Re: How will part-time players survive a regulated poker site?
[ QUOTE ]
Why do you think that regulation will CHANGE your tax reporting liability?
[/ QUOTE ]
It is my opinion that if we get enough pressure, say with serious WTO or other outside help, to force the issue on a poker bill we should address poker taxes at the same time rather than waiting further in the future.
IMO at least addressing the differences between Schedule C tax treatment for poker and other businesses. For example many business including passive ones like investments you can carry over losses for a few years. For tourney specialists this is a major factor.
Having a definition of sessions is of course a major problem.
But I have called the IRS a number of times to ask about what rightly triggers a pro qualification. For example say you are a college student and poker is your only income? Or what precentage of your gross income if from poker qualifies you to file pro.
In other forms of schedule C filing for example small business that can also be considered hobbies there are "triggers" that are established and recogonized by the IRS.
As it is now the IRS seems to be playing games with poker players to the effect that they want to look at each return individually to extract the maximum tax, using different justifications sometimes conflicting in different cases.
If we wait until we have a poker bill before addressing taxes on poker you are going to see polls asking "should poker players be given a tax break!"
D$D
|