Can You Deduct Gambling Losses?

Our guest this week is tax expert Russell Fox on to talk about tax stuff for gamblers. He provided updates for the latest edition of Tax Help For Gamblers


We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge.


Show Notes

[00:00] Introduction of Russel Fox from Clayton Tax Services

[00:37] Tax implications of sports betting in different states

[03:14] Splitting a large DFS jackpot

[04:17] Reporting recreational horse player income

[07:40] Shared sports betting at online sites

[08:47] FBAR

[11:13] Crypto and FBAR

[12:15] RV expenses

[14:46] Paypal reporting transactions, 1099-K

[17:08] Group slot pulls

[20:03] W-2 G from a Native American casino

[23:23] Gambling partnerships

[25:22] Cherokee North Carolina winnings

[27:08] https://SouthPointCasino.com

[28:00] https://BlackjackApprenticeship.com

[28:31] https://VideoPoker.com/gwae

[29:21] Withholding SSN on W-2 G

[31:40] Tax liability for WSOP Main Event

[34:54] Deducting gambling losses

[36:29] Filing as a professional for part of the year

[37:15] S-corp for professional gamblers

[42:12] Frequently overlooked tax deductions

[43:15] Constructive receipt

[45:00] Taxes and beard accounts

[49:56] Recommended: Blood and Treasure by Bob Drury and Tom Clavin, Something Missing by Matthew Dicks, For Good and Evil by Charles Adams



Sponsored Links:

https://SouthPointCasino.com

https://BlackjackApprenticeship.com

https://VideoPoker.com/gwae



Guest Links:

Claytontax.com

Tax Help For Gamblers - https://amzn.to/3P1sSEM



Recommended:

Blood and Treasure by Bob Drury and Tom Clavin - https://amzn.to/3zWFkkA

Something Missing by Matthew Dicks - https://amzn.to/3P1cjsv

For Good and Evil by Charles Adams - https://amzn.to/3zTV5Jc