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Las Vegas Real Estate NOW

Las Vegas Real Estate NOW

2026 - Episode 29 - How the IRS tracks gambling winnings + more on escrow!

Sep 7, 2026 · 44 min · 13 segments

This week’s episode covers a few things you might not think about until they directly affect you.🎙️ Harvey is joined by Todd Cox, CPA and title expert Janelle Kennedy to discuss: 🎰 How the IRS…

This week’s episode covers a few things you might not think about until they directly affect you.🎙️ Harvey is joined by Todd Cox, CPA and title expert Janelle Kennedy to discuss: 🎰 How the IRS tracks gambling winnings and what a W-2G means 🏡 The surprising role escrow plays in every home purchase 📋 Clark County’s rules surrounding short-term rentals Plus, more real estate and financial insights you won’t want to miss. #LasVegasRealEstate #RealEstateNews #LasVegas #RealEstateRadio #RadioShow #IRS #Taxes #Gambling #Escrow #HomeBuying #AirBNB #ShortTermRentals #LasVegasNews Twitter: www.twitter.com/LVRERadio LinkedIn: www.linkedin.com/in/LVRealEstateRadio Instagram: www.instagram.com/lvrealestateradio/ SoundCloud: @lvrealestateradio Website: www.lvrealestateradio.com

This week’s episode covers a few things you might not think about until they directly affect you.🎙️ Harvey is joined by Todd Cox, CPA and title expert Janelle Kennedy to discuss: 🎰 How the IRS…

Top entities: Nevada×17 Internal Revenue Service×23 Clark County×8 Las Vegas×15 Gaming control board×5

Speakers: Todd CoxGuestHarvey BlankfeldHostJanelle KennedyGuest

Reporting Home Sales to the IRS21:10 – 22:30

Harvey BlankfeldHost

21:10

Okay.

Harvey BlankfeldHost

21:12

Do you know what would be a

C

CarlyUnknown

21:13

good topic or something? Do you need to report your income if you sell your home? Does that get reported to the IRS?

Harvey BlankfeldHost

21:19

Well, that's automatically reported.

21:21

So you get a 1099-S. 1099-S.

Janelle KennedyGuest

21:23

Yeah,

21:24

1099-S.

21:24

The 1099-S comes straight out of the title company.

21:27

Right, right.

21:28

But it's up to you to calculate your gain and loss.

21:31

All they report is the gross proceeds.

21:33

Right, yeah.

21:33

So you have to show the expenses against it.

21:36

Yeah, the differential is how much did you buy it for? You know, what capital improvements did you make to it? You put in a new driveway, a pool, a back porch or a patio.

21:47

You got a mother-in-law suite or something that you added after effect.

21:52

Well, all that stuff is added to the basis.

21:55

And then we call it the basis.

21:58

And then the proceeds minus the basis is the gain or loss.

Harvey BlankfeldHost

22:02

Yep.

Harvey BlankfeldHost

22:03

Yep.

Harvey BlankfeldHost

22:03

And if it's under $250...

Harvey BlankfeldHost

22:06

If it's

22:06

under $250 per person, $500 if you're married, finally joint.

22:12

Then there's no tax.

22:13

Then there's no...

NevadaAdministrative AreaUS state
98%17 mentions
Internal Revenue ServiceGovernment OrganizationStatutory body
94%23 mentions
Clark CountyAdministrative AreaCounty in Nevada
90%8 mentions
Las VegasCityCity in Nevada
87%15 mentions
Gaming control boardEntity
83%5 mentions
Real propertyEntityOrganization type
79%1 mention
Equity Title COCompanyCompany
75%3 mentions
SportsbookEntity
71%2 mentions
Certified Public AccountantEntityJob title
67%2 mentions
Sports bettingEntity
63%1 mention
7-ElevenRestaurantConvenience stores chain
60%2 mentions
YouTubeWebsiteVideo sharing company
56%1 mention
AirbnbCompanyVacation rental company
52%2 mentions
LinkedInSoftware ApplicationSocial networking service
44%1 mention
SoundCloudEntityWebsite
44%1 mention
XEntitySocial networking service
44%1 mention
Social SecurityEntity
37%2 mentions
GoogleCompanyTechnology corporation
33%1 mention
Uber TechnologyCompanyTransport company
29%1 mention
ZooxCompanyCompany
25%1 mention
WaymoCompanySoftware company
21%1 mention
KenoGameGame
17%1 mention
US Open Tennis ChampionshipsSports OrganizationTennis tournament
13%1 mention
Monday Night FootballTV SeriesAmerican television series
10%1 mention
GodEntitySupreme being
6%2 mentions
VrboCompanyTravel website company
2%1 mention

Overtime IncomeFinance > Taxation > IRS Regulations > Tax Returns
Gambling WinningsFinance > Taxation > IRS Regulations
W2G ReportingFinance > Taxation > IRS Regulations > Gambling Winnings
Clark CountyReal Estate > Short-Term Rentals > Regulations > Licensing
Zoning LawsSociety > Community Issues > Neighborhood Regulations
Short-Term RentalsSociety > Community Issues > Neighborhood Regulations > Zoning Laws
Society
Short-Term RentalsReal Estate
RegulationsReal Estate > Short-Term Rentals
RegulationsGovernment > Local Government
Neighborhood RegulationsSociety > Community Issues
Business LicensingGovernment > Local Government > Regulations
Short-Term RentalsGovernment > Local Government > Regulations > Business Licensing
Tax ReturnsFinance > Taxation > IRS Regulations
IRS RegulationsFinance > Taxation
Community IssuesSociety
TaxationFinance
Government
Finance
LicensingReal Estate > Short-Term Rentals > Regulations
Local GovernmentGovernment
Real Estate

Reporting Home Sales to the IRS21:10 – 22:30

Harvey BlankfeldHost

21:10

Okay.

Harvey BlankfeldHost

21:12

Do you know what would be a

C

CarlyUnknown

21:13

good topic or something? Do you need to report your income if you sell your home? Does that get reported to the IRS?

Harvey BlankfeldHost

21:19

Well, that's automatically reported.

21:21

So you get a 1099-S. 1099-S.

Janelle KennedyGuest

21:23

Yeah,

21:24

1099-S.

21:24

The 1099-S comes straight out of the title company.

21:27

Right, right.

21:28

But it's up to you to calculate your gain and loss.

21:31

All they report is the gross proceeds.

21:33

Right, yeah.

21:33

So you have to show the expenses against it.

21:36

Yeah, the differential is how much did you buy it for? You know, what capital improvements did you make to it? You put in a new driveway, a pool, a back porch or a patio.

21:47

You got a mother-in-law suite or something that you added after effect.

21:52

Well, all that stuff is added to the basis.

21:55

And then we call it the basis.

21:58

And then the proceeds minus the basis is the gain or loss.

Harvey BlankfeldHost

22:02

Yep.

Harvey BlankfeldHost

22:03

Yep.

Harvey BlankfeldHost

22:03

And if it's under $250...

Harvey BlankfeldHost

22:06

If it's

22:06

under $250 per person, $500 if you're married, finally joint.

22:12

Then there's no tax.

22:13

Then there's no...

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