taxes for a non pro

[rsliu]

Hey all,

This question has probably been answered multiple times, but here it is again:

I play small stakes poker as a hobby. For 2005-2006 I cashed out around 2k, but since I was in college and not making any other money I assumed I wouldn't have to pay taxes on this. For 2006-2007 I expect to cash out somewhere between 5 and 15k. My question is, how should I be thinking about this money in tax terms for next year? Do I need to start keeping track of individual sessions? Can I just submit this as gambling profit and pay accordingly? Do I need to file this at all?

[Rainbow Warrior]

Read previous threads on this issue.

[Ron Burgundy]

Dude, you're clueless. Yes you need to pay taxes on this. Please see a tax specialist. You might need to pay tax on the 2K from previous years as well.

Start recording your results every session.

[Vinny80]

[ QUOTE ]
Dude, you're clueless. Yes you need to pay taxes on this. Please see a tax specialist. You might need to pay tax on the 2K from previous years as well.

[/ QUOTE ]



or move to canada

[MJL]

My friends wonder why I have so little faith in a college education.

[mo42nyy]

im also filing as a non pro
can i still deduct things like poker books and my laptops

[dp13368]

[ QUOTE ]
im also filing as a non pro
can i still deduct things like poker books and my laptops

[/ QUOTE ]

No. You can only deduct losses up to gambling winnings also.

[Poker CPA]

dp13368

"No. You can only deduct losses up to gambling winnings also."

Is it possible to give the OP a reference or a source, to backup your "NO". For example, a page number of IRS publication or instruction, or maybe in the IRS website itself. I'm sure you're right but its for his records. I'm sure you understand. Thank You.

[Poker CPA]

Please forgive me. I mean "mo42nyy" not the OP. My mistake.