Re: Never paid taxes before... how much should I expect to pay?
 

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Most significant poker expenses are incurred by live players who travel -- airfare, hotels, meals, etc. If you're only playing on the net, you won't have anything of any significance.

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This is worded confusingly. "Significant" is relative. You can, as an internet poker player, deduct a portion of your utilities because your home is your office.

I was self employed outside of poker before switching to poker, and my CPA suggested that particular deduction prior to my switch. I can't see why it would be different, but it's possible.

Re: Never paid taxes before... how much should I expect to pay?
 

[ QUOTE ]
[ QUOTE ]

Most significant poker expenses are incurred by live players who travel -- airfare, hotels, meals, etc. If you're only playing on the net, you won't have anything of any significance.

[/ QUOTE ]

This is worded confusingly. "Significant" is relative. You can, as an internet poker player, deduct a portion of your utilities because your home is your office.

I was self employed outside of poker before switching to poker, and my CPA suggested that particular deduction prior to my switch. I can't see why it would be different, but it's possible.

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Unless they've changed the rules, the deduction for a home office and the associated costs is pretty small.

You take your office size and divide by the entire living area to get a precentage of the home devoted to your "office". Then you have to figure what precentage of the "office's" use was for income production.

You'll end up with a number of less than 15%.


D$D

Re: Never paid taxes before... how much should I expect to pay?
 

Hey guys, I just started playing online this past year, and I basically play as a hobby. How should I report my winnings and losses for taxes? I just graduated from high school, so before this year, I never reported my taxes, as my parents did that.