Professional gamblers Bob Dancer and Richard Munchkin host Gambling With an Edge which aims to make you a better gambler tomorrow than you were yesterday.
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Professional gamblers Bob Dancer and Richard Munchkin host Gambling With an Edge which aims to make you a better gambler tomorrow than you were yesterday.
Our guest this week is tax expert Russell Fox. We talk about the terrible new taxes on gamblers in the big beautiful bill. What's a gambler to do? Is Richard going to retire.... again?
[00:00] Introduction of gambling tax expert Russell Fox [00:48] How does the tax bill affect gamblers? [02:25] Session method logging [03:56] Sports betting logs and session definition [09:14] Advantage slot play and session definition [13:08] Will this law be overturned? [17:08] 1099 changes, W2G backup withholding [20:16] CTRs [20:51] 90% maximum deduction of losses and business expenses [23:06] Long term impact on high limit rooms, DraftKings, FanDuel, and offshore books [28:02] U.S. citizens, permanent residents, non-resident aliens, withholding [30:46] Worldwide income, renouncing U.S. citizenship, and exit tax [34:17] Favorable comfortable structures, tax advantages of C-corp [34:55] IRS job cuts and audit probability [38:29] Recreational gamblers and W2Gs [40:33] Will this tax law increase tax fraud? [41:18] Contacting Russell Fox
Links: Claytontax.com Taxabletalk.com
Gambling With an Edge
Professional gamblers Bob Dancer and Richard Munchkin host Gambling With an Edge which aims to make you a better gambler tomorrow than you were yesterday.
