Category Archives: Gambling

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 →

Posted in Gambling, IRS | 1 Comment

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 →

Posted in Gambling, Minnesota | 1 Comment

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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Will the Feds End Up With a Casino?

Posted on March 17, 2006 by Russ

Renato Medina is the principal owner of Lucky Chances, a Bay Area poker club located in Colma. According to the US Department of Justice and the IRS, he allegedly caused Lucky Chance’s to deduct $2.6 million in bogus business expenses, … Continue reading →

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Increase Casino Tax Rates Or Increase Casinos?

Posted on March 13, 2006 by Russ

That was the decision Iowa was faced with after the Iowa Supreme Court ruled that tax rates at race track (horse racing) casinos were unconstitutional in 2004. Today, Iowa is in the midst of a casino building boom, with four … Continue reading →

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An Interesting Gambling Tax Court Case

Posted on February 13, 2006 by Russ

The Tax Court today decided Castagnetta v. Commissioner (T.C. Summary 2006-24). The petitioner claimed that while working as a part-time truck driver that he was also a professional gambler, gambling on horse races in New York. The IRS challenged that, … Continue reading →

Posted in Gambling | 6 Comments

Gambling in Stocks vs. Gambling in Casinos

Posted on February 8, 2006 by Russ

Professor Maule has an interesting post on whether people making their living gambling on cards should be treated differently than those gambling on stocks. His conclusion: I wonder if the current Administration and its Congressional allies, in proposing to make … Continue reading →

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Gambler Craps Out

Posted on January 30, 2006 by Russ

What happens when you make a few bets and win? Well, besides ending up with more money in your pocket, you have something else to put on your tax return; gambling winnings are taxable in the United States and go … Continue reading →

Posted in Gambling | 4 Comments