{"id":16835,"date":"2017-11-09T16:03:44","date_gmt":"2017-11-10T00:03:44","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/?p=16835"},"modified":"2017-11-17T16:23:33","modified_gmt":"2017-11-18T00:23:33","slug":"podcast-guest-tax-man-russell-fox","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/podcast-guest-tax-man-russell-fox\/","title":{"rendered":"Podcast – guest tax man Russell Fox"},"content":{"rendered":"

Our guest this week is Russell Fox. Russell is a certified tax professional who handles many professional gamblers. We talk about strategies that effect people with gambling income.<\/p>\n

podcast\u00a0<\/a><\/div>\n
click to listen – alt click to download<\/div>\n

Show Notes<\/b><\/p>\n

[00:49] Tax evasion v.s. tax avoidance<\/div>\n
[01:43] The federal tax bill and its relevance to gamblers and non-gamblers<\/div>\n
[08:29] What is the best way to list W2G\u2019s for a professional gambler using schedule C?<\/div>\n
[15:23] Online casinos in New Jersey require W2G\u2019s for slot machine winnings of $1200 or more. In general, is free play taxable? Is the free room from the casino taxable?<\/div>\n
[18:10] Keeping a diary of gambling wins and losses<\/div>\n
[21:33] Can a player form a C-corp so that he can present his tax ID rather than his SSN when he hits jackpot<\/div>\n
[24:11] Playing under an assumed name and producing an identification for the real name and the form W-9<\/div>\n
[28:33] Is the U.S. the only country that taxes gambling winnings?<\/div>\n
[29:10] If you hit a $20,000 royal flush and take it in cash, is CTR filled out on top of W2G?<\/div>\n
[33:20] What should a U.K. citizen be worried about if he visits Las Vegas for a vacation and wins a significant amount of money?<\/div>\n
[37:31] The tax implications for both the investor and the players of a blackjack team<\/div>\n
[40:59] Should you pay taxes on gambling overseas?<\/div>\n
[41:51] Are capital gains on cryptocurrency taxable events?<\/div>\n
[48:29] Do you report gambling wins\/losses for games that occurred on international waters?<\/div>\n
[48:47] If you have a SEP IRA and a solo 401k, is there any downside for using solo 401k just for the $18,000 elected deferral and use SEP IRA for roughly 18.5% of the net contributions?<\/div>\n
[50:15] 5 silly things that Russel heard from his clients<\/div>\n
<\/div>\n
<\/div>\n
Russel Fox:<\/b><\/div>\n
RCFox@Claytontax.com<\/a><\/div>\n
http:\/\/www.taxabletalk.com\/<\/a><\/div>\n
http:\/\/claytontax.com\/nevada\/<\/a><\/div>\n

 <\/p>\n

 <\/p>\n\"Facebook\"<\/a>\"twitter\"<\/a>\"youtube\"<\/a>\"instagram\"<\/a>","protected":false},"excerpt":{"rendered":"

Our guest this week is Russell Fox. Russell is a certified tax professional who handles many professional gamblers. We talk about strategies that effect people with gambling income. podcast\u00a0 click to listen – alt click to download Show Notes [00:49] Tax evasion v.s. tax avoidance [01:43] The federal tax bill and its relevance to gamblers […]<\/p>\n","protected":false},"author":14,"featured_media":6207,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[21],"tags":[85,252,179],"yoast_head":"\nPodcast - guest tax man Russell Fox - Gambling With An Edge<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/podcast-guest-tax-man-russell-fox\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Podcast - guest tax man Russell Fox - Gambling With An Edge\" \/>\n<meta property=\"og:description\" content=\"Our guest this week is Russell Fox. 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