Can the IRS Write Off Losses Against Win as a Gambling Expense?

Our guest this week is tax expert Russell Fox on to talk about what gamblers can do before the end of the year to help with their taxes.



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 gambling tax professional, Russel Fox

[00:42] Form 1099-K

[03:59] Gambling winnings as a U.K. resident

[08:39] Sports betting partnerships

[09:42] Can gambling losses be carried over to future years?

[10:46] Session recording for sports betting, related transactions

[15:10] Reporting income earned by family members

[17:30] Can an EIN be used for W2G's?

[18:28] W2Gs for online table games play, session accounting

[20:40] State taxes on phantom gambling income, deductions

[21:52] Gambling logs, audits

[26:17] Horse racing W2G's, 300x rule

[28:09] Incorrect SSN on W2G

[29:32] Sessions at different casinos

[30:40] U.K. and US tax treaty for slot jackpots, lotteries

[32:50] Nevada taxes on sports betting

[35:32] Commercials

[38:50] Tax on futures wagers

[39:50] Combined gambling records when filing jointly, community property states

[41:35] Form 5754, issuing 1099s

[44:57] Good and bad states for gambling

[48:03] Gambling wins and losses as part of a diversified portfolio

[48:53] Withholding on W2G

[50:01] Recommended: James Fridman, ProHealth Longevity NMN Pro Complete, Blood and Iron by Katja Hoyer



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Recommended:

http://Jamesfridman.com

http://Prohealth.com/pages/uthever-nmn

Blood and Iron by Katja Hoyer - https://amzn.to/3izxVSk
Park v Commissioner - https://www.govinfo.gov/app/details/USCOURTS-caDC-12-01058/USCOURTS-caDC-12-01058-0