Category Archives: Gambling

Casinos and ITINs: IRS Confirms Cease and Desist Letters Sent to “Several Large Casinos” (Update #2)

Posted on March 3, 2017 by Russ

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 →

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Online Gambling Addresses for 2017

Posted on February 20, 2017 by Russ

This list has been superceded by the 2018 list.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 →

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Casinos and ITINs: Update #1

Posted on February 19, 2017 by Russ

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 →

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Casinos Can No Longer Issue ITINs

Posted on February 13, 2017 by Russ

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 →

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Consulting, Gambling; There’s No Difference, Right?

Posted on February 6, 2017 by Russ

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 →

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Gambling With an Edge Podcast

Posted on November 20, 2016 by Russ

I am the guest on this week’s Gambling With an Edge Podcast. We discuss year-end tax planning, Caesars’ bankruptcy, tax deadline changes for 2016 returns, and how the final table players of the main event of the World Series of … Continue reading →

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No Gambling Log, No Problem, Right?

Posted on November 8, 2016 by Russ

Two married poker players worked as house players (commonly called “proposition players” or “props”) in California. They were paid wages for their work, but they had gambling winnings that they didn’t include on their tax return. They state they lost … Continue reading →

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The 2016 Real Winners of the World Series of Poker

Posted on November 2, 2016 by Russ

Nine individuals came to Las Vegas over the last three days to compete for the championship at the World Series of Poker (WSOP). Who would be the lucky winner? And who really got to keep the money? This year’s winner’s … Continue reading →

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As The Caesars Turns, Episode 2

Posted on September 27, 2016 by Russ

Caesars Entertainment Operating Company (CEOC) today announced that they reached a restructuring agreement with its major creditors. The deal will likely allow CEOC to emerge from bankruptcy early in 2017. The settlement must be finalized and will require approval of … Continue reading →

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As the Caesars Turns

Posted on September 22, 2016 by Russ

There have been more developments in the Caesars bankruptcy. First, Caesars Entertainment said it is offering an additional $1.6 billion for junior creditors of Caesars Entertainment Operating Company (CEOC) in the contentious bankruptcy. The stock market reacted favorably to the … Continue reading →

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