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Podcast – guest Russell Fox

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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

Sponsored Links:
http://SouthPointCasino.com
http://BlackjackApprenticeship.com
http://VideoPoker.com/gwae

Guest Links:
http://Claytontax.com
http://Twitter.com/russcfox

Recommended:
Maid on Netflix  http://Netflix.com/title/81166770
A Most Clever Girl by Stephanie Marie Thorton  https://amzn.to/3CmJgtQ
http://Circuscircus.com/restaurants-1/the-steak-house/

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