Re: 06 Tax Situation
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For '06 if I only reported my cashouts on my annual returns, am I putting myself at a big risk. For example if 2006 online poker winnings totaled around $30,000 but I reported $20,000 and left the other $10K on Absolute as my working bankroll, would I be at serious risk of an audit?
I don't have records of win/loss sessions for the year unfortunately. Also, none of my transactions were through Neteller if that matters. Even if I did get audited, would could the IRS do? Ask for all of my records from Absolute poker? Would that ever happen?
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i don't think that leaving $$$ on a site is going to trigger an audit. the issue is if you DO get audited and they find it, then you will have some 'splaining to do. if you can live with that, fine. i personally don't like having to worry every time the phone rings.
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