Re: Taxes and Investing
This is what I remember from reading certain posts on these forums, so if that information was inaccurate this whole post may be inaccurate - I apologize in advance
It becomes income the instant you have control over it... so the second you win a hand online, you have to report it. But it's also not that simple - US Tax law is fun and fair in that if poker is not your occupation, you have to pay taxes on your gross winnings, but you can't deduct gambling losses.
In my case, as a marginally winning player, that means I would be paying more taxes than I have total earnings. The way I'm going to do it is just report gains instead of this retarded method, and if the IRS comes barking, they can go [censored] themselves. [img]/images/graemlins/smile.gif[/img]
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