Russell Fox on taxes for gamblers

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

You can listen to Russell Fox on taxes for gamblers online on Radio and Podcast. Open the player on this page to stream the available audio.

Russell Fox on taxes for gamblers is an episode from Gambling With an Edge by Bob Dancer & Richard Munchkin.

This episode is 43:05 long.

This episode was published on Jul 16, 2025.

Yes. Use the heart button on the episode page to add it to your favorite episodes list.

Yes. This page shows related episodes from Gambling With an Edge when more episodes are available from the podcast feed.