Keeping Records - Taxes

amulet · #1 11-28-2006, 08:41 PM

FYI - Party will e-mail you a record of all deposits and withdrawals from when an account was opened to date. Fulltilt has also been very helpful. Plus everyone has e-mails confirming any account activity (from each site). I suspect if you contact any site they will help you get the records you need. Therefore, those of you without records should be able to file an accurate return. While the IRS prefers you to keep session by session records my tax attorney informed me that the record of deposits and withdrawals should be good enough to file and avoid criminal penalties.

krazyace5 · #2 11-28-2006, 10:16 PM

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While the IRS prefers you to keep session by session

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By session do they mean from the time you sit down at a table til the time you stand up? Or by the day?

I have been keeping track of sessions by the week.

Lottery Larry · #3 11-29-2006, 12:20 AM

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[ QUOTE ]
While the IRS prefers you to keep session by session

[/ QUOTE ]

By session do they mean from the time you sit down at a table til the time you stand up? Or by the day?

I have been keeping track of sessions by the week.

[/ QUOTE ]

By the table, sit down to departure. As I said elsewhere, the rules never envisioned online gambling and the standard as is probably becomes overly cumbersome (documenting 6-tabling must be fun!)

5thStreetHog · #4 11-29-2006, 01:05 AM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
While the IRS prefers you to keep session by session

[/ QUOTE ]

By session do they mean from the time you sit down at a table til the time you stand up? Or by the day?

I have been keeping track of sessions by the week.

[/ QUOTE ]

By the table, sit down to departure. As I said elsewhere, the rules never envisioned online gambling and the standard as is probably becomes overly cumbersome (documenting 6-tabling must be fun!)

[/ QUOTE ]I think most people have concluded a session online to be from the time you sit at your first table,till the time you leave.Are people really having no problems claiming sessions as deposit-withdraw,or every week like the other poster says he does???This is contrary to everything i have ever learned on this subject.

5thStreetHog · #5 11-29-2006, 01:00 AM

[ QUOTE ]
FYI - Party will e-mail you a record of all deposits and withdrawals from when an account was opened to date. Fulltilt has also been very helpful. Plus everyone has e-mails confirming any account activity (from each site). I suspect if you contact any site they will help you get the records you need. Therefore, those of you without records should be able to file an accurate return. While the IRS prefers you to keep session by session records my tax attorney informed me that the record of deposits and withdrawals should be good enough to file and avoid criminal penalties.

[/ QUOTE ]This cant be acceptable.If it is many good players would not have a losing session all year.I wish it was good enough,but your tax attorney is the first person i ever heard say this was acceptable.

amulet · #6 11-29-2006, 01:18 AM

5thstreet,
as i wrote:
he would prefer different records. but it shows income earned from poker, which if someone doesn't have the complete records they can't be accussed of filing a false return, therfore no criminal penalties. i believe there could still be a tax penalty.

CallYNotRaise06 · #7 11-29-2006, 01:35 AM

cant you just use poker tracker for taxes/

jively · #8 11-29-2006, 11:37 AM

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cant you just use poker tracker for taxes/

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Yes, you can get detailed session records from PokerTracker. You would also need a record of bonuses and rakeback.

And I agree that if you are 6-tabling the same game, you could consider that one session. If you are playing 2 different games (like 1/2 and 2/4), that's 2 sessions. (This is similar to if you are in a B&M, play 2/4 while waiting for a 4/8 table, that's 2 sessions.)

-Tom

Sand · #9 11-29-2006, 12:45 PM

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[ QUOTE ]
cant you just use poker tracker for taxes/

[/ QUOTE ]
Yes, you can get detailed session records from PokerTracker. You would also need a record of bonuses and rakeback.

And I agree that if you are 6-tabling the same game, you could consider that one session. If you are playing 2 different games (like 1/2 and 2/4), that's 2 sessions. (This is similar to if you are in a B&M, play 2/4 while waiting for a 4/8 table, that's 2 sessions.)

-Tom

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The different limits issue is a product of the B&M session definition and really doesn't make sense online. IN B&M to change limits you need to get your butt out of one seat and put it in another - i.e. you took a break there. The one consistent part of the IRS opinions on this is the "break" part in splitting sessions.

Given that (and that I do all playing in one session at night) I just track daily. I track bonuses/RB and such daily as well (that helps with the "winnings are income but losses are itemized deductions" part of the IRS rules not to mention being in the proper spirit of what the IRS is after).

Nehmer · #10 11-29-2006, 03:27 PM

Ok, I've been reading that poker winning and losing sessions need to be tracked when reporting poker income as a hobby and not your main source of income, but what if you are filing as a professional? Last year my tax guy just had me report my net earnings, but I also filed as a professional and even have a business bank account and everything. Is this an issue I need to bring up with my tax guy this year?