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Category Archives: Gambling
Burying Your Head in the Sand
One of my favorite sayings (and I am not the one who came up with it) is “The Tax Code Giveth, The Tax Code Taketh Away.” It’s not fair, but we have to live with it as it is, not … Continue reading
Posted in Gambling, IRS
Tagged daily.fantasy.sports, DFS
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IRS: DFS Sites Liable for Excise Tax on Wagering
Back in 2015, I asked and answered the question on whether the DFS sites were liable for the excise tax on wagering. I came to the conclusion they were. In late July, the IRS came to the same conclusion: DFS … Continue reading
Professional Gamblers (and Other Gambling Businesses) Now Eligible for PPP Loans
The Small Business Administration today released new guidance on the Paycheck Protection Plan (PPP) loans. Included in the guidance is an FAQ that states: Are businesses that receive revenue from legal gaming eligible for a PPP Loan? A business that … Continue reading
Can a Professional Gambler Apply for a PPP or EIDL Loan?
The CARE Act added Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) for businesses to recover from the COVID-19 pandemic. A question many of our clients have asked is, “I’m a professional gambler. Can I apply for one … Continue reading
Posted in Gambling, SBA
Tagged 2020.Tax.Season
Comments Off on Can a Professional Gambler Apply for a PPP or EIDL Loan?
New York DFS & Gambling: It’s the Constitution
There’s a quick way of doing many things that, in the long-run, doesn’t work so well; there’s a slower way of doing those same things that will always work. That’s true in tax, and it’s true for a legislature that’s … Continue reading
Gambling With an Edge Podcast
I appeared on last week’s “Gambling With an Edge” podcast. We discussed the IRS letters sent to cryptocurrency users, does having a large number of W-2Gs increase audit risk, and sending tax returns by regular mail — and many other … Continue reading
Posted in Gambling, Taxable Talk
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Location, Location, Location: The Real Winners of the 2019 World Series of Poker
This year was the 50th anniversary of the World Series of Poker (WSOP). And by all accounts, this year’s series of tournaments was highly successful. Attendance was up across the board. The Main Event, which concluded early this morning, was … Continue reading
WSOP and Taxes: 2019 Non-Update
The 50th World Series of Poker begins today at the Rio Hotel and Casino here in Las Vegas. Good luck to all those who are participating this year. Regarding taxes and the WSOP, nothing has changed from 2018. Thus, you … Continue reading
Oklahoma Limits Itemized Deductions; Big Hit for Amateur Gamblers
Suppose you’re an Oklahoma resident and enjoy gambling one of the many casinos in the Sooner State. You have $100,000 of gambling winnings and $100,000 of gambling losses. You itemize on your federal return anyway (you have mortgage interest, state … Continue reading