Re: Ed Miller\'s Tax Article
Congratulations on your strong results.
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1. Where would one find a "Pitbull" CPA well versed with gambling tax law? (I live in a small community)
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You don't say how much you play. If it's not much, and you're not filing as a professional, I'd just do the work yourself. To find an accountant, while it's desirable to find one in your area, it's not essential. I'd rather work with a 1st rate Vegas-based accountant well-versed in gaming rules than a local H&R Block....but again, I'd question whether you need it if your situation is relatively simple.
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2. Gambling is illegal in my locality. Am I potentially implicating myself?
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Not really. All you report is "gambling winnings" -- the IRS won't know if you won it on trips to vegas, AC or whatever. You only need to produce your gambling log if audited (again, assuming you're not filing as a pro).
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3. Say I take bi-weekly withdrawals from Neteller. Can't I just claim 26 winning sessions for simplicity's sake? Is it really necessary to keep track of the 50,183(slight exaageration) tables I played that year?
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YOU CANNOT DO THIS!!!!! No no no. You must keep track by session. It's an unsettled point (hasn't been subject to a ruling), but I'd feel comfortable defining a single multitabling session as one session rather than four (if 4-tabling).
P.S. Hoegarten with a nice slice of lemon...mmmm.
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