Gambling With an Edge - guest Russell Fox

 
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Manage episode 240939765 series 7673
By Bob Dancer & Richard Munchkin, Bob Dancer, and Richard Munchkin. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
Our guest this week is tax expert Russell Fox. Interesting tax items discussed include taxes on crypto-currency, reviewing the criteria for whether or not you are a professional gambler, the implications of not having a tax home, and how the WSOP Main Event final table winners actually did after taxes.
We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter.
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Show Notes
[00:00] Introduction of tax advisor, Russell Fox of TaxableTalk.com and ClaytonTax.com
[00:30] Recent changes in tax laws, foreign crypto currency exchanges
[06:03] Coinbase summons letters
[11:20] Schedule C filing as a part time professional gambler
[13:47] Does having many W2G's increase audit risk?
[18:43] Using player's club data during an audit
[20:50] Taxation of private football pool entry, winnings, losses
[25:35] California proposal to end deduction of gambling losses
[26:52] California law requiring primary candidates to release tax returns
[28:38] South Point Casino August promotions - South Point logo merchandise, free play, free video poker classes
[30:13] VideoPoker.com - Gold membership offers correction on most games
[31:44] Filing lost W2Gs, reconciling inaccurate W2Gs
[42:24] Can traveling expenses be deducted if you live on the road?
[44:46] WSOP final table tax liabilities
[49:23] How to properly stake a poker player, Form 5754, 1099-MISC
[52:25] Tax Help for Gamblers by Jean Scott and Marissa Chien
[53:30] Sending a tax return by regular mail
[56:25] Contact Russell at rcfox@claytontax.com
SouthPointCasino.com
VideoPoker.com
TaxableTalk.com
ClaytonTax.com
BobDancer.com/seminars
Tax Help for Gamblers by Jean Scott and Marissa Chien https://amzn.to/344mvtS

272 episodes