I have two distinct lives. One in the trenches of low-budget film and television, the other in professional gambling. Because of the feast-or-famine nature of show business I need a reliable income... gambling. So here you will read about both worlds. Enjoy!



Thursday, November 9, 2017

Gambling With an Edge - guest tax man Russell Fox

Our guest this week is Russell Fox. Russell is a certified tax professional who handles many professional gamblers. We talk about strategies that effect people with gambling income.

click to listen - alt click to download 

Show Notes

[00:49] Tax evasion v.s. tax avoidance
[01:43] The federal tax bill and its relevance to gamblers and non-gamblers
[08:29] What is the best way to list W2G’s for a professional gambler using schedule C?
[15:23] Online casinos in New Jersey require W2G’s for slot machine winnings of $1200 or more. In general, is free play taxable? Is the free room from the casino taxable?  
[18:10] Keeping a diary of gambling wins and losses
[21:33] Can a player form a C-corp so that he can present his tax ID rather than his SSN when he hits jackpot
[24:11] Playing under an assumed name and producing an identification for the real name and the form W-9
[28:33] Is the U.S. the only country that taxes gambling winnings?
[29:10] If you hit a $20,000 royal flush and take it in cash, is CTR filled out on top of W2G?
[33:20] What should a U.K. citizen be worried about if he visits Las Vegas for a vacation and wins a significant amount of money?
[37:31] The tax implications for both the investor and the players of a blackjack team
[40:59] Should you pay taxes on gambling overseas?
[41:51] Are capital gains on cryptocurrency taxable events?
[48:29] Do you report gambling wins/losses for games that occurred on international waters?
[48:47] If you have a SEP IRA and a solo 401k, is there any downside for using solo 401k just for the $18,000 elected deferral and use SEP IRA for roughly 18.5% of the net contributions?
[50:15] 5 silly things that Russel heard from his clients


Russel Fox:

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