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Can online poker shutdown victims cash in chips with the IRS?

December 22, 2011

Many online poker players can't access their cash in the wake of a shutdown of online poker house Full Tilt. Russ Fox ponders the tax issues from his new Las Vegas world headquarters:

I’ve been asked numerous times over the past few weeks one question by poker players: “Can I take a casualty loss on the money I have tied up on Full Tilt Poker?” The answer is a definite maybe, but even if there is a casualty loss it will likely not be a 2011 event.

If you have skin in that game, read the whole thing.

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