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 4, 2022

Our guest this week is tax expert Russell Fox on to talk about tax stuff for gamblers.  He provided updates for the latest edition of Tax Help For Gamblers

We welcome your questions - send them to us at, or you can find me at @RWM21 on Twitter or

Click to listen. Alt click to download

Show Notes

[00:00]  Introduction of Russel Fox from Clayton Tax Services

[00:37]  Tax implications of sports betting in different states

[03:14]  Splitting a large DFS jackpot

[04:17]  Reporting recreational horse player income

[07:40]  Shared sports betting at online sites

[08:47]  FBAR

[11:13]  Crypto and FBAR

[12:15]  RV expenses

[14:46]  Paypal reporting transactions, 1099-K

[17:08]  Group slot pulls

[20:03]  W-2 G from a Native American casino

[23:23]  Gambling partnerships

[25:22]  Cherokee North Carolina winnings




[29:21]  Withholding SSN on W-2 G

[31:40]  Tax liability for WSOP Main Event

[34:54]  Deducting gambling losses

[36:29]  Filing as a professional for part of the year

[37:15]  S-corp for professional gamblers

[42:12]  Frequently overlooked tax deductions

[43:15]  Constructive receipt

[45:00]  Taxes and beard accounts

[49:56]  Recommended:  Blood and Treasure by Bob Drury and Tom Clavin, Something Missing by Matthew Dicks, For Good and Evil by Charles Adams

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Guest Links:

Tax Help For Gamblers -


Blood and Treasure by Bob Drury and Tom Clavin -

Something Missing by Matthew Dicks -

For Good and Evil by Charles Adams -

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