Basic Tax Info ?'s

[Crimsonduck]

I am getting ready to have online poker become my main source of income. I am young, minimal comittments, crappy job and ready to do this. My question comes on how do I pay taxes? Do I pay as I go, document each session or net wins/losses together and pay at the end of the year? basic things like that. I have researched some info online and saw some articles on what classifies as a session. I know I will probably need to contact an accountant at some point. Any info that can be given would be a great help. Thank you.

[TheEngineer]

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I have researched some info online

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If you continue online researching by searching this thread, you'll find a ton of info.

In summary, you have to record your wins and losses for each session. PokerTracker does this for your online play. You file your winning sessions as income, and your losing sessions as deductions, but only up to the amount of your total win that year. Losses don't carry over year to year, by the way. You'll have to pay estimated taxes quarterly. Finally, you may or may not choose to file as a professional.