Podcast – guest Russell Fox

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.

Show Notes

[00:00] Introduction of Russell Fox, tax expert from Clayton Tax
[01:02] What’s going to be in the next tax law?
[02:09] Has the pandemic affected Russell’s professional life?
[03:02] Do Canadian poker players owe income tax?
[05:14] Can YouTubers deduct gambling losses in excess of winnings?
[06:30] Have the tax implications on DFS changed?
[12:27] Taxation of credit card rewards redemption
[12:51] Process of reporting winning for a recreational advantage player
[18:06] How is travel time handled if IRS questions full-time gambler status?
[18:52] Lost or misplaced W2Gs
[20:58] Is it better to file as a professional gambler if you’re a slot AP with many W2Gs?
[22:29] What are the acceptable ways for an amateur to define a sports betting session?
[24:31] Tax on futures bet, rule of constructive receipt
[25:11] Should a bettor clear balances from all sports betting apps every year
[25:34] Tax treatment of free bets
[30:52] South Point Casino October Promotions – $500k+ Monster Money casino-wide progressives, Prime Time Mondays for people 55 and older
[32:19] http://BlackjackApprenticeship.com – card counting training website and community with many betting, tracking, and analytical tools
[32:52] http://VideoPoker.com/gwae – Gold Membership offers correction on most games, free Pro Membership trial for GWAE listeners
[33:56] Is a casino win/loss statement from a casino sufficient for tax purposes?
[35:51] Beard accounts in sports betting
[39:53] Splitting a sports bet
[41:16] At what point does it make sense to file as a professional gambler?
[43:26] Audit risk for professional gamblers
[46:05] Tax professionals who specialize in gambling
[48:01] TurboTax
[48:35] Costs to file as a professional gambler
[51:44] Changes to cryptocurrency laws
[54:41] How to contact Russell Fox
[55:25] Recommended: Maid on Netflix, A Most Clever Girl by Stephanie Marie Thorton, Circus Circus steakhouse