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Category Archives: Gambling
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
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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
Tax Myths for the Poker Player
That’s the title of the article I’ve written for the 2+2 Online Magazine. If you’re a poker player, the magazine (which is free) is a great resource; I heartily recommend it. My article covers many tax myths that I’ve seen … Continue reading
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I Won the Money, But They Took It Away– Do I Pay Tax?
Last year, two Internet poker players were found by two different Internet poker sites to have cheated. (The players involved had multiple accounts, which was in violation of the sites’ rules.) Both Internet sites confiscated the money that the cheaters … Continue reading
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The Tax Court Doesn’t Believe in Alchemy
Wouldn’t it be nice if you could turn some worthless material, like pyrite, into something quite valuable, like gold? Sure. But the laws of chemistry don’t allow it. Wouldn’t it be nice to turn ordinary income into a capital gain, … Continue reading
Coal in the Stocking for Online Gamblers
Very early Saturday morning, Congress passed the Safe Port Act. Appended at the end of the legislation is the “Unlawful Internet Gambling Enforcement Act of 2006.” (The link takes you to the entire text of the act; go to page … Continue reading
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Why You Keep a Gambling Log
The Tax Court reviewed the case of a couple that enjoyed playing the slots in Atlantic City. The IRS thought that the couple were winners; the couple alleged that they lost. What would the Tax Court say? Terri and Austin … Continue reading
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Gratuity Included
An interesting story from Las Vegas: It seems that there’s a problem with tips, and tip reporting, in Sin City. The American Gaming Association is very unhappy about the IRS’ enforcement of the voluntary tip program. This program allows workers … Continue reading
Changing Planes Can Be Hazardous to Your Wealth
Almost everyone prefers to fly nonstop rather than changing planes. However, sometimes we just can’t avoid it. Seasoned travelers have learned to avoid certain airports when changing planes because of delays. For one traveler, that delay may end up as … Continue reading
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