Lawyer and High Stakes Poker Player Tom Goldstein Indicted for Tax Fraud
Tom Goldstein, a high profile attorney, is also a long time high-stakes poker player. On January 16th, he was indicted for tax evasion related to a failure to adequately report gambling winnings. The indictment details a number of ultra high stakes games in Asia, Dallas and Beverly Hills as well as Goldstein's coaching by two unnamed professional poker players.
when you say deductions no more than the gambling winnings, is it the winnings from the previous years?
and say you file as a pro is it also limited as no more than gambling winnings?
No. Cannot carry forward any losses. It is always this years income less this year but max deduction it that years wins.
Pretty good summary article. What a degen.
Goldstein has been re arrested and may wind up in custody until his has gone to trial. He lied on his application for bail and has been transferring money(crpto) in recent days. Link to article below
Goldstein has been re arrested and may wind up in custody until his has gone to trial. He lied on his application for bail and has been transferring money(crpto) in recent days. Link to article below
Amazing how someone so smart can be so dumb
Trump should pardon him
when you say deductions no more than the gambling winnings, is it the winnings from the previous years?
and say you file as a pro is it also limited as no more than gambling winnings?
Reread the question. Missed you were talking about pro filing. As I have not personally experienced or filed such that I was trying to carry forward losses. I have not discussed such with any tax pros. But it appears that under TCJA since 2018 professional gamblers lost the ability to generate a NOI from gambling
So at least for now, more below, pros are limited to a net zero from gambling losses and expenses.
Now if the TCJA is not extended or made permanent, things might revert back to pre 2018 where a NOL was allowed. But that ruling only started in 2011. So current answer is losses limited to net of zero so nothing to carry forward but this answer might change.
Reread the question. Missed you were talking about pro filing. As I have not personally experienced or filed such that I was trying to carry forward losses. I have not discussed such with any tax pros. But it appears that under TCJA since 2018 professional gamblers lost the ability to generate a NOI from gambling
So at least for now, more below, pros are limited to a net zero from gambling losses and expenses.
Now if the TCJA is not extended or made permanent, things might revert back to pre 2018
you cannot carry from year to year. Its bullcrap tbh
It’s a slap in the face to professional gamblers like myself who have paid taxes diligently for 20 years now. Of course the first losing year I ever have had to happen post 2018.
I also don’t understand why so many poker players are pro trump when his administration quickly approved of this bill with no qualms (yes I understand the president doesn’t make laws but he can severely hinder its’ passing by a veto). Hoping this bill sunsets in 2025 when it ‘expires’
