Shouldn't the RAKE be tax-deductable?!?!?

[mindle$$]

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.?!?!

[Uglyowl]

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.

[mindle$$]

No jokes, what is "tax benefit" , and how do u itemize your rake paid tru the year?

[Leader]

You're asking if you can deduct it twice. So...no you can't.

[NU Star]

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.

[mindle$$]

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?

[Niediam]

Just like you itemize any other deduction...

But seriously the rake isn't going to be deductable unless you also report it as income.

[Sniper]

[ 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.

[mindle$$]

[ 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/

[wade]

The rake is the site's profit, not your deduction. It isn't the same as the brokerage commission fees that we write off - they are already taxed. I'm sure it's a factor in this whole mess - feds can't tax the rake because they aren't in the US.