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