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Category Archives: Gambling
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
Can a California or Massachusetts Professional Gambler Take a Business Loss on His or Her State Tax Return?
The Tax Cuts and Jobs Act (TCJA) eliminated the ability of a professional gambler to take a loss on his Schedule C based on his business expenses; Congress specifically overrode the Mayo v Commissioner decision. But what about state taxes? … Continue reading
Posted in California, Gambling, Massachusetts
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Tax Help for Gamblers
Jean Scott, the proprietor of the website “Frugal Vegas” (she’s also known as the “Queen of Comps”) called me last year and asked if I would be willing to assist her with the fourth edition of her book, Tax Help … Continue reading
Online Gambling and Offshore Cryptocurrency Exchange Mailing Addresses for 2019
This list has been superceded by the 2020 list. With the United States v. Hom decision, we must again file an FBAR for foreign online gambling sites. An FBAR (Form 114) is required if your aggregate balance exceeds $10,000 at … Continue reading
Posted in Cryptocurrencies, FINCEN, Gambling
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A Dutch Lament: Where oh Where Is PokerStars Located?
In a few weeks I’ll be publishing my list of where online gambling sites are located. A question that arose in the Netherlands is in regards to the location of PokerStars, the largest online poker site. An excerpt from my … Continue reading
Posted in Gambling, International
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Gambling With an Edge Podcast
I appear on this week’s episode of Gambling With an Edge. We discuss the new tax law, and tax topics of interest to gamblers, including how the new higher standard deduction will negatively impact gamblers.