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, August 29, 2019

Gambling With an Edge - guest Russell Fox

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, or you can find me at @RWM21 on Twitter.

Click to listen - Alt click to download

Show Notes

[00:00] Introduction of tax advisor, Russell Fox of and

[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] - 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

Tax Help for Gamblers by Jean Scott and Marissa Chien

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