Category Archives: Gambling

Here We Go Again…

Posted on October 30, 2018 by Russ

A few years ago I penned a post titled “Taxes and Daily Fantasy Sports: The Duck Test.” To remind everyone, If it looks like a duck, walks like a duck and quacks like a duck, then it just may be … Continue reading →

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Can a Professional Gambler Take the Foreign Earned Income Exclusion?

Posted on September 15, 2018 by Russ

I was asked that question this past week: Can a professional gambler take the Foreign Earned Income Exclusion? The Exclusion allows one to exclude about $100,000 of income from income tax. The IRS website (which is quite good) has a … Continue reading →

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The Real Winners of the 2018 World Series of Poker

Posted on July 15, 2018 by Russ

Over the past two weeks 7,874 competitors (myself included) paid $10,000 to enter the main event of the World Series of Poker. Who would win the money? And how much of the winnings would they actually get to keep? One … Continue reading →

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The FBAR Is *Not* Due Tomorrow

Posted on June 28, 2018 by Russ

Most tax-related deadlines are on the 15th of various months. Income tax returns for individuals are due on April 15th; the extended deadline is October 15th. But just to have fun with us there are some exceptions. One of these … Continue reading →

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Gambling with an Edge Podcast

Posted on June 22, 2018 by Russ

I was the guest on this week’s Gambling with an Edge podcast. You can download the podcast here or on iTunes. The main point of discussion was the new tax law, but we covered some other topics such as bad … Continue reading →

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WSOP and Taxes: 2018 Update

Posted on May 30, 2018 by Russ

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 →

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Online Gambling and Offshore Cryptocurrency Exchange Addresses for 2018

Posted on January 24, 2018 by Russ

This list has been superseded by the 2019 list.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 →

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GOP Tax Proposal Targets Professional Gamblers’ Losing Years

Posted on November 2, 2017 by Russ

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 →

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Israel Tax Authority Targets Poker Professionals

Posted on November 1, 2017 by Russ

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 →

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Can a Tunnel Bridge Agent be a Professional Gambler, Too?

Posted on October 2, 2017 by Russ

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 →

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