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#1
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If they tax our winnings as income , then the rake should be tax-deductable because it's a business expense.u pay rake in order to play the game , in order to win.?!?!
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#2
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It is deductible in a sense because it reduces income. You receive the "tax benefit" of rake.
I will be nice in case this isn't a joke post. |
#3
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No jokes, what is "tax benefit" , and how do u itemize your rake paid tru the year?
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#4
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You're asking if you can deduct it twice. So...no you can't.
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#5
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The poker sites are nice enough to take it right out of your reportable income before you report it. So, you don't have to pay taxes on it. Isn't that great?
If you are a cop and you buy a gun and it isn't deducted from you pay, you deduct it later when you file your taxes. As a poker player you pay rake, but it is deducted from what you report before you pay taxes on it. |
#6
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Im not sure u guys now what u r talking about.No offence
My question is : if the rake u pay is tax deductable, how do u etimize it in ur tax return? |
#7
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Just like you itemize any other deduction...
But seriously the rake isn't going to be deductable unless you also report it as income. |
#8
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[ QUOTE ]
Im not sure u guys now what u r talking about.No offence My question is : if the rake u pay is tax deductable, how do u etimize it in ur tax return? [/ QUOTE ] It is you that doesn't understand... the Rake is already deducted from your income, unless you report your income as total pot size before rake is taken out... which is why you add rakeback into income. |
#9
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[ QUOTE ]
[ QUOTE ] Im not sure u guys now what u r talking about.No offence My question is : if the rake u pay is tax deductable, how do u etimize it in ur tax return? [/ QUOTE ] It is you that doesn't understand... the Rake is already deducted from your income, unless you report your income as total pot size before rake is taken out... which is why you add rakeback into income. [/ QUOTE ] what about the pots u dont win, and still pay rake.What is this rake?I think all rake paid should be tax deductable for the players.Only the net winnings /bets from other players should be taxed/ |
#10
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[ QUOTE ]
[ QUOTE ] [ QUOTE ] Im not sure u guys now what u r talking about.No offence My question is : if the rake u pay is tax deductable, how do u etimize it in ur tax return? [/ QUOTE ] It is you that doesn't understand... the Rake is already deducted from your income, unless you report your income as total pot size before rake is taken out... which is why you add rakeback into income. [/ QUOTE ] what about the pots u dont win, and still pay rake.What is this rake? [/ QUOTE ] So you want to use an accounting method that determines your rake as the percentage of rake relative to the amount you contributed to the pot, regardless of the ultimate winner of the pot? I don't see anything necessarily wrong with that from a tax reporting standpoint. As a practical matter, (1)that would be an accounting nightmare if you do not have all of your hands in pokertracker; (2) unless you played hundreds of thousands of hands in a style where you contributed a lot of money to pots that you did not end up winning (think uber-LAG) it won't make much difference; and (3) you will probably face an audit for an unusual accounting practice. I really don't know what GAAP is for rake paid to a poker site. Anyone? |
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