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 26, 2020

Gambling With an Edge - guest Russell Fox

Our guest this week is tax expert Russell Fox on to talk about what gamblers can do before the end of the year to help with their taxes.

We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge.

podcast
Click to listen - Alt click to download

Show Notes

[00:00] Introduction of tax advisor, Russell Fox
[00:41] Recent changes to tax law
[03:31] Self-employment tax for professional gamblers
[07:42] Deductions for gambler vloggers
[09:09] Underpayment penalties for recreational gamblers
[12:10] Deducting bad debts
[14:16] Foreigner gamblers and U.S. tax
[16:33] Declaring winning from a chip bank
[21:10] Taxation of points
[24:31] Common tax mistakes
[30:58] Contributions and IRA contributions
[31:44] South Point Casino November Promotions - Half-priced Amazon and Walmart gift cards
[32:45] Predictit.org/promo/edge - place small wagers on various political events, $20 deposit match for GWAE listeners
[33:29] VideoPoker.com/gwae - Gold Membership offers correction on most games
[34:48] Off-setting a hand pay with losses
[38:40] Listing W2Gs as a professional gambler
[40:48] Self-dealing and IRAs
[42:13] 529 plans
[45:29] Depositing large amounts of cash
[48:05] Setting up an off-shore corporation
[51:03] Recommended - Sal Piacente on Youtube, Nittaya's Secret Kitchen


Sponsored Links:
SouthPointCasino.com
Predictit.org/promo/edge
VideoPoker.com/gwae


Recommended:
Nittayassecretkitchen.com
Sal Piacente https://www.youtube.com/results?search_query=sal+piacente
.
Russel Fox's Previous Episodes:
Lasvegasadvisor.com/gambling-with-an-edge/podcast-guest-russell-fox

Lasvegasadvisor.com/gambling-with-an-edge/podcast-tax-adviser-russell-fox

Many more episodes with Russell are available on GamblingWithAnEdge.com

 

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