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Never paid taxes before... how much should I expect to pay?
I am planning on talking to a tax accountant (which is the same thing as a CPA, correct?), but the answer to this question affects how I should manage my bankroll. Also, I'm curious how much I'm getting screwed out of. [img]/images/graemlins/tongue.gif[/img]
So far this year I've made about $50K from poker, plus $10K in bonuses and rakeback. From what I've read, the IRS is pretty strict about letting people file as pros, so I'm going to assume by default that I will not be able to file as one. FWIW, I've played about 500 hours this year, and poker has been my only source of income. I know that if I don't file as a pro, I can't net my winnings. So, unless someone knows an easier way with Poker Tracker, I'm just going to have to add up all the winning sessions/tables, and add up all the losing sessions/tables. Right now I'm going to take a very wild guess and say I've won $250K and lost $200K (does this sound like it could be about right?). Can anyone give me a rough estimate on how much I'm going to have to pay in taxes? Thanks a ton. |
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