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Category Archives: Gambling
Will the Feds End Up With a Casino?
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
Posted in California, Gambling, Tax Evasion
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Increase Casino Tax Rates Or Increase Casinos?
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
An Interesting Gambling Tax Court Case
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
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
Gambler Craps Out
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
Business vs. Hobby
One of the most vexing things for the layman is the difference between a hobby loss and a business loss. Because the US taxes all income earned worldwide, it makes no difference whether you earn money in a hobby or … Continue reading
Posted in Gambling
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A Gambling Association
The Tax Court today looked at whether a heretofore charitable organization (a 501(c)(3)) that has a gaming operation can retain its’ charitable (501(c)(3)) status. This case gives an excellent example of some of the drawbacks of “charitable” gambling from a … Continue reading
Posted in Gambling
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Converting Lottery Winnings Into a Lump Sum
If you’re lucky enough to win the lottery (tonight’s MegaMillions jackpot is somewhere around $225 Million), and you elect the annuity option (you’ll receive your winnings over an extended period of time, probably around 25 years), each of your payments … Continue reading
Posted in Gambling
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“Please Tax Us,” Asks One Business
You’re a successful business, with revenues over $1 million annually. Besides income taxes, your only regulatory fee is a $387 business license fee. The city you’re in proposes a 15% gross receipts tax (subject to voter approval on November 8th). … Continue reading
Posted in Gambling
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When You Don’t Withhold….
Harrah’s Entertainment, the big casino conglomerate, apparently forgot to withhold from about 400 winners (mainly Canadians) at this year’s World Series of Poker®. Harrah’s is now “making up” for this by not allowing these players to play in another poker … Continue reading
Posted in Gambling
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