{"id":6377,"date":"2017-07-13T14:25:45","date_gmt":"2017-07-13T21:25:45","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/?p=6377"},"modified":"2017-07-16T08:47:37","modified_gmt":"2017-07-16T15:47:37","slug":"gambling-edge-guest-tax-man-russell-fox-2","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/gambling-with-an-edge\/gambling-edge-guest-tax-man-russell-fox-2\/","title":{"rendered":"Podcast – guest tax man Russell Fox"},"content":{"rendered":"

Our guest this week is Russell Fox. \u00a0Russell is a certified tax professional who handles many professional gamblers. We talk about strategies that effect people with gambling income.<\/span><\/p>\n

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

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

[1:00] Can professional gamblers use IRA accounts to even out year-to-year fluctuations?<\/div>\n
[5:20]\u00a04 ways for non-US players to retrieve the 30% of money that is withheld due to W2G\u2019s<\/div>\n
[8:26] Is it a taxable event if you pick up as cash $100 worth of cash-back or free-play?<\/div>\n
[11:19] In case of winning a drawing for $10,000, is there any tax difference between receiving cash with a 1099 form and free play without a 1099 form?<\/div>\n
[14:43] For professional gamblers using schedule C on US tax return, what qualifies as legitimate schedule C business expenses?<\/div>\n
[17:08] You play\u00a0enough to get a “free\u201d\u00a0cruise which costs $600 in taxes, port fees, and gratuities. Assume the cruise has a retail value of $2,500 plus the $600 in fees. Is there any part of this cruise that\u00a0is taxable?<\/div>\n
[21:01] Assume you\u2019re a video poker professional and you decided go on a cruise ship and lose $4,000. The casino gives you another\u00a0cruise. Is any part of that $4,000 deductible? Is it actual losses rather than the daily amount?<\/div>\n
[22:31] Claiming more losses than what shows on W2G\u2019s and the importance of keeping records.<\/div>\n
[24:36] Implications on W2G\u2019s when giving the casinos an address other than the actual home address such a P.O. box. Is there a problem?<\/div>\n
[29:00] How would Trump\u2019s new tax plan affect gamblers?<\/div>\n
[31:43] Will the W2G\u2019s $12,000 threshold increase in the foreseeable future in order to keep up with the inflation?<\/div>\n
[32:20] The difference in the W2G threshold amount for jackpot at the tracks and the casinos<\/div>\n
[37:41] Can you correct W2G errors after the fact? Can casinos refuse to provide the W2G\u2019s after the fact?<\/div>\n
[40:50] What are the W2G rules on electronic table games?<\/div>\n
[47:42] Russel’s 5 \u201cBozo Tips,\u201d why keeping cash in a deposit box could cause trouble, and when CTR\u2019s are your friends.<\/div>\n
<\/div>\n
You can contact Russell Fox at\u00a0rcfox@claytontax.com<\/a><\/div>\n
You can visit his website at\u00a0Claytontax.com<\/a>\u00a0or\u00a0http:\/\/www.taxabletalk.com\/<\/a><\/div>\n<\/div>\n\"Facebook\"<\/a>\"twitter\"<\/a>\"youtube\"<\/a>\"instagram\"<\/a>","protected":false},"excerpt":{"rendered":"

Our guest this week is Russell Fox. \u00a0Russell is a certified tax professional who handles many professional gamblers. We talk about strategies that effect people with gambling income. podcast click to listen – alt click to download Show Notes [1:00] Can professional gamblers use IRA accounts to even out year-to-year fluctuations? [5:20]\u00a04 ways for non-US […]<\/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":[116,117,257,179,200,210],"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\/gambling-edge-guest-tax-man-russell-fox-2\/\" \/>\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. \u00a0Russell is a certified tax professional who handles many professional gamblers. 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