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Category Archives: Gambling
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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Casinos and ITINs: IRS Confirms Cease and Desist Letters Sent to “Several Large Casinos” (Update #2)
My stakeholder liaison at the IRS got back to me this morning and told me that the IRS has indeed sent letters to “several large casinos” ordering them to cease and desist issuing Individual Taxpayer Identification Numbers (ITINs). She was … Continue reading
Posted in Gambling, International
Tagged ITIN
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Online Gambling Addresses for 2017
This list has been superceded by the 2018 list.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 Gambling, International
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Casinos and ITINs: Update #1
On Monday I wrote about Las Vegas casinos receiving letters ordering them not to issue ITINs (Individual Taxpayer Identification Numbers). When I wrote the post, I knew of one major Las Vegas casino that had received this letter; I assumed … Continue reading
Posted in Gambling, International
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Casinos Can No Longer Issue ITINs
Suppose you’re a resident of the United Kingdom and you come to Las Vegas to play in the World Series of Poker (WSOP) or just try your luck at a slot machine here. You have good luck and manage to … Continue reading
Consulting, Gambling; There’s No Difference, Right?
The Tax Court looked at an individual (call him “Mr. A.”) who looked like a professional poker player, appeared to have an income from poker, but was described on his tax return as a “consultant.” His tax return showed less … Continue reading