Our guest this week is tax expert Russell Fox on to talk about what gamblers can do before the end of the year to help with their taxes.
[00:00] Introduction of tax advisor, Russell Fox
[00:41] Recent changes to tax law
[03:31] Self-employment tax for professional gamblers
[07:42] Deductions for gambler vloggers
[09:09] Underpayment penalties for recreational gamblers
[12:10] Deducting bad debts
[14:16] Foreigner gamblers and U.S. tax
[16:33] Declaring winning from a chip bank
[21:10] Taxation of points
[24:31] Common tax mistakes
[30:58] Contributions and IRA contributions
[31:44] South Point Casino November Promotions – Half-priced Amazon and Walmart gift cards
[32:45] Predictit.org/promo/edge – place small wagers on various political events, $20 deposit match for GWAE listeners
[33:29] VideoPoker.com/gwae – Gold Membership offers correction on most games
[34:48] Off-setting a hand pay with losses
[38:40] Listing W2Gs as a professional gambler
[40:48] Self-dealing and IRAs
[42:13] 529 plans
[45:29] Depositing large amounts of cash
[48:05] Setting up an off-shore corporation
[51:03] Recommended – Sal Piacente on Youtube, Nittaya’s Secret Kitchen
Sponsored Links:
SouthPointCasino.com
Predictit.org/promo/edge
VideoPoker.com/gwae
Recommended:
Nittayassecretkitchen.com
Sal Piacente https://www.youtube.com/results?search_query=sal+piacente
.
Russel Fox’s Previous Episodes:
Lasvegasadvisor.com/gambling-with-an-edge/podcast-guest-russell-fox
Lasvegasadvisor.com/gambling-with-an-edge/podcast-tax-adviser-russell-fox
Many more episodes with Russell are available on GamblingWithAnEdge.com