Our guest this week is Russell Fox. Russell is a certified tax professional who handles many professional gamblers. We talk about strategies that effect people with gambling income. podcast click to listen - alt click to download  Show Notes [00:49] Tax evasion v.s. tax avoidance[01:43] The federal tax bill and its relevance to gamblers and non-gamblers[08:29] What is the best way to list W2G’s for a professional gambler using schedule C?[15:23] Online casinos in New Jersey require W2G’s for slot machine winnings of $1200 or more. In general, is free play taxable? Is the free room from the casino taxable?  [18:10] Keeping a diary of gambling wins and losses[21:33] Can a player form a C-corp so that he can present his tax ID rather than his SSN when he hits jackpot[24:11] Playing under an assumed name and producing an identification for the real name and the form W-9[28:33] Is the U.S. the only country that taxes gambling winnings?[29:10] If you hit a $20,000 royal flush and take it in cash, is CTR filled out on top of W2G?[33:20] What should a U.K. citizen be worried about if he visits Las Vegas for a vacation and wins a significant amount of money?[37:31] The tax implications for both the investor and the players of a blackjack team[40:59] Should you pay taxes on gambling overseas?[41:51] Are capital gains on cryptocurrency taxable events?[48:29] Do you report gambling wins/losses for games that occurred on international waters?[48:47] If you have a SEP IRA and a solo 401k, is there any downside for using solo 401k just for the $18,000 elected deferral and use SEP IRA for roughly 18.5% of the net contributions?[50:15] 5 silly things that Russel heard from his clients Russel Fox:[email protected] http://www.taxabletalk.com/http://claytontax.com/nevada/