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 8, 2018

Gambling With an Edge - Russell Fox

Our guest this week is tax advisor Russell Fox.  We discuss various tax situations that affect gamblers and other citizens.

podcast
click to listen - alt click to download

Show Notes

[00:00] Intro of Russel Fox of Clayton Financial and TaxableTalk.com, rcfox@ClaytonTax.com
[00:35] Draft Kings daily fantasy sports special at the Las Vegas Advisor.
[01:43] Do new tax laws affect end of year planning?
[03:39] Are there any recent legal decisions that affect gamblers and taxes?
[05:14] Could the next Congress pass any important tax bills?
[06:53] Could you postpone claiming a jackpot for tax purposes?
[10:49] Are lottery tickets deductible from gambling winnings?
[15:11] Does the IRS accept win/loss statements?
[17:16] How will the larger standard deduction negatively affect amateur gamblers with only a few W2Gs?
[19:52] Would claiming $100,000 in wins and $100,000 in losses trigger an audit?
[25:21] Would gambling winnings in the U.K be transmitted to the IRS?
[27:07] Discussion "gambling sessions."
[32:10] SouthPoint Casino - Walmart gift card promotion, Thanksgiving Hot Seat promotion, Senior Day Mondays
[33:17] AutoSlash.com - six things that listeners should know about saving money on rental cars.
[35:03] Videopoker.com - free membership offer for GWAE listeners, "Stack the Deck" is the game of the week.
[36:58] Do poker winnings in Texas have to be reported?
[38:02] Discussion of the tax implications for a team consisting of an amateur gambler and a professional gambler.
[43:52] Does being barred from a casino affect a player's ability to get win/loss records?
[47:16] Can a professional gambler take the foreign earned income exclusion?
[51:30] Should enrolled agents violate federal law or state law when there is a conflict?

ClaytonTax.com
TaxableTalk.com
LasVegasAdvisor.com
DraftKings.com

AutoSlash - http://autoslash.com
SouthPoint Casino - https://southpointcasino.com/
https://www.videopoker.com/gwae

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