Category Archives: Taxes

This might surprise you but World Series of Poker Main Event winner Pius Heinz will not have to pay any U.S. taxes on his $8.7 million first prize.   Why is this?  Two words – tax treaties.  Heinz is a German citizen, and the … Continue reading →

Today’s mail contained a nice surprise for us – a check for $4,693.71 from the wonderful state of Indiana!  I had just about given up on ever seeing any of the Indiana tax (3.4%) that was withheld from every $1200+ … Continue reading →

The  Las Vegas Review-Journal recently published an article about a new tax ruling for professional gamblers. It is always big news when the IRS decides something in the FAVOR of gamblers! New Tax Ruling for Professional Gamblers was last modified: … Continue reading →

The  short  segment I just finished on the radio show “Playing with an Edge” barely skimmed the surface of  the very complex subject of gambling and taxes.  Obviously if you want more information you might want to read the book Tax Help … Continue reading →

There were several comments on my January 26 blog about a new tax app.  One said:   It wasn’t that long ago that the IRS said you had to keep paper records. More on Taxes was last modified: February 16th, 2011 … Continue reading →

I was recently shown a new app for an iPhone/iPad/iPod Touch that can be a great help for players in keeping a a gambling diary, something the IRS requires. Tax App for iPhone was last modified: January 26th, 2011 by queen of … Continue reading →

It’s that time again – I am getting a lot of private e-mails with questions about how to handle gambling income on tax returns , particularly from recreational gamblers who are getting W-2Gs for the first time. Need Tax Info? … Continue reading →

A new IRS tax memo just came out, once again affirming the validity of using the “session method” for keeping records and reporting gambling win/loss figures. In this case the IRS conceded that $1100 (the net win of the day) … Continue reading →