About this episode
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