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Old 07-12-2007, 12:12 PM
MarkGritter MarkGritter is offline
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Join Date: Jan 2005
Location: Eagan, MN
Posts: 1,376
Default Re: Poker Income...Help!

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Is there any way I can get this money tax free in a legal way???

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No.

There is no deduction for gifts, either. (There is an exclusion from the gift tax up to $12,000 per year, but that just means you don't have to pay more taxes.)

From the IRS's "Estate and Gift tax page":
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No Income Tax Deduction
Making a gift or leaving your estate to your heirs does not ordinarily affect your federal income tax. You cannot deduct the value of gifts you make (other than gifts that are deductible charitable contributions). If you are not sure whether the gift tax or the estate tax applies to your situation, refer to Publication 950, Introduction to Estate and Gift Taxes.


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You can reduce your income tax liability through charitable donations, documented gambling losses, or other deductions--- if you itemize deductions.

I would suggest you start paying estimated taxes. (But I am not a tax professional and this is not professional advice.)

Russ Fox, however, really is a tax professional:
http://www.taxabletalk.com/posts/chain_1123805977.shtml
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