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#1
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taxes for a non pro
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? |
#2
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Re: taxes for a non pro
Read previous threads on this issue.
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#3
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Re: taxes for a non pro
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. |
#4
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Re: taxes for a non pro
[ 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 |
#5
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Re: taxes for a non pro
My friends wonder why I have so little faith in a college education.
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#6
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Re: taxes for a non pro
im also filing as a non pro
can i still deduct things like poker books and my laptops |
#7
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Re: taxes for a non pro
[ 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. |
#8
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Re: taxes for a non pro
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. |
#9
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Re: taxes for a non pro
Please forgive me. I mean "mo42nyy" not the OP. My mistake.
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