Taxes and online record keeping

[renodoc]

Feel free to move this as needed.

So I've got good B/M records for 2005, but my online (mostly on party) record keeping is awful. Does Party have records I can obtain? Does party have records the IRS can obtain? Any ideas?

[MyTurn2Raise]

get pokertracker and start keeping track ASAP

[cardsharkk04]

Well they can't tell you what you did during your sessions, but Party can send you an excel spreadsheet with your complete withdrawl/deposit histories, which can be helpful. I'm guessing other sites do the same.

[prohornblower]

I wrote down the amount in my bankroll on Dec. 31. Do I have to pay taxes on my winnings for 2005, even if I leave them in there?

Or can I wait until I pull the money out before I consider it "income". Because right now, it's not really "income" if it's just sitting in computerland, right?

[TStoneMBD]

the information i have is:

it appears that party only keeps records of your play for 30 day incriments.
the irs cannot request any information from party about your account but may be entitled to ask for your password if you are audited.

[*TT*]

[ QUOTE ]
the information i have is:

it appears that party only keeps records of your play for 30 day incriments.
the irs cannot request any information from party about your account but may be entitled to ask for your password if you are audited.

[/ QUOTE ]

The IRS can request information from Party, Party does not have to comply (but they would be smart to do so). However the IRS would probably not contact Party, instead the onus is on you to prove where your income comes from, or they will make their own estimates (which are almost never in your favor).

PS: The IRS estimated my adjusted gross income 2 years ago. I'm still paying them off.

TT /images/graemlins/club.gif