Our guest this week is tax expert Russell Fox. Interesting tax items discussed include taxes on crypto-currency, reviewing the criteria for whether or not you are a professional gambler, the implications of not having a tax home, and how the WSOP Main Event final table winners actually did after taxes. We welcome your questions - send them to us at [email protected], or you can find me at @RWM21 on Twitter. podcast Click to listen - Alt click to download Show Notes [00:00] Introduction of tax advisor, Russell Fox of TaxableTalk.com and ClaytonTax.com [00:30] Recent changes in tax laws, foreign crypto currency exchanges [06:03] Coinbase summons letters [11:20] Schedule C filing as a part time professional gambler [13:47] Does having many W2G's increase audit risk? [18:43] Using player's club data during an audit [20:50] Taxation of private football pool entry, winnings, losses [25:35] California proposal to end deduction of gambling losses [26:52] California law requiring primary candidates to release tax returns [28:38] South Point Casino August promotions - South Point logo merchandise, free play, free video poker classes [30:13] VideoPoker.com - Gold membership offers correction on most games [31:44] Filing lost W2Gs, reconciling inaccurate W2Gs [42:24] Can traveling expenses be deducted if you live on the road? [44:46] WSOP final table tax liabilities [49:23] How to properly stake a poker player, Form 5754, 1099-MISC [52:25] Tax Help for Gamblers by Jean Scott and Marissa Chien [53:30] Sending a tax return by regular mail [56:25] Contact Russell at [email protected] SouthPointCasino.com VideoPoker.com TaxableTalk.com ClaytonTax.com BobDancer.com/seminars Tax Help for Gamblers by Jean Scott and Marissa Chien https://amzn.to/344mvtS
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