Category Archives: Gambling

Tax Myths for the Poker Player

Posted on January 31, 2007 by Russ

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?

Posted on January 10, 2007 by Russ

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

Posted on November 7, 2006 by Russ

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 →

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Coal in the Stocking for Online Gamblers

Posted on October 3, 2006 by Russ

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

Posted on September 25, 2006 by Russ

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

Posted on September 3, 2006 by Russ

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 →

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Changing Planes Can Be Hazardous to Your Wealth

Posted on July 18, 2006 by Russ

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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Slots a Business, Says Minnesota Supreme Court

Posted on May 18, 2006 by Russ

The always vexing question of whether or not a gambler is a professional or an amateur was looked at this week by the Minnesota Supreme Court. In Busch v. Commissioner of Revenue (A05-656), Estelle Busch fought the Minnesota Department of … Continue reading →

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States Where Gambling Is a Bigger Gamble

Posted on March 28, 2006 by Russ

Let’s say you went to the casino last April, and were lucky, and won $1,000. Last August, you went to the casino, and you weren’t so lucky, and you lost $1,000. What are the tax implications? For federal taxes (IRS), … Continue reading →

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All-In Back in Florida

Posted on March 18, 2006 by Russ

Florida has some unusual gambling laws. A court last year ruled that no-limit Texas Hold’em tournaments violated the law. On Friday, an appeals court ruled that the Florida Department of Pari-Mutuel Gaming erred in its decision that no-limit Texas Hold’em … Continue reading →

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