will … Continue reading
Online Gambling and Cryptocurrency Addresses for 2021
If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2019, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading
Posted in Cryptocurrencies, FINCEN, Gambling, International
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Ignoring W-2Gs and $482,000 of Income Led to a Sub-Optimal Result
Bluffing in poker can work quite well. However, if your opponent will always call, bluffing cannot work. One poker player learned that the IRS always call your bluffs (especially when they have evidence). Guy Smith owns an interior construction business … Continue reading
Posted in Connecticut, Gambling, Tax Evasion
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Do Canadian Professional Poker Players Owe Income Tax?
In the United States, the tax law can be boiled down to two sentences: Everything is taxable unless Congress exempts it. Nothing is deductible unless Congress allows it. Gambling winnings are taxed–they are an accession to income. An American professional … Continue reading
Posted in Canada, Gambling, International
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IRS: DFS Is Wagering (Gambling)
In February 2014, I wrote a post titled, “Taxes and Daily Fantasy Sports: The Duck Test.” I concluded: So daily fantasy sports have at least some element of luck. Then from a tax standpoint they sure look to be a … Continue reading
More on the IRS Daily Fantasy Sports Memo (“DFS Is Gambling”)
There has been some speculation in the gambling world on (1) why did the IRS memo on Daily Fantasy Sports (DFS) suddenly appear, and (2) is the IRS correct about the non-precedential memo? Chris Krafcik on Twitter asked, ” Has … Continue reading
Posted in Gambling, IRS
Tagged daily.fantasy.sports
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