How to Turn Poker Into A Business (TAXES)

Duck Rabbit · #1 12-18-2006, 11:21 PM

Anyone read this book? There is only one review on Amazon. I'm not really sure whether it is geared for someone not filing as a professional or not (I will not be). I am a college student and will likely make between 12k-15k for the year. Will this book be suitable for my situation? If not, could someone point me to some sources for figuring out how to pay my taxes on poker?

Thanks.

Lost Wages · #2 12-19-2006, 11:12 AM

If you are not filing as a pro then it is very simple.

You are required to keep track of every session that you play. You add all of your winning sessions and report that as gambling winnings on line 21 of the 1040 form.

You add all of your losing sessions and report that as an itemized deduction of gambling losses. You cannot net your wins and losses and just report how much you won. You cannot deduct any expenses related to playing such as; a new computer, trip to Vegas, smashed mouse, etc.

Lost Wages