Russell Fox 8/4/2022

Our guest this week is tax expert Russell Fox on to talk about tax stuff for gamblers. He provided updates for the latest edition of Tax Help For Gamblers<br /><br /><br />We welcome your questions - send them to us at <a href="mailto:gamblingwithanedge@gmail.com">gamblingwithanedge@gmail.com</a>, or you can find me at @RWM21 on Twitter or <a href="https://www.facebook.com/GamblingWithAnEdge" rel="noopener">https://www.facebook.com/GamblingWithAnEdge</a>.<br /><br /><br />Show Notes<br /><br />[00:00] Introduction of Russel Fox from Clayton Tax Services<br /><br />[00:37] Tax implications of sports betting in different states<br /><br />[03:14] Splitting a large DFS jackpot<br /><br />[04:17] Reporting recreational horse player income<br /><br />[07:40] Shared sports betting at online sites<br /><br />[08:47] FBAR<br /><br />[11:13] Crypto and FBAR<br /><br />[12:15] RV expenses<br /><br />[14:46] Paypal reporting transactions, 1099-K<br /><br />[17:08] Group slot pulls<br /><br />[20:03] W-2 G from a Native American casino<br /><br />[23:23] Gambling partnerships<br /><br />[25:22] Cherokee North Carolina winnings<br /><br />[27:08] <a href="https://SouthPointCasino.com" rel="noopener">https://SouthPointCasino.com</a><br /><br />[28:00] <a href="https://BlackjackApprenticeship.com" rel="noopener">https://BlackjackApprenticeship.com</a><br /><br />[28:31] <a href="https://VideoPoker.com/gwae" rel="noopener">https://VideoPoker.com/gwae</a><br /><br />[29:21] Withholding SSN on W-2 G<br /><br />[31:40] Tax liability for WSOP Main Event<br /><br />[34:54] Deducting gambling losses<br /><br />[36:29] Filing as a professional for part of the year<br /><br />[37:15] S-corp for professional gamblers<br /><br />[42:12] Frequently overlooked tax deductions<br /><br />[43:15] Constructive receipt<br /><br />[45:00] Taxes and beard accounts<br /><br />[49:56] Recommended: Blood and Treasure by Bob Drury and Tom Clavin, Something Missing by Matthew Dicks, For Good and Evil by Charles Adams<br /><br