This Thursday Bob and I will be taping our 2nd show where we answer listener emails. But we will also be taping a show for the following week with Russell Fox our “gambling tax guy.” If you have tax questions related to gambling either post them below, or send them to [email protected].
Posts tagged taxes
Paying to Avoid Royal Flushes
Assume you are a 5-coin dollar player playing 9/6 Jacks or Better and are dealt 3♠ A♥ K♥ T♥ 5♥. The only two plays to consider are holding three hearts to the royal flush and holding all four hearts. If we check out EV, we find holding three hearts is worth $6.43 and holding four […]
Podcast – guest, tax man Russell Fox
Our guest this week is Russell Fox. Russell is a certified tax professional who handles many professional gamblers. We talk about end of the year strategies for saving on your taxes, and analyze the winners of the final table of the WSOP to see how they did after taxes. podcast click to listen – alt […]
Too Good to be True?
Casinos are in the business to make money. They don’t intentionally make mistakes. Still, sometimes mistakes happen that smart players can exploit. You don’t need to be a pro. You just have to be alert and savvy — and find one of these mistakes. It also helps if you have the requisite knowledge and bankroll […]
Podcast – guest Russell Fox #2
This week we talk with tax professional Russell Fox. Russell is based in Las Vegas and handles many professional gamblers. We discuss things like – how teams handle W2Gs, 1099s, and K1s. We talk about how to be smart about having residences in 2 states, and some tips on an HSA. podcast Click to listen […]
Quitting When I’m Ahead
You’ve heard the expression “Quit when you’re ahead,” applied to gambling. You’ve also heard, “When you’re on a hot streak, keep firing away!” These two bromides give opposite advice on what you should do when you actually hit a big jackpot. The first says go home. The second says stay and keep playing.
Podcast – guest Russell Fox
This week we talk with tax professional Russell Fox. Russell is based in Las Vegas and handles many professional gamblers. We get some year end tax advice, and ask him questions like: Can I form an LLC? Can a professional gambler carry losses forward? Can I choose not to file as a professional, and is […]
A Response to Dennis Krum’s Devolution of...
Not so long ago, a man named Dennis Krum posted an article on vpFREE about video poker and the devolution of gaming. www.gamblingforums.com After a quick read, I found the premise interesting and invited Krum as a guest on my Gambling with an Edge radio show. Krum accepted. That particular show may be heard at […]
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