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Category Archives: Gambling
WSOP and Taxes: 2018 Update
The 2018 World Series of Poker (WSOP) begins today here in Las Vegas. There are also several other tournament series that have either begun or will soon begin at the Venetian, Wynn/Encore, Aria, Planet Hollywood, Binion’s, Golden Nugget, and Orleans … Continue reading
GOP Tax Proposal Targets Professional Gamblers’ Losing Years
The Joint Committee on Taxation released its new tax proposal, H.R. 1, today. Buried within it is Section 1305: SEC. 1305. LIMITATION ON WAGERING LOSSES. (a) IN GENERAL.—Section 165(d) is amended by adding at the end the following: ‘‘For purposes … Continue reading
Posted in Gambling, Legislation
Tagged TaxReform2017
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Israel Tax Authority Targets Poker Professionals
Some unknown bureaucrat working at the Israel Tax Authority was likely reading something about poker or perhaps watching the World Series of Poker on television when he asked himself, “I wonder if Israeli poker players are paying their income taxes?” … Continue reading
Posted in Gambling, International
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Can a Tunnel Bridge Agent be a Professional Gambler, Too?
The Tax Court looked at whether someone who worked full time as a Tunnel Bridge Agent could also be a professional gambler. There is a lot in the decision, including some things that I believe the Court gets wrong. The … Continue reading
It’s One 1099 Per Person, Or the Most Stupid and Hilarious Thing I’ve Seen in Some Time
One of my clients, Barri Brown (all names in this post are fictitious), was missing a 1099 issued by one of the two large Daily Fantasy Sports (DFS) companies. It didn’t show on her Wage & Income Transcript, so she … Continue reading
The 2017 Real Winners at the World Series of Poker (London Calling, Again)
The main event of the World Series of Poker has completed: 7,221 ponied up $10,000 to enter. The final nine players began competing on Thursday; last night the winner was crowned. How much of his winnings does he get to … Continue reading
Posted in Gambling
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WSOP and Taxes: 2017 Update
The poker world is about to descend on Las Vegas for the World Series of Poker (WSOP) and a score of other tournament series. The tax environment has changed, so I’ve decided to do a thorough update of the tax … Continue reading
Do You Need a License to Sell Bitcoins?
Let’s say I own some Bitcoins. I want to sell them to a friend. Do I need a license to do that? This question came up after I was informed that a Missouri man pleaded guilty to operating an illegal … Continue reading
Posted in Cryptocurrencies, FINCEN, Gambling
Tagged Bitcoins
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No, The Law Hasn’t Changed: Professional Gamblers Cannot Deduct Gambling Losses in Excess of Wins
The Internal Revenue Code (IRC) is law. It was passed by Congress and signed into law by the President. One section of the law is IRC §165(d). It reads: (d) Wagering losses Losses from wagering transactions shall be allowed only … Continue reading
Posted in Gambling
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