Summary: Our guest this week is tax expert Russell Fox on to talk about what gamblers can do before the end of the year to help with their taxes.<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> Show Notes<br>[00:00] Introduction of Russell Fox, tax expert from Clayton Tax<br>[01:02] What's going to be in the next tax law?<br>[02:09] Has the pandemic affected Russell's professional life?<br>[03:02] Do Canadian poker players owe income tax?<br>[05:14] Can YouTubers deduct gambling losses in excess of winnings?<br>[06:30] Have the tax implications on DFS changed?<br>[12:27] Taxation of credit card rewards redemption<br>[12:51] Process of reporting winning for a recreational advantage player<br>[18:06] How is travel time handled if IRS questions full-time gambler status?<br>[18:52] Lost or misplaced W2Gs<br>[20:58] Is it better to file as a professional gambler if you're a slot AP with many W2Gs?<br>[22:29] What are the acceptable ways for an amateur to define a sports betting session?<br>[24:31] Tax on futures bet, rule of constructive receipt<br>[25:11] Should a bettor clear balances from all sports betting apps every year<br>[25:34] Tax treatment of free bets<br>[30:52] South Point Casino October Promotions - $500k+ Monster Money casino-wide progressives, Prime Time Mondays for people 55 and older<br>[32:19] <a href="http://BlackjackApprenticeship.com" rel="noopener">http://BlackjackApprenticeship.com</a> - card counting training website and community with many betting, tracking, and analytical tools<br>[32:52] <a href="http://VideoPoker.com/gwae" rel="noopener">http://VideoPoker.com/gwae</a> - Gold Membership offers correction on most games, free Pro Membership trial for GWAE listeners<br>[33:56] Is a casino win/loss statement from a casino sufficient for tax purposes?<br>[35:51] Beard accounts in sports betting<br>[39:53] Splitting a sports bet<br>[41:16] At what point does it make sense to file as a professional gambler?<br>[43:26] Audit risk for professional gamblers<br>[46:05] Tax professionals who specialize in gambling<br>[48:01] TurboTax<br>[48:35] Costs to file as a professional gambler<br>[51:44] Changes to cryptocurrency laws<br>[54:41] How to contact Russell Fox<br>[55:25] Recommended: Maid on Netflix, A Most Clever Girl by Stephanie Marie Thorton, Circus Circus steakhouse<br><br>Sponsored Links:<br><a href="http://SouthPointCasino.com" rel="noopener">http://SouthPointCasino.com</a><br><a href="http://BlackjackApprenticeship.com" rel="noopener">http://BlackjackApprenticeship.com</a><br><a href="http://VideoPoker.com/gwae" rel="noopener">http://VideoPoker.com/gwae</a><br><br>Guest Links:<br><a href="http://Claytontax.com" rel="noopener">http://Claytontax.com</a><br><a href="http://Twitter.com/russcfox" rel="noopener">http://Twitter.com/russcfox</a><br><br>Recommended:<br>Maid on Netflix <a href="http://Netflix.com/title/81166770" rel="noopener">http://Netflix.com/title/81166770</a><br>A Most Clever Girl by Stephanie Marie Thorton <a href="https://amzn.to/3CmJgtQ" rel="noopener">https://amzn.to/3CmJgtQ</a><br><a href="http://Circuscircus.com/restaurants-1/the-steak-house/" rel="noopener">http://Circuscircus.com/restaurants-1/the-steak-house/</a><br>Learn more about your ad choices. Visit podcastchoices.com/adchoices
