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 f
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.
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 gamblingSo at least for now, more below, pros are limited to a net zero fr
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’
Well you can’t CURRENTLY. From 2011 thru 2017 you could carry forward a NOL. If the TCJA (Trump tax cuts from 2017) is not extended or made permanent, then in 2026 you could go back to the old rules and generate a business NOL which you can carry.
I don’t see this happening so for now I expect the rules to r3main that you can’t carry forward a loss
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 severel
You think Trump even knew this very minor provision was in the bill? Someone who wanted this for the tiny revenue impact got it in and no one else cared. To 99+% i5 was a complete nothing.
You think Trump even knew this very minor provision was in the bill? Someone who wanted this for the tiny revenue impact got it in and no one else cared. To 99+% i5 was a complete nothing.
Ignorance is never an excuse in regards to a president signing a bill. But I def agree, no one is gonna care much since it doesn’t affect 99.9% of Americans. However, my point was I don’t know why any POKER PLAYER (professional) simps for a president that has no respect for their profession. And not knowing about the provision should only make someone respect the man even less. Sorry slightly off topic, not trying to turn this into political banter (I am apolitical fwiw)
Pretty good summary article. What a degen.
Wow really good article, thanks!
Interesting his relationship with friend of 2+2, Dan Bilzerian.
Well you can’t CURRENTLY. From 2011 thru 2017 you could carry forward a NOL. If the TCJA (Trump tax cuts from 2017) is not extended or made permanent, then in 2026 you could go back to the old rules and generate a business NOL which you can carry. I don’t see this happening so for now I expect the rules to r3main that you can’
Ty for clarifying this. I've had some pretty swingy years both poker results and other investments. Would be great to be able to defer/carry
You think Trump even knew this very minor provision was in the bill? Someone who wanted this for the tiny revenue impact got it in and no one else cared. To 99+% i5 was a complete nothing.
Ignorance is never an excuse in regards to a president signing a bill. But I def agree, no one is gonna care much since it doesn’t affect 99.9% of Americans. However, my point was I don’t kno
Bro I dont even have respect for this profession lmao I certainly dont think or expect any lawmaker to care about this total outlier of a problem. Theres a very small number of people this applies to as it should be intended. The reason it likely was changed is all the ppl whod write off a bunch of income by claiming gambling losses they probably were overstating.
I guess they could only allow you to write off up to your wins like the current law, and anything additional can roll over to future yrs gambling income deductions.
