Interview with gambling tax expert serves as a comprehensive guide for navigating the complexities of reporting and handling casino winnings in the 2023 season.
— Steve Bourie
HOLLYWOOD, FL, UNITED STATES, February 8, 2024 /EINPresswire.com/ — Steve and Matt Bourie, a father and son duo, known as “The Jackpot Gents,” are excited to announce their latest interview with a gambling tax expert, just in time for income tax season.
The popular YouTube channel, dedicated to showcasing their video poker gameplay, plus insightful interviews with casino gambling experts, has recently delved into the crucial topic of handling and reporting casino winnings for the tax year 2023.
In a recent and insightful interview, the channel tapped into the expertise of Russell Fox, widely recognized as one of the nation’s leading experts on gambling and taxes.
Fox’s extensive knowledge illuminated many crucial aspects of handling casino winnings for the tax year 2023. The interview covered a spectrum of questions that resonates with both seasoned gamblers and novices alike:
1. How are gambling winnings treated for tax purposes?
2. How are winnings reported, and can you deduct your losses?
3. If you make a deduction for losses, what do you need to do to prove those losses?
4. Should all gamblers be keeping a journal every time they go to a casino?
5. Is it true that no matter how much you win in a casino, even if it’s only $5, you should report those winnings to the IRS?
6. Do you know of anyone who got in trouble for not reporting small wins?
7. How are table games players treated differently than machine players?
8. What about online casinos? Are table game wins treated the same as in a physical casino or as an electronic table game?
9. How are sports betting wins treated, especially considering the growing popularity of this form of gambling? Do you need to report small wins?
10. Do you think with online casinos becoming more popular this will become a bigger issue since there are transactions of even small wins?
11. Does a foreign citizen have to pay taxes if they win a hand-pay jackpot playing at a U.S. casino?
The interview also explored the international perspective:
12. Does a foreign citizen have to pay taxes if they win a taxable jackpot playing at a U.S. casino?
And concluded with a discussion extended to state and city taxes:
13. What about state taxes on gambling winnings for non-residents?
14. Do city taxes apply to gambling winnings in specific locations such as Cleveland, Columbus, and Cincinnati?
Steve Bourie, representing the elder part of the charismatic duo, shared his enthusiasm for the valuable insights gained from the interview, stating, “Russell Fox provided us with a wealth of knowledge on the intricate relationship between casino winnings and taxes. As avid enthusiasts ourselves, we understand the importance of keeping our audience well-informed in the world of gambling.”
“We are committed to providing our audience with not only entertaining casino gameplay but also valuable insights into other casino-related topics, such as the intricacies of managing and reporting winnings,” adds Bourie. “The interview with Fox serves as an authoritative guide for viewers navigating the complexities of tax reporting during the 2023 tax season and we believe that they will find it to be very helpful.”
About “The Jackpot Gents”: “The Jackpot Gents” is a popular YouTube channel featuring a father and son duo immersed in the world of casino gambling, primarily focusing on video poker gameplay. The channel, which has had more than 64 million views, seamlessly combines entertainment with educational interviews featuring experts in various aspects of casino gambling. For more information, visit https://thejackpotgents.com/
About Russell Fox: Russell (Russ) Fox is the principal of Clayton Financial and Tax. Russ has specialized in financial management and tax for more than 30 years and is considered one of the nation’s leading experts in gambling and taxes.
Gambling and Taxes – 2024 Update