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Taxation of Gambling

Russ Fox from Clayton Financial in Nevada recently took the time to break down the tax implications from the WSOP Final Table.
Who was the Biggest Winner At WSOP Final Table? The IRS

Russ Fox estimates that the Internal Revenue Service will make a cool $8.6 million in tax from the November Nine—greater than the first-place prize.

This year, Tax Day is Tuesday, April 17. Sometimes, a taxpayer may not have the individual income tax return prepared in time for the deadline, or or cannot…
Taxation of Gambling: Tax Day Considerations

Tax Day is here! Are you prepared? If not, check out our exclusive in-depth series on US tax laws for poker players by Tax Attorney Brad Polizzano.

We’ve covered a lot of content over the past two months. To this point, the series has focused on federal law. This week we take a look at some state tax…
Taxation of Gambling: State Tax Issues

Tax Day is fast approaching! To get you prepared, our exclusive in-depth series on US tax laws for poker players by Tax Attorney Brad Polizzano continues this week with a look at state tax.

Since Black Friday, many poker players in the US have decided to leave the country to continue playing online poker. Canada, Costa Rica, and Mexico are just a…
Taxation of Gambling: US Residents Moving Abroad

Tax Attorney Brad Polizzano continues his exclusive series on US tax laws for poker players.

This week’s post examines possible tax consequences of secondary items associated with gambling.
Taxation of Gambling: Rakeback and Casino Comps

Tax Attorney Brad Polizzano continues his exclusive series on US tax laws for poker players.

In poker terms, a staking arrangement arises when one gives money to a another player to engage in gambling activity with the money. Staking is often seen in…
Taxation of Gambling: Tax Implications of Staking Activity

Tax Attorney Brad Polizzano continues his exclusive series on US tax laws for poker players.

Last week I emphasized that in general, online gambling winnings are taxable when credited to the taxpayer’s online casino account, and not when the…
Taxation of Gambling: US Tax Implications of Black Friday

Tax Attorney Brad Polizzano continues his exclusive series on US tax laws for poker players.

There are several differences between the nature of live and online gambling. One is that for the past several years, online gambling activity has been…
Taxation of Gambling: Online Gambling

Tax Attorney Brad Polizzano continues his exclusive series on US tax laws for poker players.

Today we review the extent a professional gambler may deduct business expenses and the rules governing some common types of business deductions.
Taxation of Gambling: Professional Gambler Business Expenses

Tax Attorney Brad Polizzano continues his exclusive series on US tax laws for poker players.

Last week I noted that, in general, a taxpayer cannot simply net all gambling winnings and losses from the tax year and report the resulting amount. Instead, a…
Taxation of Gambling: Professional Versus Amateur Gambler

Tax Attorney Brad Polizzano continues his exclusive new series on US tax laws for poker players.

I am a tax attorney in New York and I used to play poker quite a bit. Fortunately, I have stayed close to the game by focusing my tax practice on gaming…
Taxation of Gambling: Introduction and Recordkeeping

Tax Attorney Brad Polizzano kicks off an exclusive new series on US tax laws for poker players.

Borgata Poker
Your Next NBA Finals Bet Is a Slam Dunk Victory
You’ll get $2 for every point your team wins by when you place a minimum $20 money line wager. Get the details at BorgataCasino.com. — read more »
Bonus Code Poker
Desperate For Fantasy Points, Daniel Negreanu Suggests $5 Million Buy-in WSOP Event
Amidst a mild controversy on fantasy point scoring, the poker star suggests an alternative that no one (named Daniel Negreanu) could object to. — read more »
Bonus Code Poker

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