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Crush Live Call-Ins No. 21: Gambling Taxation w Russ Fox

BartBart Posts: 5,794AdministratorLeadPro
edited January 2015 in Crush Live Call Ins podcast
This week I will be taking calls for gambling tax accountant Russ Fox. If you won't be available to listen to the live show you can post your questions here and I will try and ask Russ them when we are on the air. Most likely a two part episode and we go one at 4:45PM PT on Sunday, Jan 25th. 323-825-5134

http://www.crushlivepoker.com/podcasts/gambling-taxation

Bart
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Comments

  • workinghard Posts: 1,555Subscriber
    Here are some questions in no particular order. Feel free tp present any or all of them to russ. Thanks

    1. Handling an audit and best strategies to avoid an audit
    2. Thoughts on using an app to track sessions
    3. Do tax programs eg turbotax work well for rec and pro gambling tax returns? Are there common pitfalls using those programs?
    4. What advantages are there to hiring a. Cpa for a rec player vs preparing my own return
    5 describe if i should report earnings quarterly and how to do that.
  • FreeLunch Posts: 1,307Pro
    One question I get asked a lot but don't know the answer to: Does filing pro the first time increase your probability of audit. The fear of the audit is an excuse I hear a lot as a reason for avoidance - but what is really the big deal about an audit anyway as long as you have decent records?

    Also - has there been any change regarding the IRSs view of electronic vs paper records.
  • TomBayes Posts: 81Subscriber
    I know Russ and I'll ask him this the next time I talk to him, but a question that I'd like to hear Russ's take on that would be of interest to the CLP community (well, except for Limon, who has already wound up the 2+2 crowd on this) is his take on the proposed SB 40 in Nevada. There have been threads this week that if this were enacted in Nevada, that it could end tournament staking as we know it.

    https://www.leg.state.nv.us/Session/78th2015/Bills/SB/SB40.pdf

    http://forumserver.twoplustwo.com/29/news-views-gossip/wsop-wakeup-call-nevada-pre-filed-sb40-likely-criminalizes-wsop-tourney-staking-1505693/index7.html

  • BradleyT Posts: 621SubscriberProfessional
    edited January 2015
    Is there anything else I need to add to my log? I have date, casino name, table #, buy-in amount and times and session totals.

    image
  • floater Posts: 65Subscriber
    In terms of winnings in tourneys:
    Is there a 5K threshold that doesn't have to be reported as poker players always say?
    Thanks
  • PocketAceTrader782 Posts: 439Subscriber
    edited January 2015
    Very Intersting podcast. I didn't hear the show live otherwise I would have asked this question. If I missed this answer, I apologize.

    I live in one of the states that can not deduct gambling losses as an amateur. My question is what if I win and lose money in a different state? Can I deduct losses?
  • MikeG Posts: 989Subscriber
    edited January 2015
    Pro player.

    Suppose:
    500k wins
    400k losses
    10k expenses

    Do you put 100k on Line 1 of the Schedule C or do you put 500k on Line 1 and 400k on a different line?
    Thanks
  • BartBart Posts: 5,794AdministratorLeadPro
    MikeG said:
    Pro player.

    Suppose:
    500k wins
    400k losses
    10k expenses

    Do you put 100k on Line 1 of the Schedule C or do you put 500k on Line 1 and 400k on a different line?
    Thanks
    Russ said that he would be monitoring this thread for the next few weeks but I am pretty sure that you just list the net. However, you still have to list all w2gs and 1099 on your return.

    Bart
  • MikeG Posts: 989Subscriber
    Mixed opinions here:
    http://forumserver.twoplustwo.com/57/poker-legislation-forum-brought-you-ppa/schedule-c-question-1000357/

    Several years ago but I don't see a better relevant thread.
  • theface44 Posts: 3Subscriber
    can you guys talk about tournament staking and what happens when you have a big cash but sold action?

    who gets what forms to fill out, expenses, tipping, etc.
  • MikeG Posts: 989Subscriber
    edited February 2015
    Glad this thread was bumped. Hope Russ can get to some of the questions.
    Theface44,
    Here is an article by Taxdood (who was/is a poster at 2+2 -- His name is Brad and he is an accountant):
    http://taxdood.com/2011/02/23/tax-implications-of-staking-arrangements-at-the-wsop/
  • MikeG Posts: 989Subscriber
    Russ fox has an old post that relates to the topic (specifically, what happens if the Casino doesn't follow the rules):
    http://www.taxabletalk.com/2007/05/17/what-if-a-casino-decides-to-ignore-the-rules/
  • JamesSuh Posts: 318Subscriber
    Ok I don't want to sound like an entitled douche and the only reason I'm asking is because this podcast does not relate to me (Canadian, don't play poker full-time), but is there any content on this podcast not related to taxation (hand histories, stories, e-mails, etc.)?
  • BartBart Posts: 5,794AdministratorLeadPro
    JamesSuh said:
    Ok I don't want to sound like an entitled douche and the only reason I'm asking is because this podcast does not relate to me (Canadian, don't play poker full-time), but is there any content on this podcast not related to taxation (hand histories, stories, e-mails, etc.)?
    No James this podcast is only about gambling taxation. We will be back with regular call in next week.

    Bart
  • BartBart Posts: 5,794AdministratorLeadPro
  • MikeG Posts: 989Subscriber
    Also,
    In addition to the the question about whether to net on line 1 of schedule C or to list winnings one line 1 and losses somewhere else, I had one other question:
    When you list the 1099s, that income is already included in your winnings, so I wanted to verify that it isn't double-counting the income.
    That's all,
    Thanks.
  • workinghard Posts: 1,555Subscriber
    2014 was the first time I tracked my poker wins/losses. I had a bit of a sticker-shock moment when good ol turbo tax told me i owed a crap-load of money. It boiled down to a little under 25% of my net winnings (filing as a rec player). Does that sound about right to others that have filed?
  • MikeG Posts: 989Subscriber
    Depending on your income, yes.
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