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#11
02-01-2007, 03:11 PM
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Re: This should end all of the false claims about paying US taxes on p
There's a thing called the alternative minimum tax that can sometimes cause you to lose some of your income tax deductions particularly in cases where your total deductions are very large. Also, if you don't itemize other areas, you can lose some deductions in the example given. Such as:
You are single, and don't own your own home. Thus you would normally take the standard deduction on your income taxes (lets say it's 8K for this example). Now you have a regular job but you play poker on the side. You also "win" 100K in poker, and "lose" 80k for a net win of 20k. However, to get credit for the 80K in losses you have to itemize deductions. You've now lost the 8k standard deduction you would have gotten. Say at your job you made 50k. Now you have 150k in income, and 80k in standard deductions or 70k in taxable income. If you could net, you'd have 70k in income, less 8 for deductions or 62k. Now you've lost some. This is fairly moot if you own a home or could otherwise itemize deductions without the gambling losses 
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#12
02-01-2007, 03:36 PM
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Re: This should end all of the false claims about paying US taxes on p
[ QUOTE ]
This is not a "very simple" thing to do. Do you even play poker? I am only declaring my net because it's the only thing that makes sense. [/ QUOTE ] Ok. Have fun explaining that to the IRS. IRS: Why are you not showing any gambling losses? Hero: Because I netted my wins and losses IRS: You can't do that. Hero: But it's the only thing that makes sense. IRS: But, you can't do that. Hero: But it makes sense. IRS: But you can't do that. Gee, I wonder who's gonna win this argument....
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#13
02-01-2007, 03:38 PM
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Re: This should end all of the false claims about paying US taxes on p
[ QUOTE ]
[ QUOTE ] In that example, you should use a schedule C. [/ QUOTE ] But you can only use a Schedule C if you're a professional. [/ QUOTE ] Someone grossing $4M playing poker better damn WELL be taking advantage of being a professional.
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#14
02-01-2007, 03:39 PM
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Re: This should end all of the false claims about paying US taxes on p
[ QUOTE ]
[ QUOTE ] He could have $100,000 in income and $80,000 in losses. Suddenly some deductions that individual (who hypothetically can't file as a professional) had are gone. [/ QUOTE ] For those who are younger and will be filing taxes for the first time as well as for a few ignorant elders (I'm 35 and never even seen a tax return of mine other than to sign it), can you please discuss the implications of this - perhaps an example of the effect thereof? [/ QUOTE ] Talk to a tax professional TALK TO A TAX PROFESSIONAL!
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#15
02-01-2007, 03:41 PM
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Re: This should end all of the false claims about paying US taxes on p
[ QUOTE ]
This is not a "very simple" thing to do. Do you even play poker? I am only declaring my net because it's the only thing that makes sense. [/ QUOTE ] This is a VERY simple thing to do, you just don't want to spend the effort on doing it. And if you're expecting some mercy from the IRS, just because online poker is much more involved to do this for.... well, my bridge is still for sale.
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#16
02-01-2007, 03:43 PM
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Re: This should end all of the false claims about paying US taxes on p
Last year I filed for tax's as just recreational, they took my total wins which equaled around 150,000. Then I deducted my loss, 120,000. For a net of around 30k. Payed like 3-5k in tax, cant remember the exact numbers.
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#17
02-01-2007, 03:43 PM
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Re: This should end all of the false claims about paying US taxes on p
[ QUOTE ]
P.S. Stop throwing around prison. No one goes to prison for reporting their income incorrectly. They live in the real world. [/ QUOTE ] I'll visit your world sometime and find out why you claim things you obviously know nothing about. BTW, Ed Miller's betting against your claim, as is the author of the article in my original post. And Al Capone's ghost would like to talk to you.
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#19
02-01-2007, 03:47 PM
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Re: This should end all of the false claims about paying US taxes on p
[ QUOTE ]
Stop being bitter at the people that actually have a positive net to declare [img]/images/graemlins/grin.gif[/img] [/ QUOTE ] ppllllllbbbbhhhhh!!!
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#20
02-01-2007, 03:48 PM
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Re: This should end all of the false claims about paying US taxes on p
[ QUOTE ]
Last year I filed for tax's as just recreational, they took my total wins which equaled around 150,000. Then I deducted my loss, 120,000. For a net of around 30k. Payed like 3-5k in tax, cant remember the exact numbers. [/ QUOTE ] Pretty simple, ain't it? Why would people not want to follow the rules? I just don't get it.
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